Ralph Lauren swings to a profit and reinstates dividend

Revenue of $1.287 billion was up from $1.274 billion last year. Digital sales rose 52%.

The FactSet consensus was for a loss of 72 cents and revenue of $1.207 billion.

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The company, which has been undergoing a strategic realignment that includes job cuts and the sale of the Club Monaco banner, says it plans to “further right-size” its corporate offices and distribution centers with 10 more store closures in fiscal 2022 possible.

Ralph Lauren RL, -7.41% also announced changes to the board, with Joel Fleishman, a director for the past 22 years, stepping down when his term expires in July. Hubert Joly, former Best Buy Co Inc. BBY, +0.01% and currently Ralph Lauren’s finance chair, has been appointed to serve as the new lead independent director, effective after the 2021 annual meeting. Joly succeeds Frank Bennack, who will continue to serve on the board.

And Ralph Lauren announced that it has reinstated its dividend for the first quarter of fiscal 2022 at $0.6875 per share, in line with pre-pandemic levels.

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Ralph Lauren stock fell 4% in Thursday premarket trading, and has gained 26.3% for theyear to date.

The benchmark S&P 500 index SPX, +0.61% is up 9.6% for the period.