Ralph Lauren shares slide 3% after Cascend reiterates sell rating
Shares of Ralph Lauren Corp. (RL) slid about 3% Wednesday, after Cascend Securities reiterated a sell rating on the stock and said consumer demand data shows slowing trends. Holiday season demand for the upscale clothing and accessories chain declined 15% in December from the year-earlier period, analyst Eric Ross wrote in a note. "Except for a few periods it has lagged overall luxury apparel demand y/y change (which has been generally positive)," Ross wrote. "Ralph Lauren is supposedly trying to raise pricing but still ran its 30%-off sale (JOY) in mid December." Shares have gained 12% in the last 12 months, while the S&P 500 has gained 20%.
-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
01-03-18 1328ETCopyright (c) 2018 Dow Jones & Company, Inc.