Polo Stock Catapults on Upward Guidance
NEW YORK – Shares of Polo Ralph Lauren Corp. shot ahead nearly 16% Monday after the firm lifted its guidance for the first quarter ended July 3.
Polo said that first-quarter results, to be released on Aug. 8, will show a mid-20-percent increase in revenues, with operating margins advancing 200 to 300 basis points, or 2-3%. The company also reported more full-price selling both in its own stores and in those of its department and specialty store accounts.
Shares ended the New York Stock Exchange session Monday at $55.40, up $7.50, or 15.66%. Their peak for the day was $56.14, well below the 12-month high of $62.87 reached on April 25.
Previously, the company had indicated that consolidated revenue growth would range from the high teens to low twenties and that operating margins would be slightly lower than the first quarter of fiscal 2006.
