Ralph Lauren Reports Fourth Quarter and Full Year Fiscal 2021 Results
- Fourth Quarter Revenues Increased 1% to
$1.29 Billion , Exceeding Expectations with Positive Growth inAsia andEurope - Global Digital Commerce Sales Accelerated to 52% Driven by All Regions in the Fourth Quarter, Ending the Fiscal Year with Digital Operating Margins Accretive to Each Geography
- Stronger than Expected Fourth Quarter Gross and Operating Margins Driven by a 30% Increase in Average Unit Retail and Continued Expense Reductions
- Final Stage of Fiscal 2021 Strategic Realignment Plan Announced with Anticipated Sale of Club Monaco
- Quarterly Dividend Reinstated in the First Quarter of Fiscal 2022 at
$0.6875 Per Share, In-Line with Pre-Pandemic Levels
For Fiscal 2021, earnings per diluted share was (
The Company also announced that its Board of Directors approved to reinstate its regular quarterly cash dividend on the Company's Common Stock, previously suspended due to the COVID-19 pandemic. The quarterly cash dividend is
"This has been a year of profound challenge and reflection – both for our company and for communities around the world. For us, it was a reminder of the importance of staying true to our core vision – anchored in the ideas of timelessness and authenticity – while embracing new ways of connecting with people," said
"This fiscal year, we fundamentally repositioned our company for long-term success – accelerating our digital and marketing capabilities, eliminating structural headwinds, focusing our brand portfolio and realigning our cost structure – all while continuing our brand elevation journey around the world," said
Key Achievements in Fiscal 2021
As we continued to navigate a volatile global retail environment, we delivered the following highlights across our strategic priorities in the fourth quarter and full year Fiscal 2021:
Win Over a New Generation of Consumers- Accelerated marketing investments to 44% growth in the fourth quarter as we drove high-impact digital campaigns, reactivated in-person activities, and shifted spend from the first three quarters of the year due to COVID lockdowns. Highlights from the quarter included our Spring ’21 Collection digital experience featuring a livestream concert with Janelle Monáe, CLOT x
Polo Ralph Lauren collaboration withEdison Chen , and debut sponsorship of theAustralian Open - For the full year Fiscal 2021, marketing increased to 6.0% of total revenues, up from 4.5% last year, to support our brand elevation and drive consumer engagement, resulting in accelerated growth in global brand awareness and purchase intent
- Strategically shifted investments toward innovative digital campaigns, including our
Ralph Lauren x Bitmoji Collection with over 1 billion try-ons onSnapchat , virtual concert experience featuring Chance the Rapper, global Farfetch launch, and our 360º holiday campaigns emphasizing our coreRalph Lauren values
- Accelerated marketing investments to 44% growth in the fourth quarter as we drove high-impact digital campaigns, reactivated in-person activities, and shifted spend from the first three quarters of the year due to COVID lockdowns. Highlights from the quarter included our Spring ’21 Collection digital experience featuring a livestream concert with Janelle Monáe, CLOT x
- Energize Core Products and Accelerate Under-Developed Categories
- Average unit retail (AUR) across our direct-to-consumer network grew 30% in the fourth quarter and 26% for full year Fiscal 2021, with underlying growth of about 20% excluding unusual COVID mix impacts. All geographies exceeded our long-term targets of low- to mid-single digit annual AUR growth, led by more than 20% growth in both
North America andEurope as we accelerated our brand elevation initiatives this year - Leveraged the breadth of our lifestyle brand to tailor our product to changing consumer preferences by region, including expanding our high-potential underdeveloped categories such as outerwear and fleece and prudently building back into new seasonal assortments as consumer demand strengthens and evolves
- Expanded into new digital platforms including the launch of The Lauren Look, our first subscription apparel rental service, offering consumers an innovative new channel to experience, engage and ultimately shop the Lauren
Ralph Lauren brand as they build their personal wardrobes in a rapidly evolving retail landscape
- Average unit retail (AUR) across our direct-to-consumer network grew 30% in the fourth quarter and 26% for full year Fiscal 2021, with underlying growth of about 20% excluding unusual COVID mix impacts. All geographies exceeded our long-term targets of low- to mid-single digit annual AUR growth, led by more than 20% growth in both
- Drive Targeted Expansion in Our Regions and Channels
- Delivered sequential improvement across all geographies in the fourth quarter led by
Asia andEurope , despite further government-mandated restrictions due to COVID-19 in both regions.North America comps strengthened into the end of the period, inflecting to positive 3% growth in the fourth quarter - Strong momentum in the Chinese mainland, with fourth quarter sales increasing 145% to last year in constant currency as we lapped significant impact from COVID-19 and increasing more than 70% compared to fourth quarter Fiscal 2019
- Delivered sequential improvement across all geographies in the fourth quarter led by
- Lead with Digital
- Global digital revenue accelerated across both owned and wholesale digital channels and across all geographies in the fourth quarter, with owned digital sales increasing 52% to last year and total digital ecosystem sales up more than 60%
- Operating margins in our owned digital business expanded more than 1,000 basis points to last year for both the fourth quarter and full year. Digital operating margins were accretive to total company margin rate, with similar improvement across all regions
- Operate with Discipline to Fuel Growth
- Adjusted operating expenses decreased 4% to last year in the fourth quarter and 16% for the full year, driven by savings across compensation related expenses, rent and occupancy, travel and other expenses
- Exceeded our lead time targets with approximately two thirds of our products on lead times of 6 months or less, versus our long-term target of 50% by Fiscal 2023 and compared to 20% in Fiscal 2016
- Concluded our brand portfolio review with a definitive agreement to sell Club Monaco to Regent, enabling our teams to focus our resources and talent on our core brands as part of our
Next Great Chapter elevation strategy
Fourth Quarter Fiscal 2021 Income Statement Review
Net Revenue. In the fourth quarter of Fiscal 2021, revenue increased 1% to
Revenue performance for the Company’s reportable segments in the fourth quarter compared to the prior year period was as follows:
- North America Revenue.
North America revenue in the fourth quarter decreased 10% to$569 million , including adverse impacts related to COVID-19 business disruptions across distribution channels.North America wholesale revenue was down 22% to last year. In retail, comparable store sales inNorth America were up 3%, including a 25% increase in digital commerce partly offset by a 2% decline in brick and mortar stores. - Europe Revenue.
Europe revenue in the fourth quarter increased 5% to$370 million on a reported basis and decreased 4% in constant currency to last year, reflecting adverse impacts related to COVID-19 business disruptions across channels. In retail, comparable store sales inEurope were down 45%, driven by a 65% decrease in brick and mortar stores partly offset by a 79% increase in digital commerce.Europe wholesale revenue increased 41% on a reported basis and 29% in constant currency. - Asia Revenue.
Asia revenue in the fourth quarter increased 35% to$289 million on a reported basis and 28% in constant currency. Comparable store sales inAsia increased 23%, with a 21% increase in our brick and mortar stores and a 59% increase in digital commerce.
Gross Profit. Gross profit for the fourth quarter of Fiscal 2021 was
Operating Expenses. Operating expenses in the fourth quarter of Fiscal 2021 were
Adjusted operating expense rate was 59.5%, compared to 62.5% in the prior year period, excluding restructuring-related and other charges.
Operating Income (Loss). Operating loss for the fourth quarter of Fiscal 2021 was
- North America Operating Income.
North America operating income in the fourth quarter was$69 million on a reported basis and$89 million on an adjusted basis.Adjusted North America operating margin was 15.6%, compared to adjusted operating margin of 10.1% for the fourth quarter of Fiscal 2020. - Europe Operating Income.
Europe operating income in the fourth quarter was$69 million on a reported basis and$70 million on an adjusted basis. AdjustedEurope operating margin was 18.9%, compared to 13.8% for the fourth quarter of Fiscal 2020. Foreign currency favorably impacted adjusted operating margin rate by 120 basis points in the fourth quarter. - Asia Operating Income.
Asia operating income in the fourth quarter was$28 million on a reported basis. On an adjusted basis,Asia operating income was$26 million . AdjustedAsia operating margin was 9.1%, compared to 3.5% for the fourth quarter of Fiscal 2020. Foreign currency favorably impacted adjusted operating margin rate by 190 basis points in the fourth quarter.
Net Income (Loss) and EPS. On a reported basis, net loss in the fourth quarter of Fiscal 2021 was
In the fourth quarter of Fiscal 2021, the Company had an effective tax rate of approximately (110%) on a reported basis and 18% on an adjusted basis. This compared to a reported and adjusted effective tax rate of approximately 13% and (28%), respectively, in the prior year period. The increase in our adjusted effective tax rate was primarily driven by the absence of liabilities for uncertain tax positions taken in the fourth quarter of Fiscal 2020 as well as the unfavorable impact related to provision to return and other adjustments in the fourth quarter of Fiscal 2021.
Full Year Fiscal 2021 Income Statement Review
Net Revenues. For Fiscal 2021, revenue decreased 29% to
- North America Revenue. For Fiscal 2021,
North America revenue decreased 37% to$2.0 billion . - Europe Revenue. For Fiscal 2021,
Europe revenue decreased 29% to$1.2 billion on a reported basis. In constant currency, revenue decreased 32%. - Asia Revenue. For Fiscal 2021,
Asia revenue increased 1% to$1.0 billion on a reported basis. In constant currency, revenue decreased 2%.
Gross Profit. Gross profit for Fiscal 2021 was
Operating Expenses. For Fiscal 2021, operating expenses were
Operating Income (Loss). Operating loss for Fiscal 2021 was
- North America Operating Income.
North America operating income in Fiscal 2021 was$334 million and operating margin was 16.8% on a reported basis, including restructuring-related and other charges. On an adjusted basis,North America operating income in Fiscal 2021 was$347 million and operating margin was 17.4%, compared to 19.1% in Fiscal 2020. - Europe Operating Income.
Europe operating income in Fiscal 2021 was$189 million and operating margin was 16.2% on a reported basis, including restructuring-related and other charges. On an adjusted basis,Europe operating income in Fiscal 2021 was$202 million and operating margin was 17.3%, compared to 23.3% in Fiscal 2020. - Asia Operating Income.
Asia operating income in Fiscal 2021 was$148 million and operating margin was 14.4% on a reported basis, including restructuring-related and other charges. On an adjusted basis,Asia operating income in Fiscal 2021 was$150 million and operating margin was 14.6%, compared to 14.4% in Fiscal 2020.
Net Income (Loss) and EPS. In Fiscal 2021, net loss was
For Fiscal 2021, the Company had an effective tax rate of approximately (62%) on a reported basis and 29% on an adjusted basis. This compared to a reported and adjusted effective tax rate of approximately (18%) and 22%, respectively, in the prior year.
Balance Sheet and Cash Flow Review
The Company ended Fiscal 2021 with
The Company had
Fiscal 2021 Strategic Realignment Plan Update
As previously announced, a strategic review has been underway to support future growth and profitability and to create a sustainable cost structure. The review process includes the evaluation of
Previously announced actions related to the Fiscal 2021 Strategic Realignment Plan included a reduction of the Company's global workforce in Fiscal 2021, transitioning the Chaps brand to a fully licensed business model, plans to further right-size and consolidate corporate offices and distribution centers and identifying up to 10 stores subject to potential closures through Fiscal 2022.
The Company concluded the final stage of the plan with its brand portfolio review. On
Updates to Ralph Lauren Board of Directors
Mr.
In addition, effective after the 2021 Annual Meeting, Mr.
Full Year Fiscal 2022 and First Quarter Outlook
The Company continues to note the ongoing uncertainty and evolving situation surrounding COVID-19 impacting the timing and path of recovery in each market, including the potential for further resurgences of the pandemic across various markets. The full year Fiscal 2022 and first quarter guidance excludes restructuring-related and other charges, as described in the "Non-
For Fiscal 2022, the Company expects constant currency revenues to increase approximately 20% to 25% to last year on a 52-week comparable basis. The 53rd week is expected to contribute approximately 140 basis points to revenue growth. Foreign currency is expected to negatively impact revenue growth by approximately 50 to 70 basis points in Fiscal 2022.
The Company expects operating margin for Fiscal 2022 of about 11.0%, an increase of approximately 620 basis points on a reported basis. Operating margin expansion is expected to be driven by operating expense leverage, while gross margin is expected to be down 40 to 60 basis points as mix normalizes. About 150 basis points of the 380 basis points of gross margin expansion in the prior year were driven by unusual COVID-related mix benefits due to significant store closures across regions.
For the first quarter, revenues are expected to increase approximately 140% to 150% in constant currency to last year. Foreign currency is expected to positively impact revenue growth by approximately 250 basis points. This outlook reflects confirmed government-mandated lockdowns and other COVID-related restrictions across several key markets, notably in
Operating margin for the first quarter is expected in the range of 7.0% to 7.5% with significant operating expense leverage more than offsetting gross margin contraction. Gross margin is expected to contract approximately 575 basis points to last year as the Company laps unusual COVID-related mix benefits from the prior year, when the majority of our stores across
The full year Fiscal 2022 tax rate is expected to be in the range of 26% to 27%, assuming a continuation of current tax laws. First quarter of Fiscal 2022 tax rate is expected to be about 22% to 24%.
The Company is planning capital expenditures for Fiscal 2022 of approximately
Conference Call
As previously announced, the Company will host a conference call and live online webcast today,
An online archive of the broadcast will be available by accessing the Company's investor relations website at http://investor.ralphlauren.com. A telephone replay of the call will be available from 12:00
ABOUT
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release, and oral statements made from time to time by representatives of the Company, may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding, among other things, our current expectations about the Company's future results and financial condition, revenues, store openings and closings, strategic plans, employee reductions, margins, expenses, earnings, and citizenship and sustainability goals and are indicated by words or phrases such as "anticipate," "outlook," "estimate," "expect," "project," "believe," "envision," "goal," "target," "can," "will," and similar words or phrases. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the future results, performance or achievements expressed in or implied by such forward-looking statements. Forward-looking statements are based largely on the Company's expectations and judgments and are subject to certain risks and uncertainties, many of which are unforeseeable and beyond our control. The factors that could cause actual results to materially differ include, among others: the loss of key personnel, including Mr.
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CONSOLIDATED BALANCE SHEETS |
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Prepared in accordance with |
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(Audited) |
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(millions) |
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ASSETS |
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Current assets: |
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|
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Cash and cash equivalents |
|
$ |
2,579.0 |
|
|
$ |
1,620.4 |
|
|
Short-term investments |
|
197.5 |
|
|
495.9 |
|
|||
Accounts receivable, net of allowances |
|
451.5 |
|
|
277.1 |
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Inventories |
|
759.0 |
|
|
736.2 |
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Income tax receivable |
|
54.4 |
|
|
84.8 |
|
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Prepaid expenses and other current assets |
|
166.6 |
|
|
160.8 |
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Total current assets |
|
4,208.0 |
|
|
3,375.2 |
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Property and equipment, net |
|
1,014.0 |
|
|
979.5 |
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Operating lease right-of-use assets |
|
1,239.5 |
|
|
1,511.6 |
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Deferred tax assets |
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283.9 |
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245.2 |
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|
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934.6 |
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915.5 |
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Intangible assets, net |
|
121.1 |
|
|
141.0 |
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Other non-current assets |
|
86.4 |
|
|
111.9 |
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Total assets |
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$ |
7,887.5 |
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$ |
7,279.9 |
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LIABILITIES AND EQUITY |
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Current liabilities: |
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Short-term debt |
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$ |
— |
|
|
$ |
475.0 |
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Current portion of long-term debt |
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— |
|
|
299.6 |
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Accounts payable |
|
355.9 |
|
|
246.8 |
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Income tax payable |
|
50.6 |
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|
65.1 |
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Current operating lease liabilities |
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302.9 |
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288.4 |
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Accrued expenses and other current liabilities |
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875.4 |
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717.1 |
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Total current liabilities |
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1,584.8 |
|
|
2,092.0 |
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Long-term debt |
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1,632.9 |
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396.4 |
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Long-term operating lease liabilities |
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1,294.5 |
|
|
1,568.3 |
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Income tax payable |
|
118.7 |
|
|
132.7 |
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Non-current liability for unrecognized tax benefits |
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91.4 |
|
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88.9 |
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Other non-current liabilities |
|
560.8 |
|
|
308.5 |
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Total liabilities |
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5,283.1 |
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|
4,586.8 |
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Equity: |
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Common stock |
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1.3 |
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1.3 |
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Additional paid-in-capital |
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2,667.1 |
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2,594.4 |
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Retained earnings |
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5,872.9 |
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5,994.0 |
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|||
|
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(5,816.1 |
) |
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(5,778.4 |
) |
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Accumulated other comprehensive loss |
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(120.8 |
) |
|
(118.2 |
) |
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Total equity |
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2,604.4 |
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|
2,693.1 |
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Total liabilities and equity |
|
$ |
7,887.5 |
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$ |
7,279.9 |
|
|
|
|
|
|
|
|||||
|
|
$ |
1,143.6 |
|
|
$ |
945.3 |
|
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Cash & Investments(a) |
|
2,776.5 |
|
|
2,116.3 |
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_______________ |
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(a) The Company's investments were all classified as short-term for all periods presented. |
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CONSOLIDATED STATEMENTS OF OPERATIONS |
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Prepared in accordance with |
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(Unaudited) |
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Three Months Ended |
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(millions, except per share data) |
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$ |
569.0 |
|
|
$ |
629.3 |
|
|
|
370.1 |
|
|
353.4 |
|
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|
|
289.4 |
|
|
213.7 |
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Other non-reportable segments |
|
58.5 |
|
|
77.7 |
|
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Net revenues |
|
1,287.0 |
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|
1,274.1 |
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Cost of goods sold |
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(504.1 |
) |
|
(679.7 |
) |
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Gross profit |
|
782.9 |
|
|
594.4 |
|
||
Selling, general, and administrative expenses |
|
(755.2 |
) |
|
(852.2 |
) |
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Impairment of assets |
|
(60.3 |
) |
|
(9.9 |
) |
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Restructuring and other charges |
|
6.9 |
|
|
(16.1 |
) |
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Total other operating expenses, net |
|
(808.6 |
) |
|
(878.2 |
) |
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Operating loss |
|
(25.7 |
) |
|
(283.8 |
) |
||
Interest expense |
|
(13.9 |
) |
|
(4.8 |
) |
||
Interest income |
|
2.2 |
|
|
5.9 |
|
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Other income (expense), net |
|
2.1 |
|
|
(4.5 |
) |
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Loss before income taxes |
|
(35.3 |
) |
|
(287.2 |
) |
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Income tax benefit (provision) |
|
(38.8 |
) |
|
38.2 |
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Net loss |
|
$ |
(74.1 |
) |
|
$ |
(249.0 |
) |
Net loss per common share: |
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Basic |
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$ |
(1.01 |
) |
|
$ |
(3.38 |
) |
Diluted |
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$ |
(1.01 |
) |
|
$ |
(3.38 |
) |
Weighted average common shares outstanding: |
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|
|
|
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Basic |
|
73.6 |
|
|
73.7 |
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Diluted |
|
73.6 |
|
|
73.7 |
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Dividends declared per share |
|
$ |
— |
|
|
$ |
0.6875 |
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CONSOLIDATED STATEMENTS OF OPERATIONS |
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Prepared in accordance with |
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(Audited) |
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Twelve Months Ended |
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(millions, except per share data) |
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|
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$ |
1,992.4 |
|
|
$ |
3,140.5 |
|
|
|
1,165.9 |
|
|
1,632.2 |
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|
|
1,027.5 |
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|
1,017.2 |
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Other non-reportable segments |
|
215.0 |
|
|
369.9 |
|
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Net revenues |
|
4,400.8 |
|
|
6,159.8 |
|
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Cost of goods sold |
|
(1,539.4 |
) |
|
(2,506.5 |
) |
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Gross profit |
|
2,861.4 |
|
|
3,653.3 |
|
||
Selling, general, and administrative expenses |
|
(2,638.5 |
) |
|
(3,237.5 |
) |
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Impairment of assets |
|
(96.0 |
) |
|
(31.6 |
) |
||
Restructuring and other charges |
|
(170.5 |
) |
|
(67.2 |
) |
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Total other operating expenses, net |
|
(2,905.0 |
) |
|
(3,336.3 |
) |
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Operating income (loss) |
|
(43.6 |
) |
|
317.0 |
|
||
Interest expense |
|
(48.5 |
) |
|
(17.6 |
) |
||
Interest income |
|
9.7 |
|
|
34.4 |
|
||
Other income (expense), net |
|
7.6 |
|
|
(7.4 |
) |
||
Income (loss) before income taxes |
|
(74.8 |
) |
|
326.4 |
|
||
Income tax benefit (provision) |
|
(46.3 |
) |
|
57.9 |
|
||
Net income (loss) |
|
$ |
(121.1 |
) |
|
$ |
384.3 |
|
Net income (loss) per common share: |
|
|
|
|
||||
Basic |
|
$ |
(1.65 |
) |
|
$ |
5.07 |
|
Diluted |
|
$ |
(1.65 |
) |
|
$ |
4.98 |
|
Weighted average common shares outstanding: |
|
|
|
|
||||
Basic |
|
73.5 |
|
|
75.8 |
|
||
Diluted |
|
73.5 |
|
|
77.2 |
|
||
Dividends declared per share |
|
$ |
— |
|
|
$ |
2.75 |
|
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CONSOLIDATED STATEMENTS OF CASH FLOWS |
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Prepared in accordance with |
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(Audited) |
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|
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|
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|
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Twelve Months Ended |
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(millions) |
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Cash flows from operating activities: |
|
|
|
|
||||
Net income (loss) |
|
$ |
(121.1 |
) |
|
$ |
384.3 |
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
||||
Depreciation and amortization expense |
|
247.6 |
|
|
269.5 |
|
||
Deferred income tax expense (benefit) |
|
35.6 |
|
|
(168.8 |
) |
||
Non-cash stock-based compensation expense |
|
72.7 |
|
|
100.6 |
|
||
Non-cash impairment of assets, including equity method investment |
|
96.0 |
|
|
38.7 |
|
||
Bad debt expense (benefit) |
|
(27.6 |
) |
|
58.7 |
|
||
Other non-cash charges (benefits) |
|
1.8 |
|
|
(2.3 |
) |
||
Changes in operating assets and liabilities: |
|
|
|
|
||||
Accounts receivable |
|
(143.0 |
) |
|
57.6 |
|
||
Inventories |
|
3.7 |
|
|
72.3 |
|
||
Prepaid expenses and other current assets |
|
5.2 |
|
|
58.2 |
|
||
Accounts payable and accrued liabilities |
|
296.8 |
|
|
(64.3 |
) |
||
Income tax receivables and payables |
|
(37.8 |
) |
|
(42.5 |
) |
||
Deferred income |
|
(3.2 |
) |
|
— |
|
||
Other balance sheet changes |
|
(45.8 |
) |
|
(7.4 |
) |
||
Net cash provided by operating activities |
|
380.9 |
|
|
754.6 |
|
||
Cash flows from investing activities: |
|
|
|
|
||||
Capital expenditures |
|
(107.8 |
) |
|
(270.3 |
) |
||
Purchases of investments |
|
(704.6 |
) |
|
(1,289.7 |
) |
||
Proceeds from sales and maturities of investments |
|
1,007.2 |
|
|
2,240.4 |
|
||
Proceeds from sale of property |
|
— |
|
|
20.8 |
|
||
Settlement of net investment hedges |
|
3.7 |
|
|
— |
|
||
Other investing activities |
|
(3.5 |
) |
|
0.9 |
|
||
Net cash provided by investing activities |
|
195.0 |
|
|
702.1 |
|
||
Cash flows from financing activities: |
|
|
|
|
||||
Proceeds from credit facility borrowings |
|
— |
|
|
475.0 |
|
||
Repayments of credit facility borrowings |
|
(475.0 |
) |
|
— |
|
||
Proceeds from the issuance of long-term debt |
|
1,241.9 |
|
|
— |
|
||
Repayments of long-term debt |
|
(300.0 |
) |
|
— |
|
||
Payments of finance lease obligations |
|
(13.9 |
) |
|
(13.6 |
) |
||
Payments of dividends |
|
(49.8 |
) |
|
(203.9 |
) |
||
Repurchases of common stock, including shares surrendered for tax withholdings |
|
(37.7 |
) |
|
(694.8 |
) |
||
Other financing activities |
|
(8.7 |
) |
|
(0.9 |
) |
||
Net cash provided by (used in) financing activities |
|
356.8 |
|
|
(438.2 |
) |
||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |
|
25.5 |
|
|
(15.2 |
) |
||
Net increase in cash, cash equivalents, and restricted cash |
|
958.2 |
|
|
1,003.3 |
|
||
Cash, cash equivalents, and restricted cash at beginning of period |
|
1,629.8 |
|
|
626.5 |
|
||
Cash, cash equivalents, and restricted cash at end of period |
|
$ |
2,588.0 |
|
|
$ |
1,629.8 |
|
|
||||||||||||||||
SEGMENT INFORMATION |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
(millions) |
||||||||||||||
Net revenues: |
|
|
|
|
|
|
|
|
||||||||
|
|
$ |
569.0 |
|
|
$ |
629.3 |
|
|
$ |
1,992.4 |
|
|
$ |
3,140.5 |
|
|
|
370.1 |
|
|
353.4 |
|
|
1,165.9 |
|
|
1,632.2 |
|
||||
|
|
289.4 |
|
|
213.7 |
|
|
1,027.5 |
|
|
1,017.2 |
|
||||
Other non-reportable segments |
|
58.5 |
|
|
77.7 |
|
|
215.0 |
|
|
369.9 |
|
||||
Total net revenues |
|
$ |
1,287.0 |
|
|
$ |
1,274.1 |
|
|
$ |
4,400.8 |
|
|
$ |
6,159.8 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating income (loss): |
|
|
|
|
|
|
|
|
||||||||
|
|
$ |
69.4 |
|
|
$ |
(79.6 |
) |
|
$ |
334.0 |
|
|
$ |
456.0 |
|
|
|
68.5 |
|
|
4.4 |
|
|
189.3 |
|
|
336.3 |
|
||||
|
|
27.6 |
|
|
(10.8 |
) |
|
148.2 |
|
|
124.8 |
|
||||
Other non-reportable segments |
|
(5.2 |
) |
|
— |
|
|
32.4 |
|
|
85.2 |
|
||||
|
|
160.3 |
|
|
(86.0 |
) |
|
703.9 |
|
|
1,002.3 |
|
||||
Unallocated corporate expenses |
|
(192.9 |
) |
|
(181.7 |
) |
|
(577.0 |
) |
|
(618.1 |
) |
||||
Unallocated restructuring and other charges |
|
6.9 |
|
|
(16.1 |
) |
|
(170.5 |
) |
|
(67.2 |
) |
||||
Total operating income (loss) |
|
$ |
(25.7 |
) |
|
$ |
(283.8 |
) |
|
$ |
(43.6 |
) |
|
$ |
317.0 |
|
|
||||||||||||||
CONSTANT CURRENCY FINANCIAL MEASURES |
||||||||||||||
(Unaudited) |
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||
Comparable Store Sales Data |
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
|
|
||||||
|
|
% Change |
|
% Change |
|
|
|
|
||||||
|
|
Constant Currency |
|
Constant Currency |
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
||||||
Digital commerce |
|
25 |
% |
|
11 |
% |
|
|
|
|
||||
Excluding digital commerce |
|
(2 |
%) |
|
(40 |
%) |
|
|
|
|
||||
|
|
3 |
% |
|
(30 |
%) |
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
||||||
Digital commerce |
|
79 |
% |
|
56 |
% |
|
|
|
|
||||
Excluding digital commerce |
|
(65 |
%) |
|
(55 |
%) |
|
|
|
|
||||
Total |
|
(45 |
%) |
|
(43 |
%) |
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
||||||
Digital commerce |
|
59 |
% |
|
54 |
% |
|
|
|
|
||||
Excluding digital commerce |
|
21 |
% |
|
(7 |
%) |
|
|
|
|
||||
Total |
|
23 |
% |
|
(6 |
%) |
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||||
|
|
(4 |
%) |
|
(29 |
%) |
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||||
Operating Segment Net Revenues Data |
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||
|
|
Three Months Ended |
|
% Change |
||||||||||
|
|
|
|
|
|
As Reported |
|
Constant Currency |
||||||
|
|
(millions) |
|
|
|
|
||||||||
|
|
$ |
569.0 |
|
|
$ |
629.3 |
|
|
(9.6 |
%) |
|
(9.7 |
%) |
|
|
370.1 |
|
|
353.4 |
|
|
4.7 |
% |
|
(3.9 |
%) |
||
|
|
289.4 |
|
|
213.7 |
|
|
35.4 |
% |
|
27.9 |
% |
||
Other non-reportable segments |
|
58.5 |
|
|
77.7 |
|
|
(24.7 |
%) |
|
(24.7 |
%) |
||
Net revenues |
|
$ |
1,287.0 |
|
|
$ |
1,274.1 |
|
|
1.0 |
% |
|
(2.7 |
%) |
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
||||||
|
|
Twelve Months Ended |
|
% Change |
||||||||||
|
|
|
|
|
|
As Reported |
|
Constant Currency |
||||||
|
|
(millions) |
|
|
|
|
||||||||
|
|
$ |
1,992.4 |
|
|
$ |
3,140.5 |
|
|
(36.6 |
%) |
|
(36.6 |
%) |
|
|
1,165.9 |
|
|
1,632.2 |
|
|
(28.6 |
%) |
|
(31.8 |
%) |
||
|
|
1,027.5 |
|
|
1,017.2 |
|
|
1.0 |
% |
|
(1.8 |
%) |
||
Other non-reportable segments |
|
215.0 |
|
|
369.9 |
|
|
(41.9 |
%) |
|
(41.9 |
%) |
||
Net revenues |
|
$ |
4,400.8 |
|
|
$ |
6,159.8 |
|
|
(28.6 |
%) |
|
(29.9 |
%) |
|
||||||||||||||||||||||||||||||||||||||||
NET REVENUES BY SALES CHANNEL |
||||||||||||||||||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
Three Months Ended |
||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||||||||||||||||
|
|
North America |
|
|
|
|
|
Other |
|
Total |
|
North America |
|
|
|
|
|
Other |
|
Total |
||||||||||||||||||||
|
|
(millions) |
||||||||||||||||||||||||||||||||||||||
Sales Channel: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Retail |
|
$ |
303.8 |
|
|
$ |
97.8 |
|
|
$ |
268.9 |
|
|
$ |
22.6 |
|
|
$ |
693.1 |
|
|
$ |
291.3 |
|
|
$ |
160.3 |
|
|
$ |
194.1 |
|
|
$ |
32.2 |
|
|
$ |
677.9 |
|
Wholesale |
|
265.2 |
|
|
272.3 |
|
|
20.5 |
|
|
4.2 |
|
|
562.2 |
|
|
338.0 |
|
|
193.1 |
|
|
19.6 |
|
|
4.2 |
|
|
554.9 |
|
||||||||||
Licensing |
|
— |
|
|
— |
|
|
— |
|
|
31.7 |
|
|
31.7 |
|
|
— |
|
|
— |
|
|
— |
|
|
41.3 |
|
|
41.3 |
|
||||||||||
Net revenues |
|
$ |
569.0 |
|
|
$ |
370.1 |
|
|
$ |
289.4 |
|
|
$ |
58.5 |
|
|
$ |
1,287.0 |
|
|
$ |
629.3 |
|
|
$ |
353.4 |
|
|
$ |
213.7 |
|
|
$ |
77.7 |
|
|
$ |
1,274.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
Twelve Months Ended |
||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||||||||||||||||
|
|
North America |
|
|
|
|
|
Other |
|
Total |
|
North America |
|
|
|
|
|
Other |
|
Total |
||||||||||||||||||||
|
|
(millions) |
||||||||||||||||||||||||||||||||||||||
Sales Channel: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Retail |
|
$ |
1,214.1 |
|
|
$ |
517.1 |
|
|
$ |
968.4 |
|
|
$ |
80.2 |
|
|
$ |
2,779.8 |
|
|
$ |
1,727.3 |
|
|
$ |
874.6 |
|
|
$ |
948.0 |
|
|
$ |
191.0 |
|
|
$ |
3,740.9 |
|
Wholesale |
|
778.3 |
|
|
648.8 |
|
|
59.1 |
|
|
12.4 |
|
|
1,498.6 |
|
|
1,413.2 |
|
|
757.6 |
|
|
69.2 |
|
|
10.8 |
|
|
2,250.8 |
|
||||||||||
Licensing |
|
— |
|
|
— |
|
|
— |
|
|
122.4 |
|
|
122.4 |
|
|
— |
|
|
— |
|
|
— |
|
|
168.1 |
|
|
168.1 |
|
||||||||||
Net revenues |
|
$ |
1,992.4 |
|
|
$ |
1,165.9 |
|
|
$ |
1,027.5 |
|
|
$ |
215.0 |
|
|
$ |
4,400.8 |
|
|
$ |
3,140.5 |
|
|
$ |
1,632.2 |
|
|
$ |
1,017.2 |
|
|
$ |
369.9 |
|
|
$ |
6,159.8 |
|
|
||||||
GLOBAL RETAIL STORE NETWORK |
||||||
(Unaudited) |
||||||
|
|
|
|
|
||
|
|
|
|
|
||
|
|
|
|
|
||
|
|
40 |
|
|
41 |
|
Polo Factory Stores |
|
193 |
|
|
189 |
|
Total Directly Operated Stores |
|
233 |
|
|
230 |
|
Concessions |
|
1 |
|
|
2 |
|
|
|
|
|
|
||
|
|
|
|
|
||
|
|
32 |
|
|
30 |
|
Polo Factory Stores |
|
60 |
|
|
64 |
|
Total Directly Operated Stores |
|
92 |
|
|
94 |
|
Concessions |
|
29 |
|
|
29 |
|
|
|
|
|
|
||
|
|
|
|
|
||
|
|
79 |
|
|
67 |
|
Polo Factory Stores |
|
72 |
|
|
65 |
|
Total Directly Operated Stores |
|
151 |
|
|
132 |
|
Concessions |
|
616 |
|
|
619 |
|
|
|
|
|
|
||
Other |
|
|
|
|
||
Club Monaco Stores |
|
72 |
|
|
74 |
|
Club Monaco Concessions |
|
4 |
|
|
4 |
|
|
|
|
|
|
||
Global Directly Operated Stores and Concessions |
|
|
|
|
||
|
|
151 |
|
|
138 |
|
Polo Factory Stores |
|
325 |
|
|
318 |
|
Club Monaco Stores |
|
72 |
|
|
74 |
|
Total Directly Operated Stores |
|
548 |
|
|
530 |
|
Concessions |
|
650 |
|
|
654 |
|
|
|
|
|
|
||
Global Licensed Stores and Concessions |
|
|
|
|
||
Total Licensed Stores and Concessions |
|
282 |
|
|
250 |
|
|
||||||||||||
RECONCILIATION OF NON- |
||||||||||||
(Unaudited) |
||||||||||||
|
|
|
||||||||||
|
|
Three Months Ended |
||||||||||
|
|
|
||||||||||
|
|
As Reported |
|
Total Adjustments(a)(b) |
|
As Adjusted |
||||||
|
|
(millions, except per share data) |
||||||||||
Net revenues |
|
$ |
1,287.0 |
|
|
$ |
— |
|
|
$ |
1,287.0 |
|
Gross profit |
|
782.9 |
|
|
26.4 |
|
|
809.3 |
|
|||
Gross profit margin |
|
60.8 |
% |
|
|
|
62.9 |
% |
||||
Total other operating expenses, net |
|
(808.6 |
) |
|
43.4 |
|
|
(765.2 |
) |
|||
Operating expense margin |
|
62.8 |
% |
|
|
|
59.5 |
% |
||||
Operating income (loss) |
|
(25.7 |
) |
|
69.8 |
|
|
44.1 |
|
|||
Operating margin |
|
(2.0 |
%) |
|
|
|
3.4 |
% |
||||
Other non-operating expense, net |
|
(9.6 |
) |
|
— |
|
|
(9.6 |
) |
|||
Income (loss) before income taxes |
|
(35.3 |
) |
|
69.8 |
|
|
34.5 |
|
|||
Income tax benefit (provision) |
|
(38.8 |
) |
|
32.7 |
|
|
(6.1 |
) |
|||
Effective tax rate |
|
(110.1 |
%) |
|
|
|
17.8 |
% |
||||
Net income (loss) |
|
$ |
(74.1 |
) |
|
$ |
102.5 |
|
|
$ |
28.4 |
|
Net income (loss) per diluted common share |
|
$ |
(1.01 |
) |
|
|
|
$ |
0.38 |
|
||
Weighted average common shares outstanding - Diluted |
|
73.6 |
|
|
|
|
75.1 |
|
||||
|
|
|
|
|
|
|
||||||
SEGMENT INFORMATION - OPERATING INCOME (LOSS): |
|
|
|
|
|
|
||||||
|
|
$ |
69.4 |
|
|
$ |
19.4 |
|
|
$ |
88.8 |
|
Operating margin |
|
12.2 |
% |
|
|
|
15.6 |
% |
||||
|
|
68.5 |
|
|
1.5 |
|
|
70.0 |
|
|||
Operating margin |
|
18.5 |
% |
|
|
|
18.9 |
% |
||||
|
|
27.6 |
|
|
(1.1 |
) |
|
26.5 |
|
|||
Operating margin |
|
9.5 |
% |
|
|
|
9.1 |
% |
||||
Other non-reportable segments |
|
(5.2 |
) |
|
17.4 |
|
|
12.2 |
|
|||
Operating margin |
|
(8.8 |
%) |
|
|
|
21.1 |
% |
||||
Unallocated corporate expenses and restructuring & other charges |
|
(186.0 |
) |
|
32.6 |
|
|
(153.4 |
) |
|||
Total operating income (loss) |
|
$ |
(25.7 |
) |
|
$ |
69.8 |
|
|
$ |
44.1 |
|
|
||||||||||||
RECONCILIATION OF NON- |
||||||||||||
(Unaudited) |
||||||||||||
|
|
|
|
|
|
|
||||||
|
|
Twelve Months Ended |
||||||||||
|
|
|
||||||||||
|
|
As Reported |
|
Total Adjustments(a)(c) |
|
As Adjusted |
||||||
|
|
(millions, except per share data) |
||||||||||
Net revenues |
|
$ |
4,400.8 |
|
|
$ |
— |
|
|
$ |
4,400.8 |
|
Gross profit |
|
2,861.4 |
|
|
29.3 |
|
|
2,890.7 |
|
|||
Gross profit margin |
|
65.0 |
% |
|
|
|
65.7 |
% |
||||
Total other operating expenses, net |
|
(2,905.0 |
) |
|
225.1 |
|
|
(2,679.9 |
) |
|||
Operating expense margin |
|
66.0 |
% |
|
|
|
60.9 |
% |
||||
Operating income (loss) |
|
(43.6 |
) |
|
254.4 |
|
|
210.8 |
|
|||
Operating margin |
|
(1.0 |
%) |
|
|
|
4.8 |
% |
||||
Other non-operating expense, net |
|
(31.2 |
) |
|
— |
|
|
(31.2 |
) |
|||
Income (loss) before income taxes |
|
(74.8 |
) |
|
254.4 |
|
|
179.6 |
|
|||
Income tax provision |
|
(46.3 |
) |
|
(6.3 |
) |
|
(52.6 |
) |
|||
Effective tax rate |
|
(61.9 |
%) |
|
|
|
29.3 |
% |
||||
Net income (loss) |
|
$ |
(121.1 |
) |
|
$ |
248.1 |
|
|
$ |
127.0 |
|
Net income (loss) per diluted common share |
|
$ |
(1.65 |
) |
|
|
|
$ |
1.70 |
|
||
Weighted average common shares outstanding - Diluted |
|
73.5 |
|
|
|
|
74.7 |
|
||||
|
|
|
|
|
|
|
||||||
SEGMENT INFORMATION - OPERATING INCOME (LOSS): |
|
|
|
|
|
|
||||||
|
|
$ |
334.0 |
|
|
$ |
12.8 |
|
|
$ |
346.8 |
|
Operating margin |
|
16.8 |
% |
|
|
|
17.4 |
% |
||||
|
|
189.3 |
|
|
12.4 |
|
|
201.7 |
|
|||
Operating margin |
|
16.2 |
% |
|
|
|
17.3 |
% |
||||
|
|
148.2 |
|
|
1.6 |
|
|
149.8 |
|
|||
Operating margin |
|
14.4 |
% |
|
|
|
14.6 |
% |
||||
Other non-reportable segments |
|
32.4 |
|
|
17.2 |
|
|
49.6 |
|
|||
Operating margin |
|
15.1 |
% |
|
|
|
23.1 |
% |
||||
Unallocated corporate expenses and restructuring & other charges |
|
(747.5 |
) |
|
210.4 |
|
|
(537.1 |
) |
|||
Total operating income (loss) |
|
$ |
(43.6 |
) |
|
$ |
254.4 |
|
|
$ |
210.8 |
|
|
||||||||||||
RECONCILIATION OF NON- |
||||||||||||
(Unaudited) |
||||||||||||
|
|
|
||||||||||
|
|
Three Months Ended |
||||||||||
|
|
|
||||||||||
|
|
As Reported |
|
Total Adjustments(a)(d) |
|
As Adjusted |
||||||
|
|
(millions, except per share data) |
||||||||||
Net revenues |
|
$ |
1,274.1 |
|
|
$ |
— |
|
|
$ |
1,274.1 |
|
Gross profit |
|
594.4 |
|
|
158.5 |
|
|
752.9 |
|
|||
Gross profit margin |
|
46.7 |
% |
|
|
|
59.1 |
% |
||||
Total other operating expenses, net |
|
(878.2 |
) |
|
82.4 |
|
|
(795.8 |
) |
|||
Operating expense margin |
|
68.9 |
% |
|
|
|
62.5 |
% |
||||
Operating loss |
|
(283.8 |
) |
|
240.9 |
|
|
(42.9 |
) |
|||
Operating margin |
|
(22.3 |
%) |
|
|
|
(3.4 |
%) |
||||
Other non-operating income (expense), net |
|
(3.4 |
) |
|
7.1 |
|
|
3.7 |
|
|||
Loss before income taxes |
|
(287.2 |
) |
|
248.0 |
|
|
(39.2 |
) |
|||
Income tax benefit (provision) |
|
38.2 |
|
|
(49.5 |
) |
|
(11.3 |
) |
|||
Effective tax rate |
|
13.3 |
% |
|
|
|
(28.3 |
%) |
||||
Net loss |
|
$ |
(249.0 |
) |
|
$ |
198.5 |
|
|
$ |
(50.5 |
) |
Net loss per diluted common share |
|
$ |
(3.38 |
) |
|
|
|
$ |
(0.68 |
) |
||
Weighted average common shares outstanding - Diluted |
|
73.7 |
|
|
|
|
73.7 |
|
||||
|
|
|
|
|
|
|
||||||
SEGMENT INFORMATION - OPERATING INCOME (LOSS): |
|
|
|
|
|
|
||||||
|
|
$ |
(79.6 |
) |
|
$ |
142.8 |
|
|
$ |
63.2 |
|
Operating margin |
|
(12.6 |
%) |
|
|
|
10.1 |
% |
||||
|
|
4.4 |
|
|
44.6 |
|
|
49.0 |
|
|||
Operating margin |
|
1.2 |
% |
|
|
|
13.8 |
% |
||||
|
|
(10.8 |
) |
|
18.4 |
|
|
7.6 |
|
|||
Operating margin |
|
(5.1 |
%) |
|
|
|
3.5 |
% |
||||
Other non-reportable segments |
|
— |
|
|
18.8 |
|
|
18.8 |
|
|||
Operating margin |
|
— |
% |
|
|
|
24.2 |
% |
||||
Unallocated corporate expenses and restructuring & other charges |
|
(197.8 |
) |
|
16.3 |
|
|
(181.5 |
) |
|||
Total operating loss |
|
$ |
(283.8 |
) |
|
$ |
240.9 |
|
|
$ |
(42.9 |
) |
|
||||||||||||
RECONCILIATION OF NON- |
||||||||||||
(Unaudited) |
||||||||||||
|
|
|
|
|
|
|
||||||
|
|
Twelve Months Ended |
||||||||||
|
|
|
||||||||||
|
|
As Reported |
|
Total Adjustments(a)(e) |
|
As Adjusted |
||||||
|
|
(millions, except per share data) |
||||||||||
Net revenues |
|
$ |
6,159.8 |
|
|
$ |
— |
|
|
$ |
6,159.8 |
|
Gross profit |
|
3,653.3 |
|
|
159.5 |
|
|
3,812.8 |
|
|||
Gross profit margin |
|
59.3 |
% |
|
|
|
61.9 |
% |
||||
Total other operating expenses, net |
|
(3,336.3 |
) |
|
155.2 |
|
|
(3,181.1 |
) |
|||
Operating expense margin |
|
54.2 |
% |
|
|
|
51.6 |
% |
||||
Operating income |
|
317.0 |
|
|
314.7 |
|
|
631.7 |
|
|||
Operating margin |
|
5.1 |
% |
|
|
|
10.3 |
% |
||||
Other non-operating income, net |
|
9.4 |
|
|
7.1 |
|
|
16.5 |
|
|||
Income before income taxes |
|
326.4 |
|
|
321.8 |
|
|
648.2 |
|
|||
Income tax benefit (provision) |
|
57.9 |
|
|
(199.9 |
) |
|
(142.0 |
) |
|||
Effective tax rate |
|
(17.7 |
%) |
|
|
|
21.9 |
% |
||||
Net income |
|
$ |
384.3 |
|
|
$ |
121.9 |
|
|
$ |
506.2 |
|
Net income per diluted common share |
|
$ |
4.98 |
|
|
|
|
$ |
6.56 |
|
||
Weighted average common shares outstanding - Diluted |
|
77.2 |
|
|
|
|
77.2 |
|
||||
|
|
|
|
|
|
|
||||||
SEGMENT INFORMATION - OPERATING INCOME: |
|
|
|
|
|
|
||||||
|
|
$ |
456.0 |
|
|
$ |
143.2 |
|
|
$ |
599.2 |
|
Operating margin |
|
14.5 |
% |
|
|
|
19.1 |
% |
||||
|
|
336.3 |
|
|
44.7 |
|
|
381.0 |
|
|||
Operating margin |
|
20.6 |
% |
|
|
|
23.3 |
% |
||||
|
|
124.8 |
|
|
21.7 |
|
|
146.5 |
|
|||
Operating margin |
|
12.3 |
% |
|
|
|
14.4 |
% |
||||
Other non-reportable segments |
|
85.2 |
|
|
31.2 |
|
|
116.4 |
|
|||
Operating margin |
|
23.0 |
% |
|
|
|
31.4 |
% |
||||
Unallocated corporate expenses and restructuring & other charges |
|
(685.3 |
) |
|
73.9 |
|
|
(611.4 |
) |
|||
Total operating income |
|
$ |
317.0 |
|
|
$ |
314.7 |
|
|
$ |
631.7 |
|
FOOTNOTES TO RECONCILIATION OF NON- |
|
(a) |
Adjustments for net inventory-related charges are recorded within cost of goods sold in the consolidated statements of operations. Adjustments for COVID-19-related bad debt expense (benefit) is recorded within selling, general, and administrative ("SG&A") expenses in the consolidated statements of operations. Adjustments for impairment-related charges are recorded within impairment of assets in the consolidated statements of operations, with the exception of a |
(b) |
Adjustments for the three months ended |
(c) |
Adjustments for the twelve months ended |
(d) |
Adjustments for the three months ended |
(e) |
Adjustments for the twelve months ended |
NON-
Because
This earnings release also includes certain other non-
Adjustments made during the fiscal periods presented include charges recorded in connection with the Company's restructuring activities, as well as certain other charges (benefits) associated with other non-recurring events, as described in the footnotes to the non-
Additionally, the Company's full year Fiscal 2022 and first quarter guidance excludes certain anticipated restructuring-related and other charges. The Company is not able to provide a full reconciliation of these non-
View source version on businesswire.com: https://www.businesswire.com/news/home/20210520005231/en/
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