10-20-2017: Ralph Lauren Corporation (RL): Iconic Brands Face the Setting Sun

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Recommendation

Ralph Lauren Corporation

Ralph Lauren Corporation (RL) is big. It is a $6 billion company (in revenues) in the apparel-textiles industry group which is apparently too big to fail. However, there have been a number of "big" companies even on the DJ Industrial Average list which failed. The apparel-textile industry as a whole is one of the weakest performing industry groups. This struggling industry is competing with foreign competition. RL had plants ini the "Triad" area of North Carolina which were forced to downsize or close with layoffs in that high unemployment area of tobacco, furniture, and cotton, all of which were hit with the developments negative for those industries.

RL could profit from Trump's agenda to bring back jobs to America by taxing or penalizing foreign-based manufacturing operations. RL has the least exposure of just about all textile manufacturers by limiting overseas investments, but that is precisely a reason why it is being hit hard by competition and pricing.

The company has had a number of management shakeups. Ralph Lauren himself remains "in charge" with reports of arguing with his managers to stay a course which appears to be failing. His "iconic" brands and nature dominate the corporate website with all sorts of personal photos. But is he a "hero" really, because he is living the "American dream" of success? The latest campaign to get the company "back on track" called by an intensive internal analysis and mea culpa presentation, "The Way Back!" It does not appear to be working. In that analysis, the claim is made that the company lacks focus and has spread itself out over too many areas sort of like a department store. It engages in everything from restaurants to watch manufacture, but the internal analysis shows that its main source of revenue comes from only three areas among its scattered products, namely the brands "Ralph Lauren," "Polo," and "Lauren." All of these are textile apparel products, with even some shirts and denims under other brand names not contributing much to revenue. Furniture, clubs, stockings, jewelry, handbags, fragrances, etc. are a very small share of the business and perhaps need to be spun off. Concentrating upon the "classic iconic style" of apparel is driving the majority of its business.

But will Ralph Lauren heed the advice to "Focus!, focus!"? So far, indications seem to suggest, "No."

With diminishing revenues and erratic earnings, the company has an extremely negative Zenith Index indicating some fundamental problems, although financial ratios on the balance sheet don't look that bad. We note institutions are net acquirers, and Dimensional Fund Advisors is among them, a very good sign. They are all awaiting a "turnaround" which management is attempting to engineer. This is among reasons to be cautious before writing off Ralph Lauren Corporation, but on the other hand, this is definitely not a buy and hold stock, and the trend is definitely down, when viewed on a long-term chart. Recent strength may be due to how people will buy anything in this current runaway bull market.

We note among other things, a failing management rewarding itself for poor performance with almost unconscionable compensation for the CEO, and the corporation has extremely bad "Pillar" scores for whose is on the board, shareholder rights, and compensation, meaning very poor corporate governance.

Given these factors, we are betting this stock will slowly continue to decline and sink in the west.



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Zenith Index

Under current market conditions, a Zenith Index Score of 1.20 or above is required for a positive rating on this factor. 1.21 -1.30 is considered acceptable, 1.30-1.40 is considered strong and
> 1.40 is considered exceptionally strong. Accounting statements in this section often contain mistakes, especially in earlier years' totals, but data is deemed sufficient for us to give a rating. More accurate financial statements follow in the next section.

Ralph Lauren Corporation (RL)                             Exchange: NYSE
650 Madison Avenue
New York, NY 10022               Sector: Consumer Goods
United States                    Industry:Textile - Apparel Clothing

Ralph Lauren Corporation designs, markets, and distributes lifestyle
products worldwide. The company operates in three segments: North
America, Europe, and Asia. It offers apparel, including a range of
men-Ęs, women-Ęs, and children-Ęs clothing; accessories, which comprise
footwear, eyewear, watches, fine jewelry, hats, belts, and leather
goods, such as handbags and luggage; home products consisting of bedding
and bath products, furniture, fabrics and wallpapers, lightings, paints,
tabletops, and giftware; and fragrances. The company sells apparel and
accessories under the Ralph Lauren Collection, Ralph Lauren Purple
Label, Polo Ralph Lauren, Double RL, Lauren Ralph Lauren, Polo and RLX
Golf, Polo Ralph Lauren Children, Chaps, Club Monaco, and other brand
names; women's fragrances under the Ralph Lauren Blue, Romance
collection, RALPH collection, and Big Pony collection brand names; and
men's fragrances under the Safari, Polo Sport, Polo Green, Polo Blue,
Polo Blue Sport, Purple Label, Polo Black, Double Black, Big Pony
collection, Polo Red collection, and Polo Supreme Oud brands. Its
restaurant concepts include The Polo Bar in New York City; RL Restaurant
in Chicago; Ralph's in Paris; and Ralph's Coffee concept in London.
Ralph Lauren Corporation sells its products to department stores,
specialty stores, and golf and pro shops, as well as through its retail
stores, concession-based shop-within-shops, and its e-commerce sites. It
directly operates 466 retail stores and 619 concession-based
shop-within-shops; and operates 105 Ralph Lauren stores, 22 Ralph Lauren
concession shops, and 136 Club Monaco stores and shops through licensing
partners. Ralph Lauren Corporation was founded in 1967 and is based in
New York, New York.

Last Trade:  85.33                           52-Week Range: 114.00 -  66.06
Employees: 13,200                            Avg.Volume:   1,225,873 Shares

Corporate Governance:
Pillar scores are Audit: 1; Board: 9; Shareholder Rights: 10; Compensation: 10.
         (A lower number means less governance risk.)

EPS: -0.21    Dividend Amount: $%239.00          Yield:  2.33%
             Ex-Dividend Date: Sep 28, 2017    Payout Ratio:   0.00

Key Statistics:

    Trailing P/E: %-405.54              Forward P/E (est.):  15.71
                                           Target Price:  89.28

Qrtly Stock Price Growth (yoy): -11.69%               Beta:   0.15
Qrtly S&P Index   Growth (yoy): -13.20%        Short Ratio:   3.12%
    Qrtly Revenue Growth (yoy):  19.62%         Shares Out:  55380000
   Qrtly Earnings Growth (yoy):   0.00%

          Book Value:  41.33                    Debt/Equity:  26.74%
    Price/Book Value:   2.09        Operating Profit Margin:  10.63%
         Price/Sales:   1.09                  Profit Margin:  -0.27%
         Market Cap:   7,019,000,000       Return on Equity:  -0.50%
    Enterprise Value:   6,260,000,000      Return on Assets:   7.18%

    Operating Cash Flow:  1,040,000,000
         Free Cash Flow:    961,640,000




Annual Income Statement:                          (All numbers in thousands)
  Period Ending                             04/1/2017     4/2/2016   3/28/2015

  Total Revenue                              6,652,800   7,405,200   7,620,300
  Cost of Revenue                            3,001,700   3,218,500   3,242,400
  Gross Profit                               3,651,100   4,186,700   4,377,900

Operating Expenses:
  Research & Development                             0           0           0
  Selling, General & Administrative          3,149,400   3,389,700   3,300,300
  Non-Recurring Expenses                       572,400     191,400      17,000
  Other Operating Expenses                      24,100      23,700      25,200
  Total Operating Expenses                           0           0           0

Operating Income or Loss                       -94,800     581,900   1,035,400

Income from Continuing Operations:
  Total Other Income/Expenses Net                7,500       1,800     -19,800
  Earnings Before Interest & Taxes             -92,500     572,800   1,004,100
  Interest Expense                              12,400      21,000      16,700
  Income Before Taxes                         -104,900     551,800     987,400
  Income Tax Expense                            -5,600     155,400     285,200
  Minority Interest                                  0           0           0

Net Income from Continuing Op.s               -104,500     385,500     690,700

Non-recurring Events:
  Discontinued Operations                            0           0           0
  Extraordinary Items                                0           0           0
  Effect of Accounting Changes                       0           0           0
  Other Items                                        0           0           0
  Net Income                                   -99,300     396,400     702,200
  Preferred Stock & Other Adjustments                0           0           0

Net Income Avail to Common Shares              -99,300     396,400     702,200




Annual Cash Flow Statement:                   (All numbers in thousands)
  Period Ending                         04/1/2017       4/2/2016     3/28/2015

  Net Income                              -104,500       385,500       690,700

Operating Activities:
  Depreciation                             307,500       309,400       294,400
  Adjustments to Net Income                510,500       178,700        77,100
  Changes in Accounts Recv'bls              54,100       129,400       -95,600
  Changes in Liabilities                    58,200        67,600         7,000
  Changes in Investories                   120,400       -90,900       -97,500
  Changes in other Oper'g Acts                 900        15,900         5,700

Total Cash Flow f Operations               952,300     1,006,500       893,300

Investing Activities:
  Capital Exenditures                     -284,000      -417,700      -391,200
  Investments                               82,000      -142,300      -284,900
  Other Cash Flows fr Investing             -5,800       -22,300       -12,600

Total Cash Flows from Investing           -207,800      -582,300      -688,700

Financing Activities:
  Dividends Paid                          -164,800      -170,300      -158,200
  Sale of Purchase of Stock               -210,200      -467,200      -479,100
  Net Borrowings                          -143,400       156,400       210,000
  Other Cash Flows fr Financing                  0        -1,900       -12,600

Total Cash Flows from Financing           -518,100      -472,800      -420,600

  Effect of Exchange Rate Chg              -14,400         5,200       -81,700

Change in Cash & Cash Equiv.               212,000       -43,400      -297,700



Annual Balance Sheets:                              (All Numbers in Thousands)
  Period Ending                          04/1/2017       4/2/2016     3/28/2015
Current Assets:
  Cash & Cash Equivalents                   668,300       456,300       500,000
  Short Term Investments                    684,700       629,400       644,000
  Net Receivables                           529,600       574,300       857,000
  Inventory                                 791,500     1,124,600     1,042,000
  Other Current Assets                      280,400       268,100       281,000
  Total Current Assets                    4,323,900     2,423,300     2,680,000

  Long-Term Investments                           0             0             0
  Property, Plant & Equipt                1,316,000     1,583,200     1,436,000
  Goodwill                                  904,600       917,900       903,000
  Intangible Assets                         219,800       243,900       267,000
  Accumulated Amortization                        0             0             0
  Other Assets                              131,200       296,700       131,000
  Deferred LT Asset Charges                 125,900       118,700        45,000

Total Assets                              5,652,000     6,213,100     6,106,000

Current Liabilities:
  Accounts Payable                        1,159,900     1,082,200       952,000
  Current Portion LT Debt                         0       116,100       234,000
  Other Current Liabilities                       0             0             0
  Total Current Liabilities               1,159,900     1,198,300      1,186,000

  Long Term Debt                          1,159,900     1,082,200       952,000
  Other Liabilities                               0       116,100       234,000
  Deferred LT Liab. Charges                       0             0             0
  Minority Interest                               0             0             0
  Negative Goodwill                               0             0             0

Total Liabilities                         2,352,400     2,469,600     2,215,000

Stockholder Equity:
  Misc. Options, Warrants                         0             0             0
  Redeemable Preferred Stock                      0             0             0
  Preferred Stock                                 0             0             0
  Common Stock                                1,200         1,200         1,000
  Retained Earnings                       5,751,900     6,015,000     5,787,000
  Treasury Stock                         -4,563,900    -4,348,700    -3,849,000
  Capital Surplus                         2,308,800     2,257,500     2,117,000
  Other Stockhohlder Equity                -198,400      -181,500      -165,000
  Total Stockholder Equity                3,299,600     3,743,500     3,891,000

Net Tangible Assets                       2,175,200     2,581,700     2,721,000



Ralph Lauren Corporation (RL)               [Indices near +3.0, near zero,
                                            or < zero bear special attention.]
P/E Ratio Tests:
P/E Ratio < 28?           -0.0690          P/E Ratio > 5?             0.0000
P/E Ratio Vs Growth Rate:  0.0000          Forward P/E Ratio < 28?    1.7823
Price/Sales Ratio < 2.3?   2.1101          Inventory/Sales < 5%?      0.4203
Sales < $1 Billion?        0.1503          Operating Margin < 7.5%?   0.7056

Balance Sheet Tests:
Debt/Equity < 0.40?        1.4959          Long-Term Debt Service:    3.0000
LTD Being Reduced?         0.0000          Short-Term Debt Service:  -3.0000
Current Ratio > 2?         1.8639          Working Capital >= 1.5?    0.4077
Leverage Ratio < 20%?      1.4702          Debt/Assets < 1?           3.0000
Quick Ratio > 1?           3.0000          Inventory Turnover > 1?    0.2113
Share Equity Increase:     1.8435          Market Cap.< 1.5 Billion?  0.2137
                                           Intangibles < 3% Assets?   0.1508
Income Tests:
Profit Margin < 7.5%?     -0.0360          EPS Annual Growth > 10%?  -0.3992
Dividend Yield > 2.0%?     0.8584          EPS 3-yr Growth > 15?     -1.0607
Enterprise Value/Revenue   1.0550          EPS Growth Consistent?    -2.0000
Enterprise Value/EBITDA:  -3.0000          Collection < 45 days?      1.5487
EPS Qrtly Growth > 10%?    0.0000          Gross Pft/Cur. LTD > 1?    3.0000
                                           Borrowing Int. Rate < 6%?  2.8461
Stock Performance Tests:
Volatility > 25%?          1.6821          % Held by Insiders < 5%?   3.0000
Beta > 1.25?               0.1200          % Held by Institut. < 50?  0.5067
50 Da MA > 200 Da MA?      0.3199          % Held by Institut. > 30?  3.0000
52-Wk Change vs. S&P 500: -0.5958          Short Ratio > 5?           0.6240
Price/Book Value < 3?      1.4531          Short % of Float > 20?     0.5665
Return on Assets > 17%?    0.4224          Average Volume > 100,000?  3.0000

Cash Flow Tests:
Oper. C.F. > Lever'd C.F:  1.0815          Positive Free Cash Flow?   3.0000
Positive Oper. Cash Flow?  3.0000          Price to C.F.Ratio < 14?:  3.0000
                                           Cash Flow / Assets > 10%?  2.9692

RL     Ralph Lauren Corporation            Overall Zenith Index:      0.9940


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Financial Statements

RALPH LAUREN CORP CLASS A  (RL)             INCOME STATEMENT

Fiscal year ends in March.                           2013-03         2014-03         2015-03         2016-03         2017-03             TTM           

Revenue                                        6,944,799,744   7,449,999,872   7,619,999,744   7,405,000,192   6,652,800,000   6,447,699,968
Cost of revenue                                2,788,999,936   3,140,000,000   3,241,999,872   3,217,999,872   3,001,700,096   2,840,000,000
Gross profit                                   4,155,800,064   4,310,000,128   4,377,999,872   4,187,000,064   3,651,099,904   3,607,699,968


Operating expenses
Sales, General and administrative              2,971,599,872   3,142,000,128   3,300,999,936   3,388,999,936   3,149,400,064   3,043,099,904
Restructuring, merger and acquisition             11,700,000      18,000,000      10,000,000     143,000,000     318,600,000     269,700,000
Other operating expenses                          45,800,000      20,000,000      32,000,000      73,000,000     277,900,000     268,200,000
Total operating expenses                       3,029,100,032   3,180,000,000   3,343,000,064   3,604,999,936   3,745,900,032   3,580,999,936

Operating income                               1,126,700,032   1,130,000,000   1,035,000,000     582,000,000     -94,800,000      26,700,000
Interest Expense                                  22,100,000      20,000,000      17,000,000      21,000,000      12,400,000      14,000,000
Other income (expense)                           -15,300,000     -14,000,000     -31,000,000      -9,000,000       2,300,000       2,400,000
Income before taxes                            1,089,299,968   1,096,000,000     987,000,000     552,000,000    -104,900,000      15,100,000
Provision for income taxes                       339,300,000     320,000,000     285,000,000     156,000,000      -5,600,000      32,600,000
Net income from continuing operations            750,000,000     776,000,000     702,000,000     396,000,000     -99,300,000     -17,500,000
Net income                                       750,000,000     776,000,000     702,000,000     396,000,000     -99,300,000     -17,500,000
Net income available to common shareholders      750,000,000     776,000,000     702,000,000     396,000,000     -99,300,000     -17,500,000

Earnings per share
Basic                                                   8.21            8.55            7.96            4.65           -1.20           -0.20 
Diluted                                                 8.00            8.43            7.88            4.62           -1.20           -0.21 

Weighted average shares outstanding
Basic                                             91,300,000      90,700,000      88,200,000      85,200,000      82,700,000      82,275,000
Diluted                                           93,700,000      92,000,000      89,100,000      85,900,000      82,700,000      82,500,000

____________________________________________________________________________________________________________________________________________


RALPH LAUREN CORP CLASS A  (RL)             BALANCE SHEET

Fiscal year ends in March.                           2013-03         2014-03         2015-03         2016-03         2017-03             

Assets

Current assets

Cash

Short-term investments                           324,700,000     488,000,000     557,000,000     629,000,000     684,700,032
Total cash                                     1,298,400,000   1,284,999,936   1,057,000,000   1,084,999,936   1,352,999,936

Receivables                                      458,100,000     588,000,000     655,000,000     517,000,000     450,200,000
Inventories                                      896,099,968   1,020,000,000   1,042,000,000   1,124,999,936     791,500,032
Deferred income taxes                            119,700,000     150,000,000     145,000,000               0               0
Prepaid expenses                                 115,000,000     122,000,000     107,000,000     268,000,000     103,400,000
Other current assets                              75,500,000     164,000,000     318,000,000      58,000,000     256,400,000
Total current assets                           2,962,800,128   3,328,999,936   3,324,000,000   3,052,999,936   2,954,500,096

Non-current assets

Property, plant and equipment
Gross property, plant and equipment            2,253,499,904   2,848,000,000   3,115,000,064   3,487,000,064   3,336,699,904
Accumulated Depreciation                      -1,321,299,968  -1,526,000,000  -1,679,000,064  -1,904,000,000  -2,020,700,032
Net property, plant and equipment                932,200,000   1,322,000,000   1,436,000,000   1,583,000,064   1,316,000,000

Equity and other investments                      81,000,000       2,000,000               0     187,000,000      21,400,000
Goodwill                                         968,000,000     964,000,000     903,000,000     918,000,000     904,600,000
Intangible assets                                327,900,000     299,000,000     267,000,000     244,000,000     219,800,000
Deferred income taxes                             21,600,000      39,000,000      45,000,000     119,000,000     125,900,000
Other long-term assets                           124,700,000     135,000,000     131,000,000     109,000,000     109,800,000
Total non-current assets                       2,455,399,936   2,760,999,936   2,782,000,128   3,160,000,000   2,697,499,904

Total assets                                   5,418,200,064   6,089,999,872   6,105,999,872   6,213,000,192   5,651,999,744 

Liabilities and stockholders' equity

Liabilities

Current liabilities
Short-term debt                                  266,600,000               0     234,000,000     116,000,000               0
Capital leases                                             0      16,000,000      19,000,000      21,000,000      22,600,000
Accounts payable                                 146,900,000     203,000,000     210,000,000     151,000,000     147,700,000
Taxes payable                                     94,100,000     153,000,000     135,000,000     172,000,000     201,700,000
Accrued liabilities                              537,000,000     517,000,000     507,000,000     621,000,000     705,400,000
Deferred revenues                                 40,300,000      41,000,000      38,000,000      50,000,000      29,700,000
Other current liabilities                         36,400,000      40,000,000      43,000,000      67,000,000      52,800,000
Total current liabilities                      1,121,299,968     970,000,000   1,186,000,000   1,198,000,000   1,159,900,032

Non-current liabilities
Long-term debt                                             0     300,000,000     298,000,000     597,000,000     588,200,000
Capital leases                                             0     255,000,000     238,000,000     266,000,000     250,900,000
Deferred taxes liabilities                                 0     213,000,000      87,000,000      98,000,000      74,500,000
Deferred revenues                                          0      39,000,000      20,000,000       1,000,000               0
Other long-term liabilities                      512,300,000     279,000,000     386,000,000     309,000,000     278,900,000
Total non-current liabilities                    512,300,000   1,086,000,000   1,029,000,000   1,271,000,064   1,192,499,968

Total liabilities                              1,633,600,000   2,056,000,000   2,215,000,064   2,468,999,936   2,352,399,872 

Stockholders' equity

Common stock                                       1,200,000       1,000,000       1,000,000       1,000,000       1,200,000
Additional paid-in capital                     1,752,000,000   1,979,000,064   2,116,999,936   2,257,999,872   2,308,800,000
Retained earnings                              4,646,799,872   5,256,999,936   5,786,999,808   6,015,000,064   5,751,900,160
Treasury stock                                -2,708,999,936  -3,316,999,936  -3,848,999,936  -4,349,000,192  -4,563,899,904
Accumulated other comprehensive income            93,600,000     114,000,000    -165,000,000    -181,000,000    -198,400,000
Total stockholders' equity                     3,784,600,064   4,033,999,872   3,891,000,064   3,744,000,000   3,299,599,872
Total liabilities and stockholders' equity     5,418,200,064   6,089,999,872   6,105,999,872   6,213,000,192   5,651,999,744

____________________________________________________________________________________________________________________________________________


RALPH LAUREN CORP CLASS A  (RL)             Statement of CASH FLOW

Fiscal year ends in March. USD.                      2013-03         2014-03         2015-03         2016-03         2017-03             TTM           

Cash Flows From Operating Activities
Net income                                       750,000,000     776,000,000     702,000,000     396,000,000     -99,300,000     -17,500,000
Depreciation & amortization                      232,300,000     258,000,000     294,000,000     310,000,000     307,500,000     302,000,000
Investment/asset impairment charges               19,000,000       1,000,000       7,000,000      49,000,000     253,800,000     244,100,000
Deferred income taxes                             14,400,000       1,000,000      11,000,000      -8,000,000     -38,900,000     -56,600,000
Stock based compensation                          87,500,000      93,000,000      81,000,000      97,000,000      63,600,000      67,500,000
Accounts receivable                               82,100,000    -104,000,000     -96,000,000     129,000,000      54,100,000      53,700,000
Inventory                                        -67,500,000     -77,000,000     -97,000,000     -91,000,000     120,400,000     232,800,000
Prepaid expenses                                           0     -56,000,000     -96,000,000      30,000,000     -27,800,000      -9,200,000
Other working capital                            -71,000,000      50,000,000     110,000,000      54,000,000      86,900,000      57,700,000
Other non-cash items                             -27,900,000     -35,000,000     -22,000,000      41,000,000     232,000,000     169,100,000
Net cash provided by operating activities      1,018,899,968     907,000,000     894,000,000   1,007,000,000     952,300,032   1,043,600,000

Cash Flows From Investing Activities
Investments in property, plant, and equipmen    -276,500,000    -390,000,000    -391,000,000    -418,000,000    -284,000,000    -248,300,000
Acquisitions, net                                -21,700,000     -40,000,000     -12,000,000     -16,000,000      -6,100,000      -8,400,000
Purchases of investments                        -875,800,000  -1,067,000,000  -1,398,000,000  -1,084,999,936    -860,400,000    -986,300,032
Sales/Maturities of investments                1,058,099,968   1,011,000,000   1,112,999,936     942,000,000     942,400,000     947,600,000
Other investing activities                         2,800,000      -2,000,000      -1,000,000      -6,000,000         300,000         300,000
Net cash used for investing activities          -113,100,000    -488,000,000    -689,000,000    -583,000,000    -207,800,000    -295,100,000

Cash Flows From Financing Activities
Debt issued                                                0     300,000,000   2,808,000,000   4,642,999,808   3,735,200,000   2,791,300,096
Debt repayment                                    -8,700,000    -278,000,000  -2,598,000,128  -4,488,000,000  -3,878,599,936  -2,907,599,872
Common stock repurchased                        -547,299,968    -558,000,000    -532,000,000    -500,000,000    -215,200,000    -114,700,000
Excess tax benefit from stock based compe         40,900,000      34,000,000       8,000,000      10,000,000         300,000               0
Dividend paid                                   -127,800,000    -149,000,000    -158,000,000    -170,000,000    -164,800,000    -163,900,000
Other financing activities                        48,100,000      52,000,000      51,000,000      32,000,000       5,000,000       2,200,000
Net cash provided by (used for) financing       -594,800,000    -599,000,000    -421,000,000    -473,000,000    -518,100,000    -392,700,000

Effect of exchange rate changes                   -8,900,000       3,000,000     -81,000,000       5,000,000     -14,400,000      20,100,000
Net change in cash                               302,100,000    -177,000,000    -297,000,000     -44,000,000     212,000,000     375,900,000
Cash at beginning of period                      671,600,000     974,000,000     797,000,000     500,000,000     456,300,000     502,800,000
Cash at end of period                            973,699,968     797,000,000     500,000,000     456,000,000     668,300,032     878,700,032

Free Cash Flow
Operating cash flow                            1,018,899,968     907,000,000     894,000,000   1,007,000,000     952,300,032   1,043,600,000
Capital expenditure                             -276,500,000    -390,000,000    -391,000,000    -418,000,000    -284,000,000    -248,300,000
Free cash flow                                   742,400,000     517,000,000     503,000,000     589,000,000     668,300,032     795,299,968
____________________________________________________________________________________________________________________________________________





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Average to Current P/E Ratios
              (RL)       Ralph Lauren Corp. Cl A

                               2012    2013    2014    2015    2016

          Annual Earnings:     8.00    8.43    7.88    4.61   -1.20
Average Price During Year:   156.75  170.25  162.51  134.43  101.10

                P/E Ratio:    19.59   20.20   20.62   29.16   84.25

 Average 5-Year P/E Ratio  =  34.77
             Current Price =  86.38

Previous 5 Quarter Earnings:  -0.26    0.54    0.98   -2.48    0.72

           Current Annualized (Last Four Quarters) Earnings = -.78
                                                           ________
                                 Average PE / Current PE =    -0.31
                                                           --------

                                      ...a number above 1.00 is good
                                                1.00 or below is bad


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Financial Ratios

. . . . . . . . . . . . Lowest to Highest, Compared to Industry



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Market Grader

900
901 902 903 904 905 906 907 908 909 910



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Intrinsic Value (DCF)

Intrinsic Value by Discounted Cash Flow Method:

Intrinsic Value



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Book Value

Tangible Book Value:

Book Value



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Projected Earnings

Earnings Estimates
Earnings Estimates



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Research Reports

Click Here for Research Reports



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Analysts' Opinions

Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 2



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Insider Activity

Insiders Chart Insider Trades
Executive Compensation Executive Compensation



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Institutional Activity

Institutional Orders to Buy or Sell:

institutions 1
Ownership:

institutions 2


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Sentiment

sentiment

Zenith uses the "sentiment" score above or below 50 to award a positive or negative point in the Decision Matrix.

sentiment sentiment sentiment



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Short Interest Ratio

As the short interest rises as a percentage of average daily share volume (Days to Cover), this is considered a measure of negative sentiment. Similarly, a decrease in that percentage is considered positive sentiment.

short interest short interest


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Standard & Poor's

S&P Stock Report (Requires Adobe Acrobat Reader)



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Management's Discussion of Results of Operations Excerpts

Click Here for Management's Discussion Excerpts



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Moving Average Chart



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Right Time Study



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Channeling Potential

 
The summary below includes a value for `Degree,' which refers on a
scale of 1 to 10 the range of a channel in the period under consi-
deration compared to the total range of price movement. It also looks
for the last closing price to be within the channel, otherwise zeroed.
The `Index' is the `Degree' weighted for volatility.  Generally, the
the higher the index, the more suitable is the stock for trading as
a `rolling stock' between channel high and low points.

Results for RALPH LAUREN CORP.:
Symbol? RL
Total Months Available:  46
       Months in Cycle?   4

Months Covered by Periods:  12

Period 1           Period 2          Period 3
   H1      L1        H2      L2        H3      L3
 114.00   75.62     84.47   66.06     92.55   70.28

RANGE   = 114.00  TO   66.06            Close =  85.33
CHANNEL =  84.47  TO   75.62           Degree =   2
Volatility =  10.37%                    Index =   2
Channel Chart



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MACD Histogram Divergence

The theory is that connecting the two most recent peaks or valleys of the MACD histogram will signal the direction of the next major move.



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Intraday Chart

2 Days:



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Val Idea

3 out of 8 favorable, (negative opinion.)

Val Idea
Val Idea


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Stock Consultant

Stock Consultant Stock Consultant



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Point & Figure Chart

P & F Chart


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Wall Street Analyzer




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Marketspace Chart

Marketspace Chart



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Time Series Forecast

Time Series 1 Time Series 2


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Neural Network Prediction

"Neurostock" can only track long trades. Therefore its performance, as tracked by itself on stocks which are consistently falling, may not appear as good as it could if each "sell" signal were a "short sale."

Neural Chart
Heading
Neural Trades Neural Prediction



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Ultimate Trading Systems

3 out of 3 of the ultimate systems favor a downmove.


System Below:
Short term outlook: Positive: Bright Green, Negative: Bright Red
Long term outlook: Postive: Dark Green, Negative: Dark Red.




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Recommendation

Decision Weighting Factors
FactorsWeighted Points
News - 1
Comparison + 1
Industry - 1
Bond Issue + 1
Zenith Index - 1
Non-GAAP vs. GAAP Earnings - 1
Cash Flow + 1
Average to Current P/E - 1
Ratios + 1
Market Grader - 1
Intrinsic Value DCF + 1
Tangible Book Value - 1
Projected Earnings - 1
Research Reports - 1
Analysts - 1
Executive Perquisites - 1
Insider Activity - 1
Institutional Activity + 1
Management Reporting + 1
Short Interest - 1
Sentiment + 1
Standard & Poor's - 1
Moving Average - 1
Right Time Study - 1
MACD Histogram Divergence - 1
Val Idea - 1
Stock Consultant 0
Point & Figure + 1
Wall Street Analyzer - 1
Marketspace Chart + 1
Time Series Chart + 1
Neural Network - 1
Stock Options + 1
Ultimate Trading Systems - 1
Total - 8
Place 350 shares of Ralph Lauren Corporation (RL 35) on the Active List.