UPDATE: Ralph Lauren FQ1 Earnings Beat Expectations

Ralph Lauren

reported upbeat earnings for the fiscal first quarter. The New York-based company posted quarterly earnings of $162 million, or $1.80 per share, compared to $181 million, or $1.94 per share, in the year-ago quarter. Its revenue climbed 3% to $1.7 billion. However, analysts were expecting earnings of $1.76 per share on revenue of $1.725 billion. Ralph Lauren's wholesale segment sales fell 4% to $708 million, while retail sales climbed 9% to $960 million. Licensing revenue jumped 4% y/y to $40 million in the first quarter. For the full year, Ralph Lauren still projects revenue growth of 6% to 8%. It also projects Q2 revenue growth of 4% to 6%. It expects 2015 operating margin to be around 200-250 basis points below the comparable prior year period. Ralph Lauren ended the first quarter with 436 directly operated stores. “Our first quarter results demonstrate that we are making the right strategic decisions and investments to support our long-term growth objectives,” said Ralph Lauren, Chairman and Chief Executive Officer. Ralph Lauren shares fell 0.68% to $155.50 in pre-market trading.