Ralph Lauren wholesale business lifts sales, but profit falls
Aug 7 (Reuters) - Ralph Lauren Corp on Wednesday reported higher quarterly sales but lower profit, and the fashion company reiterated its sales forecast for the year.
The company said net revenue, including licensing revenue, in the first quarter ended June 29 rose 3.8 percent to $1.65 billion - in line with Wall Street projections, according to I/B/E/S. Wholesale sales rose 6 percent, outpacing the 3 percent growth at its own stores, as sales to department stores jumped.
Ralph Lauren reaffirmed its revenue forecast and still expects a rise of 4 percent to 7 percent this fiscal year.
Net income slipped slightly to $181 million, or $1.94 per share, from $193 million, or $2.03 per share, a year earlier.