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ralph lauren\'s north america woes cloud profit beat, shares down nearly 8%
Luxury apparel maker Ralph Lauren\'s quarterly profit on Tuesday exceeded Wall Street\'s expectations, thanks to an increase in demand in the international market, but weak sales in North America, its largest market, disappointed investors. Same-
Store sales in North America have fallen for the sixth quarter in the past two years, down 4% in the fourth quarter ended March 30.
\"We have more work to do (
In North America)
\"Chief Executive Patrice Louvet said in a post.
Analyst earnings call
The company has been spending more on advertising and full-price sales of products, removing a large number of discounted products from department store shelves and off-sale items
Price retailers in the domestic market.
Rebecca Duval, research analyst at bluefin tuna, said the company\'s North American business has not yet stabilized due to design and product errors such as Lauren and the Polo brand\'s excessive use of logos in the Spring Series.
Shares of the company fell 8. 2% to $108.
Late morning trading.
The company\'s stock has been under pressure to escalate its tariff war with China, which, according to its annual document, has obtained a third raw material from China.
\"We have accelerated the diversity of our supply chain to mitigate the long term
The long-term impact of any potential tariff results, \"said chief financial officer Jane Nielsen. The 52-year-
The old fashion company, known for its iconic polo shirts and classic tweed sports jackets, has also stepped up investment in overseas expansion and opened more stores.
Make up for the decline in sales in North America.
In one of the fastest growing markets in China, Ralph Lauren teamed up with Alibaba\'s Tmall JD.
Sell products through the Internet and WeChat.
Sales in mainland China increased by 30%, excluding the impact of exchange rate fluctuations, and sales in Asia increased by 10%.
For interactive graphics, click here: tmsmrt.
Rs/2 LHbpWs revenue for Ralph Lauren\'s European business grew 11% this quarter.
The company also raised its quarterly dividend by 10% and set aside about $0. 3 billion for capital expenditures for 2020 fiscal years.
Net income fell 1. 5% to $1.
51 billion due to the strong dollar, but exceeded the expectation of $1.
48 billion, according to the data of Refinitiv IBES.
On an adjusted basis, the company made $1.
An estimate of 07 cents per share, more than 90 cents.
As of Monday\'s close Ralph • Lauren (Ralph Lauren) of stock price this month fell the about 9% and Standard & Poor\'s 500 Index (S & P 8%) clothing, accessories and luxury index fell more
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