Morningstar

Morningstar, Inc.

Equity Bottom-Up

We don’t plan a change to our $107 fair value estimate for narrow-moat Ralph Lauren, following in line fiscal 2019 results. For the year, sales grew 2% on a 61.7% adjusted gross margin and 11.5% adjusted operating margin versus our 2.4%, 61.5%, and 11.3% forecasts, respectively. Additionally, management’s initial fiscal 2020 constant currency sales and profit guidance generally aligns with our low-single-digit and flat operating margin outlook. However, even after accounting for the…

<p>Over the past 50 years, Ralph Lauren has developed a considerable portfolio underpinned by the Ralph Lauren and Polo brands, which have become embedded in consumers' minds with the connotation of American luxury and style, both domestically and abroad. We view this as important, given the competitive marketplace and low customer switching costs in apparel and accessories. The firm has a record of top-line growth and profitability (mostly organic), but struggled with revenue declines in 2016…</p>

United States

Ralph Lauren Corporation designs, markets, and distributes men's, women's and children's apparel, accessories, fragrances, and home furnishings. The Company's products are sold under a wide range of brands. Ralph Lauren's operations include wholesale, retail, and licensing.

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