SoftBank founder Masayoshi Son speaks in futuristic terms about his company, but the success of his late-stage VC fund is still unknown.Technologyread more
Reports of Tesla vehicles spontaneously catching fire could make customers wary of EVs just as the industry ramps up production plans.Autosread more
Amazon's large and flashy investments stand out from those of its tech peers over the past year.Technologyread more
Huawei Technologies will immediately lose access to updates to the Android operating system, a source close the matter told Reuters.Technologyread more
Consumer IPOs from Snap to Uber have been disappointing and serve as a reminder that private investors are making all the money.Technologyread more
The 2019 PGA Championship wraps up on Sunday, May 19. Here's how much money the champion will earn.Earnread more
China's currency has been an important barometer for progress in U.S.-Chinese trade talks, and right now it's signaling things aren't going well.Market Insiderread more
The move comes after star runner Alysia Montaño's May 12 op-ed in the New York Times in which she detailed her experiences with Nike.Business Newsread more
While the prolonged fight has been devastating to an already-struggling agriculture industry, there's little indication Trump is paying a political price.Traderead more
The outrage has even inspired a Change.org petition called "Remake Game of Thrones Season 8 with competent writers," with over half-a-million signatories and climbing.Entertainmentread more
The company's comments Friday come after the White House said U.S.Trade Representative Robert Lighthizer will "address the threatened impairment" of national security from...Autosread more
(Adds details on forecast, tariff impact on China business)
May 14 (Reuters) - Luxury apparel maker Ralph Lauren Corp beat Wall Street estimates for quarterly profit on Tuesday, benefiting from higher demand in international markets, but weak sales in its biggest market, North America, disappointed investors.
Same-store sales in North America recorded its sixth quarter of decline in the last two years, falling 4% in the fourth quarter ended March 30.
Under Chief Executive Officer Patrice Louvet, the company has been spending more on advertising to rebuild its brand image and boost margins in its home market.
"We still have more work to do," Louvet said in a post-earnings call with analysts. Shares of the company fell 8% in morning trade. The company's stock has been under pressure from an escalation in tariff war with China, from where it sources a third of its raw materials.
"We have accelerated the diversification of our supply chain to mitigate the long-term impact of any potential tariff outcomes," Chief Financial Officer Jane Nielsen said.
The 52-year-old fashion house has also stepped up its investments in expanding overseas, while building up its e-commerce business to make up for declining sales in North America.
In China, one of its fastest growing market, Ralph Lauren has partnered with Alibaba's TMall, JD.com and WeChat to sell its products. Sales in Mainland China grew 30%, powering a 10% growth in Asia, excluding the impact of currency fluctuations.
For an interactive graphic, click here: https://tmsnrt.rs/2LHbpWs
Revenue from Ralph Lauren's Europe business grew 11% in the quarter. The company also raised its quarterly dividend by 10% and set aside about $300 million for capital expenditure in fiscal 2020.
Net revenue fell 1.5% to $1.51 billion due to a strong dollar, but beat estimates of $1.48 billion, according to IBES data from Refinitiv.
On an adjusted basis, the company earned $1.07 per share and beat estimates of 90 cents.
Up to Monday's close, Ralph Lauren's shares have lost about 9% of its value this month, while the S&P 500 Apparel, Accessories and Luxury Goods Index has fallen more than 8%.
(Reporting by Soundarya J in Bengaluru; Editing by Shounak Dasgupta and Arun Koyyur)