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Ralph Lauren Corporation (RL-3.24%) has submitted its Form 10-Q filing for the quarterly period ended December 28, 2024.
The filing reports net revenues of $2.143 billion for the quarter, an increase from $1.934 billion in the same quarter the previous year. This growth was driven by increases across all reportable segments, despite unfavorable foreign currency effects.
Gross profit for the quarter was $1.466 billion, up from $1.286 billion in the prior year, with a gross margin increase to 68.4% from 66.5%. This improvement was attributed to favorable product, channel, and geographic mix, as well as lower cotton costs.
Selling, general, and administrative expenses rose to $1.064 billion from $967.6 million, but decreased as a percentage of net revenues to 49.7% from 50.0%, due to operating leverage on higher net revenues.
Operating income increased to $389.7 million, up from $317.7 million, with an operating margin of 18.2%, reflecting a 180 basis point improvement.
Net income for the quarter was $297.4 million, compared to $276.6 million in the previous year. Net income per diluted share was $4.66, up from $4.19.
The company reported cash and cash equivalents of $1.940 billion as of December 28, 2024, an increase from $1.662 billion at the end of the previous fiscal year.
Ralph Lauren Corporation continues to focus on its Next Generation Transformation project, aimed at transforming its business operations towards a global direct-to-consumer model.
The filing also highlights the company's ongoing efforts to manage foreign currency risk and its use of forward foreign currency exchange contracts to mitigate exchange rate fluctuations.
Ralph Lauren Corporation's Board of Directors approved an increase to the quarterly cash dividend from $0.75 to $0.825 per share, reflecting the company's commitment to returning value to shareholders.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ralph Lauren Corporation quarterly 10-Q report dated February 6, 2025. To report an error, please email earnings@qz.com.