Ralph Lauren Q1 income up 5%; raises caution on Q2 sales
New York -- Ralph Lauren Corp. said that its net income rose 5% in its first quarter, but the company forecast a revenue decline in the current quarter and sounded a note of caution about the weak global economy hurting consumer spending.
"The outlook for consumer spending and global economic growth remains challenging and we are planning our business accordingly," said CEO Roger Farah.
Net income from April through June was $193.4 million, up from $184.1 million a year ago.
Revenue rose 4% to $1.59 billion, from $1.53 billion. Revenue in Ralph Lauren stores rose 5% to $857 million as the company opened new stores and grew online operations. Same-store sales were up 1%.
Revenue from sales to other stores rose 3% to $694 million, helped by strong demand in North America.