Executive Summary

• Ralph Lauren reported 1Q18 adjusted EPS of $1.11, beating the consensus estimate of $0.95. Revenues decreased by 12.9%, to $1.35 billion from $1.55 billion in the year-ago period, beating the consensus estimate of $1.34 billion.
• Total Ralph Lauren comparable store sales decreased by 7%, beating the consensus estimate of an 8.3% decline.
• The company maintained its full-year guidance of a net revenue decrease of 8%–9%, excluding the impact of foreign currency. In the second quarter of fiscal 2018, the company expects net revenues to be down 9%–10%, excluding the impact of foreign currency.