Ralph Lauren sees FY20 net revenue up 2%-3%, consensus $6.45B
The company said, "For Fiscal 2020, the Company expects net revenue to be up 2% to 3% on a constant currency basis. Foreign currency is expected to negatively impact revenue growth by 90 to 100 basis points in Fiscal 2020. The Company expects operating margin for Fiscal 2020 to increase 40 to 60 basis points in constant currency, driven by modest gross margin expansion and SG&A leverage. Foreign currency is expected to negatively impact operating margin by about 10 to 20 basis points in Fiscal 2020. The full year Fiscal 2020 tax rate is expected to be about 22%. The Company is planning capital expenditures of approximately $300M for Fiscal 2020. Consistent with previous guidance, the Company is planning to repurchase about $600M of Class A Common Stock shares in Fiscal 2020. Approximately $630M remained available under the Company's authorized share repurchase program at the end of Fiscal 2019. With the expected repurchase activity in Fiscal 2020, the Company's Board of Directors also approved additional shares to be available for future stock repurchase activity, allowing the Company to purchase up to an additional $600M of Class A Common Stock shares, subject to overall business and market conditions."