Ralph Lauren (NYSE: RL) reported Q2 EPS of $1.44, $0.54 better than the analyst estimate of $0.90. Revenue for the quarter came in at $1.19 billion versus the consensus estimate of $1.21 billion.

• Maintained Balance Sheet Strength and Liquidity with $2.4 Billion in Cash and Investments and Continued Expense Reductions and Inventory Discipline
• Second Quarter Revenues Were $1.2 Billion Reflecting Continued Recovery from COVID-19-Related Impacts, Led by Chinese Mainland Returning to Pre-COVID Growth Rates
• Second Quarter Average Unit Retail Increased 26% Driven by Ongoing Brand Elevation and Favorable Geographic and Channel Mix Shifts
• Announced Restructuring Actions to Position the Company for Future Growth, Beginning with Organizational Realignment and Transition of Chaps Brand to a Fully Licensed Business

NEW YORK--(BUSINESS WIRE)-- Ralph Lauren Corporation (NYSE: RL), a global leader in the design, marketing, and distribution of premium lifestyle products, today reported earnings per diluted share of ($0.53) on a reported basis and $1.44 on an adjusted basis, excluding restructuring-related and other net charges, for the second quarter of Fiscal 2021. This compared to earnings per diluted share of $2.34 on a reported basis and $2.55 on an adjusted basis, excluding restructuring-related and other net charges, for the second quarter of Fiscal 2020.

"The strength of our timeless brand and the values that have always been our touchstone continue to anchor us through this period of change and uncertainty," said Ralph Lauren, Executive Chairman and Chief Creative Officer. "While this is a very trying time for the world, I am eternally optimistic about our ability to take the great learnings and creativity that have emerged from this time to become even stronger."

"Looking across the first half of the fiscal year, we continued our elevation journey while fast-tracking Connected Retail and our company-wide digital transformation," said Patrice Louvet, President and Chief Executive Officer. "We also began the hard but necessary work of simplifying our organizational and cost structures to position the company for future growth. Looking ahead, we will continue to work proactively to deliver an elevated experience that inspires consumers around the world and creates value for all of our stakeholders."

Full Year Fiscal 2021 and Third Quarter Outlook

We continue to note the ongoing high level of uncertainty and evolving situation surrounding COVID-19 impacting the timing and path of recovery in each market, including the potential for second waves of outbreaks across various markets.

We expect our financial results for both the third quarter and full year Fiscal 2021 to continue to be adversely impacted by the pandemic and prolonged demand recovery.

We anticipate gross margin expansion continuing through the second half of the fiscal year, also at a more moderate pace compared to the first half, and a slight decline in operating expenses.

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