Ralph Lauren Corp. Q1 FY2025 results: revenue $1.5 billion, up 1.0% on the year

Ralph Lauren Corp. (RL) reported revenue of $1.5 billion for Q1 FY2025, the quarter ended 29 June 2024, up 1.0% on the same quarter a year earlier. Net income was $169 million, up 27.6% on the year, and diluted earnings per share $2.61. The figures are the company's own, from the 10-Q it filed with the SEC on 7 August 2024.

Revenue$1.5 billionup 1.0%

Net income$169 millionup 27.6%

Diluted EPS$2.61

QuarterQ1 FY2025ended 29 June 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2025	Q4 FY2024	A year earlier	Change on the year
Revenue	1,512	1,568	n/a	n/a
Cost of revenue	446	524	n/a	n/a
Gross profit	1,066	1,044	n/a	n/a
Gross margin	70.5%	66.6%	n/a
Selling, general and administrative	850	907	n/a	n/a
Operating income	208	108	n/a	n/a
Operating margin	13.8%	6.9%	n/a
Interest expense	10.9	11.6	n/a	n/a
Pre-tax income	217	112	n/a	n/a
Income tax	48.0	20.8	n/a	n/a
Effective tax rate	22.2%	18.7%	n/a
Net income	169	90.7	n/a	n/a
Net margin	11.1%	5.8%	n/a
Diluted EPS	$2.61	$1.37	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q1 FY2025	Q4 FY2024	A year earlier	Change on the year
Operating cash flow	277	121	n/a	n/a
Capital expenditure	33.4	39.9	n/a	n/a
Free cash flow	244	81.1	n/a	n/a
Free cash flow margin	16.1%	5.2%	n/a
Depreciation and amortisation	54.4	56.0	n/a	n/a
Share-based compensation	24.3	24.2	n/a	n/a
Buybacks	201	121	n/a	n/a
Dividends paid	47.5	47.9	n/a	n/a
Dividend per share	$0.82	$0.75	n/a	n/a
Diluted shares, weighted	65m	66m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2025	Q4 FY2024	A year earlier	Change on the year
Total assets	6,641	6,603	n/a	n/a
Cash and equivalents	1,587	1,662	n/a	n/a
Receivables	372	446	n/a	n/a
Inventory	1,039	902	n/a	n/a
Goodwill	883	888	n/a	n/a
Total debt, as filed	n/a	1,140	n/a	n/a
Long-term debt	1,141	1,140	n/a	n/a
Operating lease liabilities	1,036	1,014	n/a	n/a
Finance lease liabilities	250	256	n/a	n/a
Shareholders' equity	2,367	2,450	n/a	n/a

Quarterly results, the last 12 quarters

	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027
Revenue	1,633	1,934	1,568	1,512	1,726	2,144	1,697	1,719	2,011	2,406	1,979	1,960
Cost of revenue	563	648	524	446	570	677	532	477	644	724	600	516
Gross profit	1,070	1,286	1,044	1,066	1,156	1,466	1,165	1,242	1,366	1,682	1,379	1,444
Gross margin	66%	66%	67%	70%	67%	68%	69%	72%	68%	70%	70%	74%
SG&A	896	968	907	850	958	1,064	990	949	1,083	1,179	1,160	1,077
Operating income	164	318	108	208	179	390	155	274	246	471	189	342
Operating margin	10%	16%	7%	14%	10%	18%	9%	16%	12%	20%	10%	17%
Interest expense	10.0	10.6	11.6	10.9	11.4	11.6	10.2	11.5	15.9	13.3	13.5	13.0
Pre-tax income	166	330	112	217	188	384	162	278	243	464	193	342
Tax rate	11%	16%	19%	22%	21%	22%	21%	21%	15%	22%	21%	23%
Net income	147	277	90.7	169	148	297	129	220	208	362	152	262
Net margin	9%	14%	6%	11%	9%	14%	8%	13%	10%	15%	8%	13%
Diluted EPS	$2.19	$4.19	$1.37	$2.61	$2.31	$4.66	$2.03	$3.52	$3.32	$5.82	$2.45	$4.28
Operating cash flow	72.9	605	121	277	97.2	738	122	176	53.2	780	145	339
Capital expenditure	42.8	42.5	39.9	33.4	41.7	61.2	79.9	187	93.8	75.6	n/a	53.4
Free cash flow	30.1	563	81.1	244	55.5	677	42.3	-11.2	-40.6	704	n/a	286
Buybacks	169	103	121	201	129	74.4	76.3	323	113	37.5	150	325
Dividends paid	49.0	48.5	47.9	47.5	51.4	51.2	51.0	50.7	55.3	55.3	55.2	54.8
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 29 June 2024, filed 7 August 2024, accession 0001037038-24-000022: the filing on EDGAR. All of Ralph Lauren Corp.'s filings: EDGAR company page.

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