Apparel maker Ralph Lauren Corp (
) posted better-than-expected fourth quarter earnings and doubled
its quarterly dividend payout on Tuesday.
The New York-based company reported fourth quarter net income of
$94.4 million, or 99 cents per share, compared with $73.2 million,
or 74 cents per share, in the year-ago period.
Revenue rose 13.7% from last year to $1.62 billion.
On average, Wall Street analysts expected a much smaller profit
of 85 cents per share, on slightly lower revenue of $1.6
In a separate announcement, RL's board of directors approved a
100% raise to its quarterly dividend payout. The new dividend of 40
cents per share (up from 20 cents), will be paid on July 13 to
shareholders of record as of June 29.
Ralph Lauren shares fell $1.80, or -1.2%, in premarket trading
The Bottom Line
Shares of Ralph Lauren [[RL] will now have a 1.08% dividend yield,
based on the higher dividend payout and last night's closing stock
price of $146.30. The stock has technical support in the $130-$140
price area. If the shares can firm up, we see overhead resistance
around the $150-$160 price levels.
Ralph Lauren Corp (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.4 out of 5 stars.
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