Ralph Lauren Corporation

$RL

$111.44

Капитализция: $4.6B

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О компании

Ralph Lauren Corporation был создан в 1967 году Ральфом Лореном и является мировым лидером в разработке, продаже и продвижении продукции премиум класса, в том числе одежды, аксессуаров, предметов интерьера и показать больше

других патентованных товарных категорий. Компания работает в трех отдельных, но интегрированных сегментах: оптовая торговля, розничная торговля и лицензирование. Бренды компании, такие как Ralph Lauren, Ralph Lauren Collection, Ralph Lauren Purple Label, Double RL, Polo Ralph Lauren, Lauren Ralph Lauren, Polo Ralph Lauren Children, Denim & Supply Ralph Lauren, а также Chaps и Club Monaco, представляют собой одну из наиболее широко признанных групп торговых брендов. Ralph Lauren Corporation была основана в 1997 году и является корпорацией, учрежденной в соответствии с законодательством штата Делавэр.

Ralph Lauren Corporation designs, markets, and distributes lifestyle products in North America, Europe, Asia, and internationally. The company offers apparel, including a range of men's, women's, and children's clothing accessories, which comprise sandals, eyewear, watches, fashion and fine jewelry, scarves, hats, gloves, umbrellas, and belts, as well as leather goods, such as handbags, luggage, small leather goods, and belts home products consisting of bedding and bath products, furniture, fabrics and wallpapers, lightings, tabletops, floorcoverings, and giftware and fragrances. It sells apparel and accessories under the Ralph Lauren Collection, Ralph Lauren Purple Label, Polo Ralph Lauren, Double RL, Lauren Ralph Lauren, Polo Golf Ralph Lauren, Ralph Lauren Golf, RLX Ralph Lauren, Polo Ralph Lauren Children, Chaps, Club Monaco, and other brand names women's fragrances under the Ralph Lauren Collection, Woman by Ralph Lauren, Romance Collection, Ralph Collection, and Big Pony Women's brand names and men's fragrances under the Polo Blue, Safari, Purple Label, Polo Red, Polo Green, Polo Black, Polo Supreme, Polo Sport, and Big Pony Men's brand names. The company's restaurant concepts include The Polo Bar in New York City RL Restaurant in Chicago Ralph's in Paris and Ralph's Coffee concept. Ralph Lauren Corporation sells its products to department stores, specialty stores, and golf and pro shops, as well as directly to consumers through its retail stores, concession-based shop-within-shops, and its digital commerce sites. The company directly operates 530 retail stores and 654 concession-based shop-within-shops and operates 80 Ralph Lauren stores, 31 Ralph Lauren concession shops, and 139 Club Monaco stores and shops through licensing partners. Ralph Lauren Corporation was founded in 1967 and is based in New York, New York.

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Отчетность

03.11.2021, 23:08 EPS за 3 квартал составил ХХ, консенсус YY

04.08.2021, 23:12 Прибыль на акцию за 2 квартал XX, консенсус-прогноз YY

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Прогнозы аналитиков

Аналитик Аарон Кесслер поддерживает с сильной покупкой и снижает целевую цену со xxx до yyy долларов.

25.10.2021, 16:02 Аналитик Berenberg Сунил Райгопал инициирует освещение на GoDaddy с рейтингом «Покупать» и объявляет целевую цену в xxx долларов.

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Ralph Lauren Reports Fourth Quarter and Full Year Fiscal 2022 Results Ahead of Expectations

Ralph Lauren сообщает о результатах за четвертый квартал и весь 2022 финансовый год, опережая ожидания

24 мая 2022 г.

Fourth Quarter Revenues Outperformed Outlook with Double-Digit Growth Across All Regions; Full Year Fiscal 2022 Revenues of $6.22 Billion Exceeded Fiscal 2020 Pre-Pandemic Levels

North America Post-Reset Turnaround Strongly Underway with Full Year Revenues Increasing 49% and Significant Operating Margin Expansion Including Substantial Strategic Investments for Long-Term Growth

Delivered Better Than Expected Fourth Quarter and Full Year Adjusted Operating Margin and Full Year Operating Profit Growth of More than 30% to Fiscal 2020

Win Over a New Generation of Consumers
- Activated strong consumer engagement through diverse content and accelerated marketing investments, driving strong continued momentum in global brand consideration and purchase intent
- Leveraged key brand moments to connect consumers to our powerful lifestyle brand, with fourth quarter investments focused on a range of bold activations including: our high-impact Fall '22 fashion show at New York's Museum of Modern Art, our sponsorships of Team USA at the Winter Olympics and the Australian Open and our 'Power of Women' RLX campaigns, along with our continued focus on new full-price consumer acquisition
Energize Core Products and Accelerate Under-Developed Categories
- Drove our iconic core and expanded high-potential categories to deliver compelling new assortments that resonate with post-pandemic consumer wardrobing. Special releases in the fourth quarter included our inspiring limited-edition capsule with Morehouse and Spelman Colleges, Polo Color Shop, Team USA Olympics and Lunar New Year gifting collections
- Brand elevation continues with average unit retail ("AUR") up 13% across our direct-to-consumer network in the fourth quarter and up 15% for full year Fiscal 2022, on top of a 26% increase last year, driven by a strong product offering and promotional discipline
Drive Targeted Expansion in Our Regions and Channels
- Delivered robust double-digit growth across every region in the fourth quarter and for the full year, with North America up 49%, Europe up 54% and Asia up 27% to last year in constant currency despite continued pandemic-related disruptions
- Continued to drive strong momentum in the Chinese mainland with fourth quarter sales increasing more than 25% to last year in constant currency, despite ongoing COVID-19 related lockdowns
- All three regions also reported significant operating margin expansion to last year and pre-pandemic levels in Fiscal 2022 on a healthier base
Lead With Digital
- Fourth quarter Ralph Lauren digital ecosystem revenues grew low double-digits compared to Fiscal 2021 and more than 80% compared to Fiscal 2020, with balanced momentum across both owned and wholesale digital channels globally
- Fourth quarter and full year operating margin in our owned digital business continued to significantly benefit the total company margin rate, consistent with the prior year and representing a more than 900 basis point increase to Fiscal 2020 pre-pandemic levels
Operate With Discipline to Fuel Growth
- Fiscal 2022 adjusted operating margin of 13.4% on a 53-week basis expanded 860 basis points to last year and 310 basis points to Fiscal 2020, all while accelerating investments in our key strategic initiatives. Fourth quarter operating margin of 3.6% expanded 20 basis points to last year on a reported basis and 140 basis points in constant currency, above our expectations driven by our continued focus on productivity
- Inventories are healthy and well positioned to support Fiscal 2023 product elevation and growth plans by region and as we deliberately shift inventory receipts earlier to mitigate global supply chain disruptions
- Demonstrated strong progress on our citizenship and sustainability journey including: our ambitious commitments to achieve net zero greenhouse gas emissions by 2040, 100% sustainably sourced key materials by 2025, and diversity and inclusion targets within our leadership and factory partners

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, employee reductions, margins, expenses, earnings, quarterly cash dividend and Class A common stock repurchase programs, and environmental, social, and governance 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. Ralph Lauren, or other changes in our executive and senior management team or to our operating structure, including those resulting from the recent reduction to our global workforce in connection with our long-term growth strategy, and our ability to effectively transfer knowledge and maintain adequate controls and procedures during periods of transition; the impact to our business resulting from the COVID-19 pandemic, including periods of reduced operating hours and capacity limits and/or temporary closure of our stores, distribution centers, and corporate facilities, as well as those of our customers, suppliers, and vendors, and potential changes to consumer behavior, spending levels, and/or shopping preferences, such as willingness to congregate in shopping centers or other populated locations; the impact of economic, political, and other conditions on us, our customers, suppliers, vendors, and lenders, including potential business disruptions related to the war between Russia and Ukraine, civil and political unrest, and diplomatic tensions between the U.S. and other countries; the potential impact to our business resulting from supply chain disruptions, including those caused by capacity constraints, closed factories and/or labor shortages (stemming from pandemic diseases, labor disputes, strikes, or otherwise), scarcity of raw materials, and port congestion, which could result in inventory shortages and lost sales; the potential impact to our business resulting from inflationary pressures, including increases in the costs of raw materials, transportation, wages, healthcare, and other benefit-related costs; our ability to recruit and retain employees to operate our retail stores, distribution centers, and various corporate functions; the impact to our business resulting from changes in consumers' ability, willingness, or preferences to purchase discretionary items and luxury retail products, which tends to decline during recessionary periods, and our ability to accurately forecast consumer demand, the failure of which could result in either a build-up or shortage of inventory; our ability to successfully implement our long-term growth strategy; our ability to continue to expand and grow our business internationally and the impact of related changes in our customer, channel, and geographic sales mix as a result, as well as our ability to accelerate growth in certain product categories; our ability to open new retail stores and concession shops, as well as enhance and expand our digital footprint and capabilities, all in an effort to expand our direct-to-consumer presence; our ability to respond to constantly changing fashion and retail trends and consumer demands in a timely manner, develop products that resonate with our existing customers and attract new customers, and execute marketing and advertising programs that appeal to consumers; our ability to effectively manage inventory levels and the increasing pressure on our margins in a highly promotional retail environment; our ability to competitively price our products and create an acceptable value proposition for consumers; our ability to continue to maintain our brand image and reputation and protect our trademarks; our ability to achieve our goals regarding environmental, social, and governance practices, including those related to our human capital and climate change; our ability and the ability of our third-party service providers to secure our respective facilities and systems from, among other things, cybersecurity breaches, acts of vandalism, computer viruses, ransomware, or similar Internet or email events; our efforts to successfully enhance, upgrade, and/or transition our global information technology systems and digital commerce platforms; the potential impact to our business if any of our distribution centers were to become inoperable or inaccessible; the potential impact on our operations and on our suppliers and customers resulting from man-made or natural disasters, including pandemic diseases such as COVID-19, severe weather, geological events, and other catastrophic events; our ability to achieve anticipated operating enhancements and cost reductions from our restructuring plans, as well as the impact to our business resulting from restructuring-related charges, which may be dilutive to our earnings in the short term; the impact to our business resulting from potential costs and obligations related to the early or temporary closure of our stores or termination of our long-term, non-cancellable leases; our ability to maintain adequate levels of liquidity to provide for our cash needs, including our debt obligations, tax obligations, capital expenditures, and potential payment of dividends and repurchases of our Class A common stock, as well as the ability of our customers, suppliers, vendors, and lenders to access sources of liquidity to provide for their own cash needs; the potential impact to our business resulting from the financial difficulties of certain of our large wholesale customers, which may result in consolidations, liquidations, restructurings, and other ownership changes in the retail industry, as well as other changes in the competitive marketplace, including the introduction of new products or pricing changes by our competitors; our ability to access capital markets and maintain compliance with covenants associated with our existing debt instruments; a variety of legal, regulatory, tax, political, and economic risks, including risks related to the importation and exportation of products which our operations are currently subject to, or may become subject to as a result of potential changes in legislation, and other risks associated with our international operations, such as compliance with the Foreign Corrupt Practices Act or violations of other anti-bribery and corruption laws prohibiting improper payments, and the burdens of complying with a variety of foreign laws and regulations, including tax laws, trade and labor restrictions, and related laws that may reduce the flexibility of our business; the potential impact to our business resulting from the imposition of additional duties, tariffs, taxes, and other charges or barriers to trade, including those resulting from trade developments between the U.S. and China, and any related impact to global stock markets, as well as our ability to implement mitigating sourcing strategies; changes in our tax obligations and effective tax rate due to a variety of factors, including potential changes in U.S. or foreign tax laws and regulations, accounting rules, or the mix and level of earnings by jurisdiction in future periods that are not currently known or anticipated; our exposure to currency exchange rate fluctuations from both a transactional and translational perspective; the impact to our business of events of unrest and instability that are currently taking place in certain parts of the world, as well as from any terrorist action, retaliation, and the threat of further action or retaliation; the potential impact to the trading prices of our securities if our operating results, Class A common stock share repurchase activity, and/or cash dividend payments differ from investors' expectations; our ability to maintain our credit profile and ratings within the financial community; our intention to introduce new products or brands, or enter into or renew alliances; changes in the business of, and our relationships with, major wholesale customers and licensing partners; our ability to make strategic acquisitions and successfully integrate the acquired businesses into our existing operations; and other risk factors identified in the Company’s Annual Report on Form 10-K, Form 10-Q and Form 8-K reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

RALPH LAUREN CORPORATION
CONSOLIDATED BALANCE SHEETS
Prepared in accordance with U.S. Generally Accepted Accounting Principles
(Unaudited)

	April 2, 2022			March 27, 2021
	(millions)
ASSETS
Current assets:
Cash and cash equivalents	$	1,863.8		$	2,579.0
Short-term investments		734.6			197.5
Accounts receivable, net of allowances		405.4			451.5
Inventories		977.3			759.0
Income tax receivable		63.7			54.4
Prepaid expenses and other current assets		172.5			166.6
Total current assets		4,217.3			4,208.0
Property and equipment, net		969.5			1,014.0
Operating lease right-of-use assets		1,111.3			1,239.5
Deferred tax assets		303.8			283.9
Goodwill		908.7			934.6
Intangible assets, net		102.9			121.1
Other non-current assets		111.2			86.4
Total assets	$	7,724.7		$	7,887.5

LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt	$	499.8		$	—
Accounts payable		448.7			355.9
Current income tax payable		53.8			50.6
Current operating lease liabilities		262.0			302.9
Accrued expenses and other current liabilities		991.4			875.4
Total current liabilities		2,255.7			1,584.8
Long-term debt		1,136.5			1,632.9
Long-term finance lease liabilities		341.6			370.5
Long-term operating lease liabilities		1,132.2			1,294.5
Non-current income tax payable		98.9			118.7
Non-current liability for unrecognized tax benefits		91.9			91.4
Other non-current liabilities		131.9			190.3
Total liabilities		5,188.7			5,283.1
Equity:
Common stock		1.3			1.3
Additional paid-in-capital		2,748.8			2,667.1
Retained earnings		6,274.9			5,872.9
Treasury stock, Class A, at cost		(6,308.7	)		(5,816.1	)
Accumulated other comprehensive loss		(180.3	)		(120.8	)
Total equity		2,536.0			2,604.4
Total liabilities and equity	$	7,724.7		$	7,887.5

Net Cash & Short-term Investments	$	962.1		$	1,143.6
Cash & Short-term Investments		2,598.4			2,776.5

RALPH LAUREN CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
Prepared in accordance with U.S. Generally Accepted Accounting Principles
(Unaudited)

	Three Months Ended						Twelve Months Ended
	April 2, 2022			March 27, 2021			April 2, 2022			March 27, 2021
	(millions, except per share data)
Net revenues	$	1,522.7		$	1,287.0		$	6,218.5		$	4,400.8
Cost of goods sold		(556.6	)		(504.1	)		(2,071.0	)		(1,539.4	)
Gross profit		966.1			782.9			4,147.5			2,861.4
Selling, general, and administrative expenses		(913.7	)		(755.2	)		(3,305.6	)		(2,638.5	)
Impairment of assets		(2.0	)		(60.3	)		(21.3	)		(96.0	)
Restructuring and other charges, net		(13.6	)		6.9			(22.2	)		(170.5	)
Total other operating expenses, net		(929.3	)		(808.6	)		(3,349.1	)		(2,905.0	)
Operating income (loss)		36.8			(25.7	)		798.4			(43.6	)
Interest expense		(13.7	)		(13.9	)		(54.0	)		(48.5	)
Interest income		1.1			2.2			5.5			9.7
Other income, net		5.1			2.1			4.7			7.6
Income (loss) before income taxes		29.3			(35.3	)		754.6			(74.8	)
Income tax provision		(4.9	)		(38.8	)		(154.5	)		(46.3	)
Net income (loss)	$	24.4		$	(74.1	)	$	600.1		$	(121.1	)
Net income (loss) per common share:
Basic	$	0.34		$	(1.01	)	$	8.22		$	(1.65	)
Diluted	$	0.34		$	(1.01	)	$	8.07		$	(1.65	)
Weighted-average common shares outstanding:
Basic		71.2			73.6			73.0			73.5
Diluted		72.5			73.6			74.3			73.5
Dividends declared per share	$	0.6875		$	—		$	2.75		$	—

RALPH LAUREN CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
Prepared in accordance with U.S. Generally Accepted Accounting Principles
(Unaudited)

	Twelve Months Ended
	April 2, 2022			March 27, 2021
	(millions)
Cash flows from operating activities:
Net income (loss)	$	600.1		$	(121.1	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization expense		229.7			247.6
Deferred income tax expense (benefit)		(46.1	)		35.6
Non-cash stock-based compensation expense		81.7			72.7
Non-cash impairment of assets		21.3			96.0
Bad debt reversals		(2.2	)		(27.6	)
Other non-cash charges		1.0			1.8
Changes in operating assets and liabilities:
Accounts receivable		32.4			(143.0	)
Inventories		(269.3	)		3.7
Prepaid expenses and other current assets		(28.3	)		5.2
Accounts payable and accrued liabilities		194.6			293.6
Income tax receivables and payables		(62.3	)		(37.8	)
Operating lease right-of-use assets and liabilities, net		(61.6	)		(30.2	)
Other balance sheet changes		24.9			(15.6	)
Net cash provided by operating activities		715.9			380.9
Cash flows from investing activities:
Capital expenditures		(166.9	)		(107.8	)
Purchases of investments		(1,510.6	)		(704.6	)
Proceeds from sales and maturities of investments		964.6			1,007.2
Settlement of net investment hedges		—			3.7
Other investing activities		(5.0	)		(3.5	)
Net cash provided by (used in) investing activities		(717.9	)		195.0
Cash flows from financing activities:
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		(23.1	)		(13.9	)
Payments of dividends		(150.0	)		(49.8	)
Repurchases of common stock, including shares surrendered for tax withholdings		(492.6	)		(37.7	)
Other financing activities		—			(8.7	)
Net cash provided by (used in) financing activities		(665.7	)		356.8
Effect of exchange rate changes on cash, cash equivalents, and restricted cash		(48.3	)		25.5
Net increase (decrease) in cash, cash equivalents, and restricted cash		(716.0	)		958.2
Cash, cash equivalents, and restricted cash at beginning of period		2,588.0			1,629.8
Cash, cash equivalents, and restricted cash at end of period	$	1,872.0		$	2,588.0

RALPH LAUREN CORPORATION
SEGMENT INFORMATION
(Unaudited)

	Three Months Ended						Twelve Months Ended
	April 2, 2022			March 27, 2021			April 2, 2022			March 27, 2021
	(millions)
Net revenues:
North America	$	674.3		$	569.0		$	2,968.2		$	1,992.4
Europe		467.4			370.1			1,780.7			1,165.9
Asia		346.1			289.4			1,286.8			1,027.5
Other non-reportable segments		34.9			58.5			182.8			215.0
Total net revenues	$	1,522.7		$	1,287.0		$	6,218.5		$	4,400.8

Operating income (loss):
North America	$	90.2		$	69.4		$	676.7		$	334.0
Europe		90.6			68.5			444.0			189.3
Asia		39.4			27.6			228.8			148.2
Other non-reportable segments		32.2			(5.2	)		138.4			32.4
		252.4			160.3			1,487.9			703.9
Unallocated corporate expenses		(202.0	)		(192.9	)		(667.3	)		(577.0	)
Unallocated restructuring and other charges, net		(13.6	)		6.9			(22.2	)		(170.5	)
Total operating income (loss)	$	36.8		$	(25.7	)	$	798.4		$	(43.6	)

RALPH LAUREN CORPORATION
CONSTANT CURRENCY FINANCIAL MEASURES
(Unaudited)

Comparable Store Sales Data

	April 2, 2022
	Three Months Ended			Twelve Months Ended
	% Change			% Change
	Constant Currency			Constant Currency
North America:
Digital commerce		27	%		35	%
Brick and mortar		19	%		55	%
Total North America		21	%		49	%

Europe:
Digital commerce		(2	%)		18	%
Brick and mortar		145	%		75	%
Total Europe		77	%		57	%

Asia:
Digital commerce		46	%		54	%
Brick and mortar		10	%		15	%
Total Asia		12	%		17	%

Total Ralph Lauren Corporation		26	%		40	%

Operating Segment Net Revenues Data

	Three Months Ended						% Change
	April 2, 2022			March 27, 2021			As Reported		Constant Currency
	(millions)
North America	$	674.3		$	569.0		18.5	%	18.4	%
Europe		467.4			370.1		26.3	%	34.1	%
Asia		346.1			289.4		19.6	%	25.9	%
Other non-reportable segments		34.9			58.5		(40.3	%)	(40.2	%)
Net revenues	$	1,522.7		$	1,287.0		18.3	%	21.9	%

	Twelve Months Ended						% Change
	April 2, 2022			March 27, 2021			As Reported		Constant Currency
	(millions)
North America	$	2,968.2		$	1,992.4		49.0	%	48.8	%
Europe		1,780.7			1,165.9		52.7	%	53.8	%
Asia		1,286.8			1,027.5		25.2	%	26.8	%
Other non-reportable segments		182.8			215.0		(15.0	%)	(15.0	%)
Net revenues	$	6,218.5		$	4,400.8		41.3	%	41.9	%

RALPH LAUREN CORPORATION
NET REVENUES BY SALES CHANNEL
(Unaudited)

	Three Months Ended
	April 2, 2022										March 27, 2021
	North America		Europe		Asia		Other		Total		North America		Europe		Asia		Other		Total
	(millions)
Sales Channel:
Retail	$	406.1	$	181.6	$	322.0	$	—	$	909.7	$	303.8	$	97.8	$	268.9	$	22.6	$	693.1
Wholesale		268.2		285.8		24.1		0.4		578.5		265.2		272.3		20.5		4.2		562.2
Licensing		—		—		—		34.5		34.5		—		—		—		31.7		31.7
Net revenues	$	674.3	$	467.4	$	346.1	$	34.9	$	1,522.7	$	569.0	$	370.1	$	289.4	$	58.5	$	1,287.0

	Twelve Months Ended
	April 2, 2022										March 27, 2021
	North America		Europe		Asia		Other		Total		North America		Europe		Asia		Other		Total
	(millions)
Sales Channel:
Retail	$	1,878.6	$	828.3	$	1,207.4	$	27.2	$	3,941.5	$	1,214.1	$	517.1	$	968.4	$	80.2	$	2,779.8
Wholesale		1,089.6		952.4		79.4		5.9		2,127.3		778.3		648.8		59.1		12.4		1,498.6
Licensing		—		—		—		149.7		149.7		—		—		—		122.4		122.4
Net revenues	$	2,968.2	$	1,780.7	$	1,286.8	$	182.8	$	6,218.5	$	1,992.4	$	1,165.9	$	1,027.5	$	215.0	$	4,400.8

RALPH LAUREN CORPORATION
RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES
(Unaudited)

	Three Months Ended
	April 2, 2022
	As Reported			Total Adjustments^(a)(b)			As Adjusted
	(millions, except per share data)
Net revenues	$	1,522.7		$	—		$	1,522.7
Gross profit		966.1			(1.8	)		964.3
Gross profit margin		63.4	%					63.3	%
Total other operating expenses, net		(929.3	)		19.2			(910.1	)
Operating expense margin		61.0	%					59.8	%
Operating income		36.8			17.4			54.2
Operating margin		2.4	%					3.6	%
Other non-operating expense, net		(7.5	)		—			(7.5	)
Income before income taxes		29.3			17.4			46.7
Income tax provision		(4.9	)		(6.0	)		(10.9	)
Effective tax rate		16.8	%					23.4	%
Net income	$	24.4		$	11.4		$	35.8
Net income per diluted common share	$	0.34					$	0.49
Weighted average common shares outstanding - Diluted		72.5						—

SEGMENT INFORMATION - OPERATING INCOME:
North America	$	90.2		$	0.2		$	90.4
Operating margin		13.4	%					13.4	%
Europe		90.6			3.6			94.2
Operating margin		19.4	%					20.2	%
Asia		39.4			—			39.4
Operating margin		11.4	%					11.4	%
Other non-reportable segments		32.2			—			32.2
Operating margin		92.2	%					92.2	%
Unallocated corporate expenses and restructuring & other charges, net		(215.6	)		13.6			(202.0	)
Total operating income	$	36.8		$	17.4		$	54.2

RALPH LAUREN CORPORATION
RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (Continued)
(Unaudited)

	Twelve Months Ended
	April 2, 2022
	As Reported			Total Adjustments^(a)(c)			As Adjusted
	(millions, except per share data)
Net revenues	$	6,218.5		$	—		$	6,218.5
Gross profit		4,147.5			(13.3	)		4,134.2
Gross profit margin		66.7	%					66.5	%
Total other operating expenses, net		(3,349.1	)		45.9			(3,303.2	)
Operating expense margin		53.9	%					53.1	%
Operating income		798.4			32.6			831.0
Operating margin		12.8	%					13.4	%
Other non-operating expense, net		(43.8	)		—			(43.8	)
Income before income taxes		754.6			32.6			787.2
Income tax provision		(154.5	)		(9.4	)		(163.9	)
Effective tax rate		20.5	%					20.8	%
Net income	$	600.1		$	23.2		$	623.3
Net income per diluted common share	$	8.07					$	8.38
Weighted average common shares outstanding - Diluted		74.3						—

SEGMENT INFORMATION - OPERATING INCOME:
North America	$	676.7		$	(10.9	)	$	665.8
Operating margin		22.8	%					22.4	%
Europe		444.0			2.4			446.4
Operating margin		24.9	%					25.1	%
Asia		228.8			1.1			229.9
Operating margin		17.8	%					17.9	%
Other non-reportable segments		138.4			0.3			138.7
Operating margin		75.7	%					75.9	%
Unallocated corporate expenses and restructuring & other charges, net		(689.5	)		39.7			(649.8	)
Total operating income	$	798.4		$	32.6		$	831.0

RALPH LAUREN CORPORATION
RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (Continued)
(Unaudited)

	Three Months Ended
	March 27, 2021
	As Reported			Total Adjustments^(a)(d)			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):
North America	$	69.4		$	19.4		$	88.8
Operating margin		12.2	%					15.6	%
Europe		68.5			1.5			70.0
Operating margin		18.5	%					18.9	%
Asia		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, net		(186.0	)		32.6			(153.4	)
Total operating income (loss)	$	(25.7	)	$	69.8		$	44.1

RALPH LAUREN CORPORATION
RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (Continued)
(Unaudited)

	Twelve Months Ended
	March 27, 2021
	As Reported			Total Adjustments^(a)(e)			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):
North America	$	334.0		$	12.8		$	346.8
Operating margin		16.8	%					17.4	%
Europe		189.3			12.4			201.7
Operating margin		16.2	%					17.3	%
Asia		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, net		(747.5	)		210.4			(537.1	)
Total operating income (loss)	$	(43.6	)	$	254.4		$	210.8

RALPH LAUREN CORPORATION
RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (Continued)
(Unaudited)

	Three Months Ended
	March 28, 2020
	As Reported			Total Adjustments^(a)(f)			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):
North America	$	(79.6	)	$	142.8		$	63.2
Operating margin		(12.6	%)					10.1	%
Europe		4.4			44.6			49.0
Operating margin		1.2	%					13.8	%
Asia		(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, net		(197.8	)		16.3			(181.5	)
Total operating loss	$	(283.8	)	$	240.9		$	(42.9	)

RALPH LAUREN CORPORATION
RECONCILIATION OF NON-U.S. GAAP FINANCIAL (Continued)
(Unaudited)

	Twelve Months Ended
	March 28, 2020
	As Reported			Total Adjustments^(a)(g)			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:
North America	$	456.0		$	143.2		$	599.2
Operating margin		14.5	%					19.1	%
Europe		336.3			44.7			381.0
Operating margin		20.6	%					23.3	%
Asia		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, net		(685.3	)		73.9			(611.4	)
Total operating income	$	317.0		$	314.7		$	631.7

(a)		Adjustments for non-routine inventory-related charges (benefits) are recorded within cost of goods sold in the consolidated statements of operations. Adjustments for non-routine bad debt expense (benefits) 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 $7.1 million impairment of an equity method investment during the fourth quarter of Fiscal 2020, which is recorded within other income (expense), net. Adjustments for one-time income tax events are recorded within the income tax benefit (provision) in the consolidated statement of operations. Adjustments for all other charges are recorded within restructuring and other charges, net in the consolidated statements of operations.

(b)		Adjustments for the three months ended April 2, 2022 include (i) other charges of $10.9 million primarily related to rent and occupancy costs associated with certain previously exited real estate locations for which the related lease agreements have not yet expired and non-income-related capital taxes resulting from Swiss tax reform; (ii) a $4.0 million charitable donation expense related to income received from Regent, L.P. ("Regent") during Fiscal 2022 in connection the Company's sale of its Club Monaco business; (iii) charge of $3.6 million related to non-routine bad debt expense recorded in connection with the Russia-Ukraine war; (iv) benefit of $1.8 million related to COVID-19-related inventory adjustments; (v) charges of $1.6 million recorded in connection with the Company's restructuring activities, consisting of restructuring charges and impairment of assets; and (vi) benefit of $0.9 million related to income received from Regent.
(c)		Adjustments for the twelve months ended April 2, 2022 include (i) charges of $25.3 million recorded in connection with the Company's restructuring activities, consisting of restructuring charges, impairment of assets, and accelerated stock-based compensation expense; (ii) other charges of $18.2 million primarily related to rent and occupancy costs associated with certain previously exited real estate locations for which the related lease agreements have not yet expired and non-income-related capital taxes resulting from Swiss tax reform; (iii) benefit of $13.3 million related to COVID-19-related inventory adjustments; (iv) income of $4.0 million primarily related to a certain revenue share clause in the Company's agreement with Regent that entitled it to receive a portion of the sales generated by the Club Monaco business during a four-month business transition period; (v) a $4.0 million charitable donation expense related to the beforementioned income received from Regent; and (vi) net non-routine bad debt expense of $2.4 million recorded in connection with the Russia-Ukraine war, partially offset by favorable COVID-19-related bad debt reserve adjustments.
(d)		Adjustments for the three months ended March 27, 2021 include (i) charges of $32.5 million recorded in connection with the Company's restructuring plans, consisting of restructuring charges, impairment of assets, and inventory-related charges; (ii) additional impairment of assets of $17.5 million primarily related to underperforming stores as a result of on-going store portfolio evaluation and $0.3 million related to certain previously exited real estate locations for which the related lease agreement has not yet expired; (iii) inventory-related charges of $26.4 million related to adverse impacts associated with COVID-19 business disruptions; (iv) benefit of $10.0 million related to COVID-19-related bad debt reserve adjustments; and (v) other charges of $3.1 million primarily related to rent and occupancy costs associated with certain previously exited real estate locations for which the related lease agreements have not yet expired. Our income tax provision for the three months ended March 27, 2021 reflected tax effects for the pre-tax charges described above, as well as incremental tax expense of $52.6 million primarily related to a decrease in net operating loss carryback under the CARES Act and an increase for valuation allowance provided against domestic losses attributable to significant COVID-19 business disruptions.
(e)		Adjustments for the twelve months ended March 27, 2021 include (i) charges of $236.8 million recorded in connection with the Company's restructuring plans, consisting of restructuring charges, impairment of assets, and inventory-related charges; (ii) benefit of $41.4 million related to COVID-19-related bad debt reserve adjustments; (iii) additional impairment of assets of $17.5 million related to underperforming stores identified through its on-going store portfolio evaluation and adverse impacts associated with COVID-19 business disruptions, and $9.1 million related to certain previously exited real estate locations for which the related lease agreement has not yet expired; (iv) inventory-related charges of $21.0 million related to adverse impacts associated with COVID-19 business disruptions; and (v) other charges of $11.4 million primarily related to rent and occupancy costs associated with certain previously exited real estate locations for which the related lease agreements have not yet expired. Our income tax provision for the twelve months ended March 27, 2021 reflected tax effects for the pre-tax charges described above, as well as incremental tax expense of $33.7 million primarily related to a valuation allowance provided against domestic losses attributable to significant COVID-19 business disruptions and $13.8 million related to international tax legislation enacted in connection with the European Union's anti-tax avoidance directive, partially offset by an income tax benefit of $0.9 million primarily due to a net operating loss carryback under the CARES Act.
(f)		Adjustments for the three months ended March 28, 2020 include (i) inventory-related charges of $157.3 million and bad debt expense of $56.4 million, both related to adverse impacts associated with COVID-19 business disruptions; (ii) charges of $16.9 million recorded in connection with the Company's restructuring plans, consisting of restructuring charges, impairment of assets, and inventory-related charges; (iii) additional impairment of assets of $7.7 million related to underperforming stores as a result of on-going store portfolio evaluation and $7.1 million related to an equity method investment; and (iv) other charges of $2.6 million primarily related to rent and occupancy costs associated with certain previously exited real estate locations for which the related lease agreements have not yet expired. Additionally, the income tax benefit (provision) reflects a charge of $11.2 million recorded in connection with Swiss tax reform.
(g)		Adjustments for the twelve months ended March 28, 2020 include (i) inventory-related charges of $157.3 million and bad debt expense of $56.4 million, both related to adverse impacts associated with COVID-19 business disruptions; (ii) charges of $48.5 million recorded in connection with the Company's restructuring plans, consisting of restructuring charges, impairment of assets, inventory-related charges, and accelerated stock-based compensation expense; (iii) additional impairment of assets of $22.9 million related to underperforming stores as a result of on-going store portfolio evaluation and $7.1 million related to an equity method investment; and (iv) other charges of $29.6 million primarily related to the charitable donation of the net cash proceeds received from the sale of the Company's corporate jet and rent and occupancy costs associated with certain previously exited real estate locations for which the related lease agreements have not yet expired. Additionally, the income tax benefit (provision) reflects a one-time benefit of $122.9 million recorded in connection with Swiss tax reform.

Выручка В Четвертом Квартале Превзошла Прогноз с Двузначным Ростом Во Всех Регионах; Выручка за Весь 2022 Финансовый Год в размере 6,22 Миллиарда Долларов Превысила Уровень, Существовавший До Пандемии в 2020 Финансовом Году.

В Северной Америке Полным Ходом идет Процесс Восстановления После Перезагрузки: Годовой Доход Увеличился на 49%, а Операционная Маржа Значительно Увеличилась, Включая Значительные Стратегические Инвестиции для Долгосрочного Роста.

Результаты оказались лучше, чем ожидалось, в Четвертом квартале и за весь год Скорректированная Операционная Маржа и Рост Операционной прибыли за весь год более чем на 30% к 2020 финансовому году

Завоевать новое поколение потребителей
- Активизировал активное взаимодействие с потребителями за счет разнообразного контента и ускоренных маркетинговых инвестиций, что привело к постоянному росту внимания к глобальному бренду и намерений совершить покупку.
- Мы использовали ключевые моменты бренда, чтобы привлечь потребителей к нашему мощному бренду lifestyle, а инвестиции в четвертом квартале были сосредоточены на ряде смелых активаций, включая: наш показ мод осенью 22 года в Нью-Йоркском Музее современного искусства, наше спонсорство сборной США на зимних Олимпийских играх и Открытом чемпионате Австралии, а также наши 'Кампании RLX "Сила женщин", а также наше постоянное внимание к приобретению новых потребителей по полной цене
Активизируйте основные продукты и Ускорьте развитие Недостаточно развитых категорий
- Расширили наше культовое ядро и расширили категории с высоким потенциалом, чтобы предложить новые привлекательные ассортименты, которые перекликаются с постпандемическим потребительским гардеробом. Специальные выпуски в четвертом квартале включали нашу вдохновляющую капсулу с ограниченным тиражом с колледжами Morehouse и Spelman, Polo Color Shop, Олимпийской сборной США и коллекциями подарков на Лунный Новый год
- Рост бренда продолжается: средняя розничная торговля ("AUR") выросла на 13% в нашей сети прямых продаж в четвертом квартале и на 15% за весь 2022 финансовый год, в дополнение к росту на 26% в прошлом году, что обусловлено сильным предложением продуктов и дисциплиной продвижения
Стимулируйте целенаправленную экспансию в Наших Регионах и Каналах
- Обеспечил устойчивый двузначный рост во всех регионах в четвертом квартале и за весь год: Северная Америка выросла на 49%, Европа - на 54%, а Азия - на 27% по сравнению с прошлым годом в неизменной валюте, несмотря на продолжающиеся сбои, связанные с пандемией.
- Продолжалась сильная динамика на материковой части Китая: продажи в четвертом квартале выросли более чем на 25% по сравнению с прошлым годом в неизменной валюте, несмотря на продолжающиеся карантины, связанные с COVID-19
- Все три региона также сообщили о значительном увеличении операционной прибыли по сравнению с прошлым годом и до пандемического уровня в 2022 финансовом году на более здоровой основе
Свинец С Цифровым
- Доходы цифровой экосистемы Ralph Lauren в четвертом квартале выросли на низкие двузначные цифры по сравнению с 2021 финансовым годом и более чем на 80% по сравнению с 2020 финансовым годом при сбалансированном росте как собственных, так и оптовых цифровых каналов по всему миру
- Операционная маржа в четвертом квартале и за весь год в нашем собственном цифровом бизнесе продолжала оказывать значительное влияние на общую маржу компании, что соответствует уровню предыдущего года и представляет собой увеличение более чем на 900 базисных пунктов по сравнению с уровнем до пандемии 2020 финансового года
Действуйте Дисциплинированно, чтобы Стимулировать Рост
- Скорректированная операционная маржа на 2022 финансовый год в размере 13,4% за 53 недели увеличилась на 860 базисных пунктов по сравнению с прошлым годом и на 310 базисных пунктов по сравнению с 2020 финансовым годом, и все это при одновременном ускорении инвестиций в наши ключевые стратегические инициативы. Операционная маржа в четвертом квартале в размере 3,6% увеличилась на 20 базисных пунктов по сравнению с прошлым годом на отчетной основе и на 140 базисных пунктов в постоянной валюте, что выше наших ожиданий, обусловленных нашим постоянным вниманием к производительности
- Запасы находятся в хорошем состоянии и имеют хорошие возможности для поддержки планов по увеличению производства и росту продукции на 2023 финансовый год по регионам, а также поскольку мы намеренно переносим поступления запасов на более ранний срок, чтобы смягчить сбои в глобальных цепочках поставок
- Продемонстрировал значительный прогресс на нашем пути к гражданственности и устойчивому развитию, включая: наши амбициозные обязательства по достижению чистого нулевого уровня выбросов парниковых газов к 2040 году, 100% экологически чистых ключевых материалов к 2025 году, а также цели по разнообразию и интеграции среди нашего руководства и партнеров по производству

Доходы в Северной Америке. Выручка в Северной Америке в четвертом квартале увеличилась на 19% и составила 674 миллиона долларов. В розничной торговле сопоставимые продажи магазинов в Северной Америке выросли на 21%, при этом цифровая торговля увеличилась на 27%, а обычные магазины - на 19%. Выручка от оптовой торговли в Северной Америке выросла на 1% по сравнению с прошлым годом. Результаты оптовой торговли включали значительно более высокий уровень негативного воздействия от стратегических перезагрузок дистрибуции и перехода Chaps на лицензированный бизнес в четвертом квартале по сравнению с первыми тремя кварталами года, как и планировалось. Компания преодолеет большинство этих воздействий, начиная с 2023 финансового года.
Доход от Европы. Выручка в Европе в четвертом квартале увеличилась на 26% до 467 миллионов долларов в отчетном периоде и увеличилась на 34% в постоянной валюте по сравнению с прошлым годом. В розничной торговле сопоставимые продажи в магазинах в Европе выросли на 77%, при этом рост на 145% в обычных магазинах более чем компенсировал снижение на 2% в цифровой торговле по сравнению с непростым сравнением роста на 79% в предыдущем году, когда значительная часть наших магазинов была закрыта из-за COVID-19. Выручка от оптовой торговли в Европе увеличилась на 5% в отчетном периоде и на 12% в постоянной валюте.
Доходы от Азии. Выручка в Азии в четвертом квартале увеличилась на 20% до 346 миллионов долларов США на отчетной основе и на 26% в постоянной валюте, включая неблагоприятные последствия, связанные с перебоями в работе COVID-19 на ключевых рынках. Сопоставимые продажи в магазинах в Азии выросли на 12%, при этом количество наших обычных магазинов увеличилось на 10%, а объем цифровой торговли увеличился на 46%.

Операционная прибыль в Северной Америке. Операционная прибыль в Северной Америке в четвертом квартале составила 90 миллионов долларов как на отчетной, так и на скорректированной основе. Скорректированная операционная маржа в Северной Америке составила 13,4% по сравнению с скорректированной операционной маржей в 15,6% за четвертый квартал 2021 финансового года, поскольку мы перенесли значительную часть операционных расходов, включая маркетинг, на вторую половину года, чтобы поддержать рост после пандемии.
Операционная прибыль в Европе. Операционная прибыль в Европе в четвертом квартале составила 91 миллион долларов США на отчетной основе и 94 миллиона долларов США на скорректированной основе. Скорректированная операционная маржа в Европе составила 20,2% по сравнению с 18,9% в четвертом квартале 2021 финансового года. Иностранная валюта негативно повлияла на скорректированную ставку операционной маржи на 170 базисных пунктов в четвертом квартале.
Операционный доход в Азии. Операционный доход в Азии в четвертом квартале составил 39 миллионов долларов как на отчетной, так и на скорректированной основе. Скорректированная операционная маржа в Азии составила 11,4% по сравнению с 9,1% в четвертом квартале 2021 финансового года. Иностранная валюта негативно повлияла на скорректированную ставку операционной маржи на 100 базисных пунктов в четвертом квартале.

Операционная прибыль в Северной Америке. Операционная прибыль в Северной Америке в 2022 финансовом году составила 677 миллионов долларов, а операционная маржа составила 22,8% на отчетной основе, включая связанные с реструктуризацией и другие чистые расходы. На скорректированной основе операционная прибыль в Северной Америке в 2022 финансовом году составила 666 миллионов долларов, а операционная маржа составила 22,4% по сравнению с 17,4% в 2021 финансовом году.
Операционный доход в Европе. Операционный доход в Европе в 2022 финансовом году составил 444 миллиона долларов, а операционная маржа составила 24,9% на отчетной основе, включая связанные с реструктуризацией и другие чистые расходы. На скорректированной основе операционная прибыль в Европе в 2022 финансовом году составила 446 миллионов долларов, а операционная маржа составила 25,1% по сравнению с 17,3% в 2021 финансовом году.
Операционный доход в Азии. Операционный доход в Азии в 2022 финансовом году составил 229 миллионов долларов, а операционная маржа составила 17,8% на отчетной основе, включая связанные с реструктуризацией и другие чистые расходы. На скорректированной основе операционная прибыль в Азии в 2022 финансовом году составила 230 миллионов долларов, а операционная маржа составила 17,9% по сравнению с 14,6% в 2021 финансовом году.

Настоящий пресс-релиз и устные заявления, время от времени делаемые представителями Компании, могут содержать определенные "прогнозные заявления" по смыслу Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года. Прогнозные заявления включают заявления, касающиеся, среди прочего, наших текущих ожиданий относительно будущих результатов и финансового состояния Компании, доходов, открытия и закрытия магазинов, сокращений сотрудников, прибыли, расходов, прибыли, ежеквартальных денежных дивидендов и программ выкупа обыкновенных акций класса А, а также экологических, социальных и управленческих целей и обозначаются такими словами или фразами, как "предвидеть", "прогноз", "оценивать", "ожидать", "проектировать", "верить", "представлять", "цель", "цель", "могу", "буду" и подобными словами или фразами. Эти прогнозные заявления связаны с известными и неизвестными рисками, неопределенностями и другими факторами, которые могут привести к тому, что фактические результаты, показатели или достижения будут существенно отличаться от будущих результатов, показателей или достижений, выраженных или подразумеваемых в таких прогнозных заявлениях. Прогнозные заявления в значительной степени основаны на ожиданиях и суждениях Компании и подвержены определенным рискам и неопределенностям, многие из которых непредсказуемы и находятся вне нашего контроля. Факторы, которые могут вызвать фактические результаты будут существенно отличаться, в частности: потери ключевых сотрудников, в том числе г-н Ralph Lauren, или другие изменения в органах исполнительной и высшего управленческого звена или операционные структуры, в том числе в результате недавнего снижения нашей глобальной рабочей силы в связи с нашей долгосрочной стратегии роста, и нашей способности эффективно передавать знания и обеспечить надлежащий контроль и процедуры в переходные периоды; влияние на наш бизнес в результате COVID-19 пандемией в том числе в периоды сокращения рабочих часов и емкость ограничения и/или временным закрытием наших магазинов, распределительных центров и корпоративных мероприятий, а также наши клиенты, и поставщики, и продавцы, и потенциальные изменения потребительского поведения, уровне расходов, и/или торговые преференции, такие как готовность собираться в торговых центрах или других населенных мест; влияние экономических, политических и других условий, на нас, нашим клиентам, поставщикам, подрядчикам и кредиторам, в том числе потенциальных деловых нарушения, связанные с войной между Россией и Украиной, гражданские и политические волнения, и напряженности в дипломатических отношениях между США и другими странами; потенциальное влияние на наш бизнес результате цепочке сбоев, в том числе вызванные в силу ограниченности возможностей, закрытые заводы и/или дефицита рабочей силы (в результате пандемии заболевания, трудовые споры, забастовки или иное), дефицит сырья, и порт перегрузки, что может привести к инвентаризации недостачи и потери от продаж; потенциальное влияние на наш бизнес, обусловленные инфляционными процессами, в том числе увеличение затрат на сырье и материалы, транспорт, зарплата, здравоохранение, и другие выгоды, затраты, связанные с; нашу способность привлекать и удерживать сотрудников для работы розничных магазинов, распределительных центров и различных корпоративных функций; последствия для нашего бизнеса, возникающие в результате изменений в потребителей, возможности, желания или предпочтения для покупки дискреционных товаров и роскошь в розницу продукцию, которая имеет тенденцию к снижению во время кризисных периодов, и нам точно прогнозировать спрос потребителей, отказы которых могут привести либо к наращиванию или недостачи запасов; нашу способность успешно реализовать свою долгосрочную стратегию роста; нашей способности продолжать расширять и развивать наш бизнес на международном уровне и влияние сопутствующих изменений в нашего клиента, канала и географической структуры продаж в результате, а также наша способность ускорять рост определенных товарных категорий; наши возможности открытия новых магазинов и магазинов концессии, а также укреплять и расширять наш цифровой след и возможности, в целях расширения нашего прямого потребления присутствия; наша способность реагировать на постоянно меняющиеся модные тенденции и тенденции розничной торговли и потребительского спроса, своевременно разрабатывать продукты, которые резонируют с нашим существующим клиентам и привлечения новых клиентов и выполнять маркетинговые и рекламные программы, которые обращаются к потребителям; нашу способность эффективно управлять запасами уровней и усиление давления на наших полях в весьма промо розничная среды; нашей способности конкурентоспособной цене нашей продукции и создать приемлемый ценностного предложения для потребителей; наша способность продолжать поддерживать свой имидж и репутацию и защитить наших товарных знаков, нашей способности, чтобы достичь наших целей в отношении экологических, социальных и управленческих практик, в том числе отнесенное к нашим человеческого капитала и изменение климата; наши возможности и возможности наших сторонним поставщикам услуг для обеспечения наших объектов и систем, среди прочего, кибербезопасности нарушений, акты вандализма, компьютерные вирусы, программы-вымогатели, или аналогичной сети или по электронной почте события; наши усилия для успешного расширения, модернизации, и/или перехода наших глобальных информационно-технологических систем и цифровых платформ торговли; потенциальные последствия для нашего бизнеса, если любой из наших центров распределения должны были стать неоперабельной или недоступны; потенциальное воздействие на нашу деятельность и на наших поставщиков и клиентов в результате техногенных или природных катастроф, в том числе пандемических заболеваний, таких как COVID-19, суровых погодных условий, геологических событий и других катастрофических событий; в нашей способности достичь ожидаемых операционных улучшений и сокращения издержек наших планов реструктуризации, а также влияет на наш бизнес в результате реорганизации сборы, которые могут быть размыты, чтобы наши заработок в краткосрочной перспективе; воздействие на наш бизнес, связанный с возможными расходами и обязанности, связанные с начала или временного закрытия магазинов или прекращения нашими долгосрочными, не подлежащих расторжению договоров аренды; наша способность поддерживать адекватный уровень ликвидности, чтобы обеспечить наши потребности в денежных средствах, в том числе наши долговые обязательства, налоговые обязательства, капитал, расходы, и потенциальные выплаты дивидендов и выкупа нашего класса в обыкновенные акции, а также возможности наших клиентов, поставщиков, продавцов, кредиторов и получить доступ к источникам ликвидности, чтобы обеспечивать свои собственные потребности в денежных средствах; потенциальное влияние на наш бизнес результате финансовых трудностей некоторых наших крупных оптовых клиентов, что может привести к консолидации, ликвидации, реструктуризации, а также другие изменения в сфере розничной торговли, а также другие изменения в конкурентной среде в том числе внедрение новых продуктов или изменения цен конкурентами; нам возможность получить доступ к рынкам капитала и соблюдению заветов, связанных с существующими долговыми инструментами; различные нормативно-правовые, налоговые, политические, и экономические риски, включая риски, связанные с ввозом и вывозом товаров, который наши операции в настоящее время являются предметом, или может стать в результате потенциальные изменения в законодательство, и иные риски, связанные с международными операциями, например, соответствие с иностранных законов о коррупции или нарушения других противодействии взяточничеству и коррупции законов, запрещающих неправомерных выплат, а также необходимость соблюдения различных иностранных законов и подзаконных актов, включая налоговое законодательство, торговли и труда, ограничений, и соответствующие законы, которые могут ограничить гибкость нашего бизнеса; потенциальное влияние на наш бизнес, возникших в результате введения дополнительных пошлин, тарифов, налогов и других сборов, или барьеры на пути торговли, в том числе в результате изменения торговля между США и Китаем, и любые обзоры влияет на мировых фондовых рынках, а также на умение реализовать смягчающих стратегии поиска поставщиков; изменения в наши налоговые обязательства и эффективная ставка налога на прибыль в силу различных факторов, включая возможные изменения в США или иностранных налоговых законов и правил, правил бухгалтерского учета, либо смешать и уровень заработка по подсудности в будущих периодах, которые в настоящее время не известно или предполагается; влияние колебания валютных курсов с обеих транзакций и трансляционные точки зрения; последствия для нашего бизнеса, событий, волнений и нестабильности, которые сегодня происходят в некоторых частях мира, а также от террористической акции, преследования, и угрозы дальнейших действий или применения мер возмездия; потенциальное воздействие на торговый цены на наши ценные бумаги, если наши операционные результаты, класс A обыкновенных акций выкуп акций активностью, и/или денежных выплат дивидендов отличаться от ожиданиям инвесторов; наша способность поддерживать наш кредитный профиль и оценок в финансовом сообществе; наше стремление к внедрению новых продуктов или марок, или заключить или продлить союзы; изменения в бизнесе, и наши отношения с крупными оптовыми клиентами и лицензирования партнеры; наши способности для стратегических приобретений и успешной интеграции приобретенных компаний на наших действующих предприятиях; прочие факторы риска, выявленные в годовом отчете компании по форме 10-к, форма 10-Q и форма 8-к отчетности по ценным бумагам и биржам. Компания не берет на себя никаких обязательств по публичному обновлению или пересмотру каких-либо прогнозных заявлений, будь то в результате новой информации, будущих событий или иным образом.

Ralph Lauren CORPORATION
CONSOLIDATED BALANCE SHEETS
Prepared in accordance with U.S. Generally Accepted Accounting Principles
(Unaudited)

	April 2, 2022			March 27, 2021
	(millions)
ASSETS
Current assets:
Cash and cash equivalents	$	1,863.8		$	2,579.0
Short-term investments		734.6			197.5
Accounts receivable, net of allowances		405.4			451.5
Inventories		977.3			759.0
Income tax receivable		63.7			54.4
Prepaid expenses and other current assets		172.5			166.6
Total current assets		4,217.3			4,208.0
Property and equipment, net		969.5			1,014.0
Operating lease right-of-use assets		1,111.3			1,239.5
Deferred tax assets		303.8			283.9
Goodwill		908.7			934.6
Intangible assets, net		102.9			121.1
Other non-current assets		111.2			86.4
Total assets	$	7,724.7		$	7,887.5

LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt	$	499.8		$	—
Accounts payable		448.7			355.9
Current income tax payable		53.8			50.6
Current operating lease liabilities		262.0			302.9
Accrued expenses and other current liabilities		991.4			875.4
Total current liabilities		2,255.7			1,584.8
Long-term debt		1,136.5			1,632.9
Long-term finance lease liabilities		341.6			370.5
Long-term operating lease liabilities		1,132.2			1,294.5
Non-current income tax payable		98.9			118.7
Non-current liability for unrecognized tax benefits		91.9			91.4
Other non-current liabilities		131.9			190.3
Total liabilities		5,188.7			5,283.1
Equity:
Common stock		1.3			1.3
Additional paid-in-capital		2,748.8			2,667.1
Retained earnings		6,274.9			5,872.9
Treasury stock, Class A, at cost		(6,308.7	)		(5,816.1	)
Accumulated other comprehensive loss		(180.3	)		(120.8	)
Total equity		2,536.0			2,604.4
Total liabilities and equity	$	7,724.7		$	7,887.5

Net Cash & Short-term Investments	$	962.1		$	1,143.6
Cash & Short-term Investments		2,598.4			2,776.5

Ralph Lauren CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
Prepared in accordance with U.S. Generally Accepted Accounting Principles
(Unaudited)

	Three Months Ended						Twelve Months Ended
	April 2, 2022			March 27, 2021			April 2, 2022			March 27, 2021
	(millions, except per share data)
Net revenues	$	1,522.7		$	1,287.0		$	6,218.5		$	4,400.8
Cost of goods sold		(556.6	)		(504.1	)		(2,071.0	)		(1,539.4	)
Gross profit		966.1			782.9			4,147.5			2,861.4
Selling, general, and administrative expenses		(913.7	)		(755.2	)		(3,305.6	)		(2,638.5	)
Impairment of assets		(2.0	)		(60.3	)		(21.3	)		(96.0	)
Restructuring and other charges, net		(13.6	)		6.9			(22.2	)		(170.5	)
Total other operating expenses, net		(929.3	)		(808.6	)		(3,349.1	)		(2,905.0	)
Operating income (loss)		36.8			(25.7	)		798.4			(43.6	)
Interest expense		(13.7	)		(13.9	)		(54.0	)		(48.5	)
Interest income		1.1			2.2			5.5			9.7
Other income, net		5.1			2.1			4.7			7.6
Income (loss) before income taxes		29.3			(35.3	)		754.6			(74.8	)
Income tax provision		(4.9	)		(38.8	)		(154.5	)		(46.3	)
Net income (loss)	$	24.4		$	(74.1	)	$	600.1		$	(121.1	)
Net income (loss) per common share:
Basic	$	0.34		$	(1.01	)	$	8.22		$	(1.65	)
Diluted	$	0.34		$	(1.01	)	$	8.07		$	(1.65	)
Weighted-average common shares outstanding:
Basic		71.2			73.6			73.0			73.5
Diluted		72.5			73.6			74.3			73.5
Dividends declared per share	$	0.6875		$	—		$	2.75		$	—

Ralph Lauren CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
Prepared in accordance with U.S. Generally Accepted Accounting Principles
(Unaudited)

	Twelve Months Ended
	April 2, 2022			March 27, 2021
	(millions)
Cash flows from operating activities:
Net income (loss)	$	600.1		$	(121.1	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization expense		229.7			247.6
Deferred income tax expense (benefit)		(46.1	)		35.6
Non-cash stock-based compensation expense		81.7			72.7
Non-cash impairment of assets		21.3			96.0
Bad debt reversals		(2.2	)		(27.6	)
Other non-cash charges		1.0			1.8
Changes in operating assets and liabilities:
Accounts receivable		32.4			(143.0	)
Inventories		(269.3	)		3.7
Prepaid expenses and other current assets		(28.3	)		5.2
Accounts payable and accrued liabilities		194.6			293.6
Income tax receivables and payables		(62.3	)		(37.8	)
Operating lease right-of-use assets and liabilities, net		(61.6	)		(30.2	)
Other balance sheet changes		24.9			(15.6	)
Net cash provided by operating activities		715.9			380.9
Cash flows from investing activities:
Capital expenditures		(166.9	)		(107.8	)
Purchases of investments		(1,510.6	)		(704.6	)
Proceeds from sales and maturities of investments		964.6			1,007.2
Settlement of net investment hedges		—			3.7
Other investing activities		(5.0	)		(3.5	)
Net cash provided by (used in) investing activities		(717.9	)		195.0
Cash flows from financing activities:
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		(23.1	)		(13.9	)
Payments of dividends		(150.0	)		(49.8	)
Repurchases of common stock, including shares surrendered for tax withholdings		(492.6	)		(37.7	)
Other financing activities		—			(8.7	)
Net cash provided by (used in) financing activities		(665.7	)		356.8
Effect of exchange rate changes on cash, cash equivalents, and restricted cash		(48.3	)		25.5
Net increase (decrease) in cash, cash equivalents, and restricted cash		(716.0	)		958.2
Cash, cash equivalents, and restricted cash at beginning of period		2,588.0			1,629.8
Cash, cash equivalents, and restricted cash at end of period	$	1,872.0		$	2,588.0

Ralph Lauren CORPORATION
SEGMENT INFORMATION
(Unaudited)

	Three Months Ended						Twelve Months Ended
	April 2, 2022			March 27, 2021			April 2, 2022			March 27, 2021
	(millions)
Net revenues:
North America	$	674.3		$	569.0		$	2,968.2		$	1,992.4
Europe		467.4			370.1			1,780.7			1,165.9
Asia		346.1			289.4			1,286.8			1,027.5
Other non-reportable segments		34.9			58.5			182.8			215.0
Total net revenues	$	1,522.7		$	1,287.0		$	6,218.5		$	4,400.8

Operating income (loss):
North America	$	90.2		$	69.4		$	676.7		$	334.0
Europe		90.6			68.5			444.0			189.3
Asia		39.4			27.6			228.8			148.2
Other non-reportable segments		32.2			(5.2	)		138.4			32.4
		252.4			160.3			1,487.9			703.9
Unallocated corporate expenses		(202.0	)		(192.9	)		(667.3	)		(577.0	)
Unallocated restructuring and other charges, net		(13.6	)		6.9			(22.2	)		(170.5	)
Total operating income (loss)	$	36.8		$	(25.7	)	$	798.4		$	(43.6	)

Ralph Lauren CORPORATION
CONSTANT CURRENCY FINANCIAL MEASURES
(Unaudited)

Comparable Store Sales Data

	April 2, 2022
	Three Months Ended			Twelve Months Ended
	% Change			% Change
	Constant Currency			Constant Currency
North America:
Digital commerce		27	%		35	%
Brick and mortar		19	%		55	%
Total North America		21	%		49	%

Europe:
Digital commerce		(2	%)		18	%
Brick and mortar		145	%		75	%
Total Europe		77	%		57	%

Asia:
Digital commerce		46	%		54	%
Brick and mortar		10	%		15	%
Total Asia		12	%		17	%

Total Ralph Lauren Corporation		26	%		40	%

Operating Segment Net Revenues Data

	Three Months Ended						% Change
	April 2, 2022			March 27, 2021			As Reported		Constant Currency
	(millions)
North America	$	674.3		$	569.0		18.5	%	18.4	%
Europe		467.4			370.1		26.3	%	34.1	%
Asia		346.1			289.4		19.6	%	25.9	%
Other non-reportable segments		34.9			58.5		(40.3	%)	(40.2	%)
Net revenues	$	1,522.7		$	1,287.0		18.3	%	21.9	%

	Twelve Months Ended						% Change
	April 2, 2022			March 27, 2021			As Reported		Constant Currency
	(millions)
North America	$	2,968.2		$	1,992.4		49.0	%	48.8	%
Europe		1,780.7			1,165.9		52.7	%	53.8	%
Asia		1,286.8			1,027.5		25.2	%	26.8	%
Other non-reportable segments		182.8			215.0		(15.0	%)	(15.0	%)
Net revenues	$	6,218.5		$	4,400.8		41.3	%	41.9	%

Ralph Lauren CORPORATION
NET REVENUES BY SALES CHANNEL
(Unaudited)

	Three Months Ended
	April 2, 2022										March 27, 2021
	North America		Europe		Asia		Other		Total		North America		Europe		Asia		Other		Total
	(millions)
Sales Channel:
Retail	$	406.1	$	181.6	$	322.0	$	—	$	909.7	$	303.8	$	97.8	$	268.9	$	22.6	$	693.1
Wholesale		268.2		285.8		24.1		0.4		578.5		265.2		272.3		20.5		4.2		562.2
Licensing		—		—		—		34.5		34.5		—		—		—		31.7		31.7
Net revenues	$	674.3	$	467.4	$	346.1	$	34.9	$	1,522.7	$	569.0	$	370.1	$	289.4	$	58.5	$	1,287.0

	Twelve Months Ended
	April 2, 2022										March 27, 2021
	North America		Europe		Asia		Other		Total		North America		Europe		Asia		Other		Total
	(millions)
Sales Channel:
Retail	$	1,878.6	$	828.3	$	1,207.4	$	27.2	$	3,941.5	$	1,214.1	$	517.1	$	968.4	$	80.2	$	2,779.8
Wholesale		1,089.6		952.4		79.4		5.9		2,127.3		778.3		648.8		59.1		12.4		1,498.6
Licensing		—		—		—		149.7		149.7		—		—		—		122.4		122.4
Net revenues	$	2,968.2	$	1,780.7	$	1,286.8	$	182.8	$	6,218.5	$	1,992.4	$	1,165.9	$	1,027.5	$	215.0	$	4,400.8

Ralph Lauren CORPORATION
RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES
(Unaudited)

	Three Months Ended
	April 2, 2022
	As Reported			Total Adjustments^(a)(b)			As Adjusted
	(millions, except per share data)
Net revenues	$	1,522.7		$	—		$	1,522.7
Gross profit		966.1			(1.8	)		964.3
Gross profit margin		63.4	%					63.3	%
Total other operating expenses, net		(929.3	)		19.2			(910.1	)
Operating expense margin		61.0	%					59.8	%
Operating income		36.8			17.4			54.2
Operating margin		2.4	%					3.6	%
Other non-operating expense, net		(7.5	)		—			(7.5	)
Income before income taxes		29.3			17.4			46.7
Income tax provision		(4.9	)		(6.0	)		(10.9	)
Effective tax rate		16.8	%					23.4	%
Net income	$	24.4		$	11.4		$	35.8
Net income per diluted common share	$	0.34					$	0.49
Weighted average common shares outstanding - Diluted		72.5						—

SEGMENT INFORMATION - OPERATING INCOME:
North America	$	90.2		$	0.2		$	90.4
Operating margin		13.4	%					13.4	%
Europe		90.6			3.6			94.2
Operating margin		19.4	%					20.2	%
Asia		39.4			—			39.4
Operating margin		11.4	%					11.4	%
Other non-reportable segments		32.2			—			32.2
Operating margin		92.2	%					92.2	%
Unallocated corporate expenses and restructuring & other charges, net		(215.6	)		13.6			(202.0	)
Total operating income	$	36.8		$	17.4		$	54.2

Ralph Lauren CORPORATION
RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (Continued)
(Unaudited)

	Twelve Months Ended
	April 2, 2022
	As Reported			Total Adjustments^(a)(c)			As Adjusted
	(millions, except per share data)
Net revenues	$	6,218.5		$	—		$	6,218.5
Gross profit		4,147.5			(13.3	)		4,134.2
Gross profit margin		66.7	%					66.5	%
Total other operating expenses, net		(3,349.1	)		45.9			(3,303.2	)
Operating expense margin		53.9	%					53.1	%
Operating income		798.4			32.6			831.0
Operating margin		12.8	%					13.4	%
Other non-operating expense, net		(43.8	)		—			(43.8	)
Income before income taxes		754.6			32.6			787.2
Income tax provision		(154.5	)		(9.4	)		(163.9	)
Effective tax rate		20.5	%					20.8	%
Net income	$	600.1		$	23.2		$	623.3
Net income per diluted common share	$	8.07					$	8.38
Weighted average common shares outstanding - Diluted		74.3						—

SEGMENT INFORMATION - OPERATING INCOME:
North America	$	676.7		$	(10.9	)	$	665.8
Operating margin		22.8	%					22.4	%
Europe		444.0			2.4			446.4
Operating margin		24.9	%					25.1	%
Asia		228.8			1.1			229.9
Operating margin		17.8	%					17.9	%
Other non-reportable segments		138.4			0.3			138.7
Operating margin		75.7	%					75.9	%
Unallocated corporate expenses and restructuring & other charges, net		(689.5	)		39.7			(649.8	)
Total operating income	$	798.4		$	32.6		$	831.0

Ralph Lauren CORPORATION
RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (Continued)
(Unaudited)

	Three Months Ended
	March 27, 2021
	As Reported			Total Adjustments^(a)(d)			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):
North America	$	69.4		$	19.4		$	88.8
Operating margin		12.2	%					15.6	%
Europe		68.5			1.5			70.0
Operating margin		18.5	%					18.9	%
Asia		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, net		(186.0	)		32.6			(153.4	)
Total operating income (loss)	$	(25.7	)	$	69.8		$	44.1

Ralph Lauren CORPORATION
RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (Continued)
(Unaudited)

	Twelve Months Ended
	March 27, 2021
	As Reported			Total Adjustments^(a)(e)			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):
North America	$	334.0		$	12.8		$	346.8
Operating margin		16.8	%					17.4	%
Europe		189.3			12.4			201.7
Operating margin		16.2	%					17.3	%
Asia		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, net		(747.5	)		210.4			(537.1	)
Total operating income (loss)	$	(43.6	)	$	254.4		$	210.8

Ralph Lauren CORPORATION
RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (Continued)
(Unaudited)

	Three Months Ended
	March 28, 2020
	As Reported			Total Adjustments^(a)(f)			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):
North America	$	(79.6	)	$	142.8		$	63.2
Operating margin		(12.6	%)					10.1	%
Europe		4.4			44.6			49.0
Operating margin		1.2	%					13.8	%
Asia		(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, net		(197.8	)		16.3			(181.5	)
Total operating loss	$	(283.8	)	$	240.9		$	(42.9	)

Ralph Lauren CORPORATION
RECONCILIATION OF NON-U.S. GAAP FINANCIAL (Continued)
(Unaudited)

	Twelve Months Ended
	March 28, 2020
	As Reported			Total Adjustments^(a)(g)			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:
North America	$	456.0		$	143.2		$	599.2
Operating margin		14.5	%					19.1	%
Europe		336.3			44.7			381.0
Operating margin		20.6	%					23.3	%
Asia		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, net		(685.3	)		73.9			(611.4	)
Total operating income	$	317.0		$	314.7		$	631.7

(a)		Adjustments for non-routine inventory-related charges (benefits) are recorded within cost of goods sold in the consolidated statements of operations. Adjustments for non-routine bad debt expense (benefits) 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 $7.1 million impairment of an equity method investment during the fourth quarter of Fiscal 2020, which is recorded within other income (expense), net. Adjustments for one-time income tax events are recorded within the income tax benefit (provision) in the consolidated statement of operations. Adjustments for all other charges are recorded within restructuring and other charges, net in the consolidated statements of operations.

(b)		Adjustments for the three months ended April 2, 2022 include (i) other charges of $10.9 million primarily related to rent and occupancy costs associated with certain previously exited real estate locations for which the related lease agreements have not yet expired and non-income-related capital taxes resulting from Swiss tax reform; (ii) a $4.0 million charitable donation expense related to income received from Regent, L.P. ("Regent") during Fiscal 2022 in connection the Company's sale of its Club Monaco business; (iii) charge of $3.6 million related to non-routine bad debt expense recorded in connection with the Russia-Ukraine war; (iv) benefit of $1.8 million related to COVID-19-related inventory adjustments; (v) charges of $1.6 million recorded in connection with the Company's restructuring activities, consisting of restructuring charges and impairment of assets; and (vi) benefit of $0.9 million related to income received from Regent.
(c)		Adjustments for the twelve months ended April 2, 2022 include (i) charges of $25.3 million recorded in connection with the Company's restructuring activities, consisting of restructuring charges, impairment of assets, and accelerated stock-based compensation expense; (ii) other charges of $18.2 million primarily related to rent and occupancy costs associated with certain previously exited real estate locations for which the related lease agreements have not yet expired and non-income-related capital taxes resulting from Swiss tax reform; (iii) benefit of $13.3 million related to COVID-19-related inventory adjustments; (iv) income of $4.0 million primarily related to a certain revenue share clause in the Company's agreement with Regent that entitled it to receive a portion of the sales generated by the Club Monaco business during a four-month business transition period; (v) a $4.0 million charitable donation expense related to the beforementioned income received from Regent; and (vi) net non-routine bad debt expense of $2.4 million recorded in connection with the Russia-Ukraine war, partially offset by favorable COVID-19-related bad debt reserve adjustments.
(d)		Adjustments for the three months ended March 27, 2021 include (i) charges of $32.5 million recorded in connection with the Company's restructuring plans, consisting of restructuring charges, impairment of assets, and inventory-related charges; (ii) additional impairment of assets of $17.5 million primarily related to underperforming stores as a result of on-going store portfolio evaluation and $0.3 million related to certain previously exited real estate locations for which the related lease agreement has not yet expired; (iii) inventory-related charges of $26.4 million related to adverse impacts associated with COVID-19 business disruptions; (iv) benefit of $10.0 million related to COVID-19-related bad debt reserve adjustments; and (v) other charges of $3.1 million primarily related to rent and occupancy costs associated with certain previously exited real estate locations for which the related lease agreements have not yet expired. Our income tax provision for the three months ended March 27, 2021 reflected tax effects for the pre-tax charges described above, as well as incremental tax expense of $52.6 million primarily related to a decrease in net operating loss carryback under the CARES Act and an increase for valuation allowance provided against domestic losses attributable to significant COVID-19 business disruptions.
(e)		Adjustments for the twelve months ended March 27, 2021 include (i) charges of $236.8 million recorded in connection with the Company's restructuring plans, consisting of restructuring charges, impairment of assets, and inventory-related charges; (ii) benefit of $41.4 million related to COVID-19-related bad debt reserve adjustments; (iii) additional impairment of assets of $17.5 million related to underperforming stores identified through its on-going store portfolio evaluation and adverse impacts associated with COVID-19 business disruptions, and $9.1 million related to certain previously exited real estate locations for which the related lease agreement has not yet expired; (iv) inventory-related charges of $21.0 million related to adverse impacts associated with COVID-19 business disruptions; and (v) other charges of $11.4 million primarily related to rent and occupancy costs associated with certain previously exited real estate locations for which the related lease agreements have not yet expired. Our income tax provision for the twelve months ended March 27, 2021 reflected tax effects for the pre-tax charges described above, as well as incremental tax expense of $33.7 million primarily related to a valuation allowance provided against domestic losses attributable to significant COVID-19 business disruptions and $13.8 million related to international tax legislation enacted in connection with the European Union's anti-tax avoidance directive, partially offset by an income tax benefit of $0.9 million primarily due to a net operating loss carryback under the CARES Act.
(f)		Adjustments for the three months ended March 28, 2020 include (i) inventory-related charges of $157.3 million and bad debt expense of $56.4 million, both related to adverse impacts associated with COVID-19 business disruptions; (ii) charges of $16.9 million recorded in connection with the Company's restructuring plans, consisting of restructuring charges, impairment of assets, and inventory-related charges; (iii) additional impairment of assets of $7.7 million related to underperforming stores as a result of on-going store portfolio evaluation and $7.1 million related to an equity method investment; and (iv) other charges of $2.6 million primarily related to rent and occupancy costs associated with certain previously exited real estate locations for which the related lease agreements have not yet expired. Additionally, the income tax benefit (provision) reflects a charge of $11.2 million recorded in connection with Swiss tax reform.
(g)		Adjustments for the twelve months ended March 28, 2020 include (i) inventory-related charges of $157.3 million and bad debt expense of $56.4 million, both related to adverse impacts associated with COVID-19 business disruptions; (ii) charges of $48.5 million recorded in connection with the Company's restructuring plans, consisting of restructuring charges, impairment of assets, inventory-related charges, and accelerated stock-based compensation expense; (iii) additional impairment of assets of $22.9 million related to underperforming stores as a result of on-going store portfolio evaluation and $7.1 million related to an equity method investment; and (iv) other charges of $29.6 million primarily related to the charitable donation of the net cash proceeds received from the sale of the Company's corporate jet and rent and occupancy costs associated with certain previously exited real estate locations for which the related lease agreements have not yet expired. Additionally, the income tax benefit (provision) reflects a one-time benefit of $122.9 million recorded in connection with Swiss tax reform.

Поскольку Ralph Lauren Corporation является глобальной компанией, на сопоставимость ее операционных результатов, представленных в долларах США, влияют колебания обменного курса иностранной валюты, поскольку базовые валюты, в которых она осуществляет операции, со временем меняются в стоимости по сравнению с долларом США. Такие колебания могут оказать существенное влияние на отчетные результаты Компании. Таким образом, в дополнение к финансовым показателям, подготовленным в соответствии с принципами бухгалтерского учета, общепринятыми в США ("ОПБУ США"), обсуждения Компании часто содержат ссылки на показатели в постоянной валюте, которые рассчитываются путем перевода отчетных сумм за текущий и предыдущий годы в сопоставимые суммы с использованием единой иностранной валюты курс для каждой валюты. Компания представляет финансовую информацию в постоянной валюте, которая является финансовым показателем, не относящимся к ОПБУ США, в качестве дополнения к своим отчетным операционным результатам. Компания использует информацию о постоянной валюте, чтобы обеспечить основу для оценки эффективности своей деятельности, исключая влияние колебаний обменного курса иностранной валюты. Руководство считает, что эта информация полезна инвесторам для облегчения сравнения операционных результатов и лучшего выявления тенденций в бизнесе Компании. Показатели эффективности в постоянной валюте следует рассматривать в дополнение, а не вместо или выше показателей операционной эффективности Компании, рассчитанных в соответствии с ОПБУ США.

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RALPH LAUREN CORPORATION
GLOBAL RETAIL STORE NETWORK
(Unaudited)

	April 2, 2022	March 27, 2021
North America
Ralph Lauren Stores	46	40
Polo Factory Stores	193	193
Total Directly Operated Stores	239	233
Concessions	1	1

Europe
Ralph Lauren Stores	36	32
Polo Factory Stores	59	60
Total Directly Operated Stores	95	92
Concessions	29	29

Asia
Ralph Lauren Stores	93	79
Polo Factory Stores	77	72
Total Directly Operated Stores	170	151
Concessions	654	616

Other
Club Monaco Stores	—	72
Club Monaco Concessions	—	4

Global Directly Operated Stores and Concessions
Ralph Lauren Stores	175	151
Polo Factory Stores	329	325
Club Monaco Stores	—	72
Total Directly Operated Stores	504	548
Concessions	684	650

Global Licensed Stores
Total Licensed Stores	148	282

Ralph Lauren CORPORATION
GLOBAL RETAIL STORE NETWORK
(Unaudited)

	April 2, 2022	March 27, 2021
North America
Ralph Lauren Stores	46	40
Polo Factory Stores	193	193
Total Directly Operated Stores	239	233
Concessions	1	1

Europe
Ralph Lauren Stores	36	32
Polo Factory Stores	59	60
Total Directly Operated Stores	95	92
Concessions	29	29

Asia
Ralph Lauren Stores	93	79
Polo Factory Stores	77	72
Total Directly Operated Stores	170	151
Concessions	654	616

Other
Club Monaco Stores	—	72
Club Monaco Concessions	—	4

Global Directly Operated Stores and Concessions
Ralph Lauren Stores	175	151
Polo Factory Stores	329	325
Club Monaco Stores	—	72
Total Directly Operated Stores	504	548
Concessions	684	650

Global Licensed Stores
Total Licensed Stores	148	282