Ralph Lauren: "Year of Transition" Sees Clothier Short on Revenue

Ralph Lauren Corp RL reported a difficult year in a third-quarter earnings report Thursday morning.

The company reported higher-than-expected earnings of $2.27 a share versus Street estimates of $2.13, but a revenue shortfall of $1.9 billion versus an expected $2.03 billion.
The company expects a decline in sales in 2016, lowering its guidance for fiscal year 2016 by 3 percent on a reported basis. This could mean the company expects sales of $7.34 billion for the year instead of analyst estimates of $7.57 billion.
Executive chairman Ralph Lauren said that 2015 was a "year of transition" for the brand and expressed confidence in new CEO Stefan Larsson.
Larsson noted that "there is a lot of work to be done, but I am confident we will succeed." He did not offer specifics on strategy changes or the results of an "extensive assessment" of the company's operations he has conducted.
Investors can listen to an earnings call at 9 a.m. ET at http://investor.ralphlauren.com or by dialing 517-623-4799.
Ralph Lauren stock was up around 3 percent before market open.