Ralph Lauren Corp Class A

RL: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$771.00	Gnsjr	Tshpnydwd

Ralph Lauren Earnings: Solid Close to Fiscal Year Keeps Margin Gains in Sight; Shares Overvalued

David Swartz

May 23, 2024

Ralph Lauren's (March-ended) fiscal 2024 fourth-quarter results were slightly above our forecast. While guidance for fiscal 2025 sales growth of 1%-2% is shy of our prior 5% estimate, margin gains should continue. We expect to lift our $139 fair value estimate by a mid-single-digit percentage, but we view shares, up more than 50% over the past year, as expensive.

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