This story was updated at 8:20 a.m. EDT.
Shares of Ralph Lauren Corp were moving higher Thursday after the luxury fashion retailer reported a 1 percent fall in quarterly revenue, hurt by higher discounts to clear inventory and weak demand in North America.
Net income fell to $41 million, or 49 cents per share, in the fourth quarter ended April 2, from $124 million, or $1.41 per share, a year earlier. The company's net revenue fell to $1.87 billion from $1.89 billion, while same-store sales fell 6 percent.
After retail chain Macy’s disappointed with its earnings and forecast Wednesday, New York retailer Ralph Lauren will report its results before markets open Thursday, and is expected to post a revenue of $7.382 billion for the financial year ended March 31, 2016, according to a Reuters average estimate based on a poll of 20 analysts.
The figure was revised downwards from a year ago when it stood at $7.665 billion. The company had posted revenues of $7.62 billion for the 12 months ended March 31, 2015.
The earnings per share for the fiscal year gone by is expected to come in at $6.27, down from an estimate of $7.14 a year ago. For the January-March quarter, Ralph Lauren is expected to post an EPS of 83 cents, according to estimates by the Wall Street Journal.
Data compiled by TheStreet showed that revenue for the last quarter is expected to be $1.86 billion, which is marginally lower than the $1.88 billion the retailer had posted during the last quarter of the previous fiscal year.
Growth worries at the clothes and apparel company, compounded by a strong U.S. dollar, led to management changes recently. Last week, CEO Stefan Larsson said there would be job cuts and some reassignment of senior management roles, according to a Bloomberg report.
Shares of Ralph Lauren took a beating on the New York Stock Exchange Wednesday, falling 5.52 percent during regular trade, even though it crawled back slightly during after hours, gaining 0.69 percent in the evening. In comparison, Macy’s — which began the retail rout on Wednesday — fell by over 15 percent during the day's trade.
Ralph Lauren’s stock has lost over 25 percent of its value since the beginning of 2016.
Data from Reuters were used to report this story.