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美国
证券交易委员会
华盛顿特区20549
表格10-Q
(标记一个)
☑根据1934年证券交易法第13或15(d)条款的季度报告。
截至本季结束 2024年9月28日
或
☐根据1934年证券交易法第13或15(d)条款的过渡报告
佣金档案号码： 001-13057
拉夫劳伦公司
（依凭章程所载的完整登记名称）
特拉华州 13-2622036
(依据所在地或其他管辖区)
的注册地或组织地点)		 (国税局雇主识别号码)
识别号码)
650 麦迪逊大道, 10022
纽约，纽约（邮政编码）
(总部办公地址) 
(212) 318-7000
(注册公司之电话号码，包括区号)
根据法案第12(b)条规定注册的证券：
每个班级的标题交易标的（s）每个已注册的交易所的名称
普通股A类，标的价值$0.01RL纽约证券交易所
请以勾选标记表示，登记人（1）在过去12个月内已提交证券交易法1934年第13条或第15（d）条要求提交的所有报告（或者对于登记人必须提交此类报告的更短期间），以及（2）已受到过去90天内的此类申报要求的制约。 是 ☑ 否 ☐
请标示勾选符号，以指示在过去的12个月内（或需提交此类文件的较短期间内），登记人是否根据S-t规则第405条（本章节第232.405条）要求提交了所有要求提交的互动数据文件。 是 ☑ 否 ☐
用勾选标记指示登记公司是大型加速递交者、加速递交者、非加速递交者、较小的报告公司还是新兴成长型公司。请参阅《交易所法》第120亿2条中对"大型加速递交者"、"加速递交者"、"较小的报告公司"和"新兴成长型公司"的定义。
大型加速归档人☑加速档案提交者☐
非加速归档人☐较小报告公司☐
新兴成长型企业☐
如果一家新兴成长的企业，请在核取方框中表示，是否公司已选择不使用《交易法》第13(a)条所规定的任何新旧财务会计准则的延长过渡期。 ☐
在核准的名册是否属于壳公司（如股市法规第1202条所定义之意义）方面，请用勾选符号表示。是 ☐ 否 ☑
于2024年11月1日， 40,217,068 发行人的A类普通股，面值为$0.01，以及 21,881,276 发行人的B类普通股，面值为$0.01，均已发行。

拉夫劳伦公司
指数
 
页面
第一部分。基本报表资料（未经审计）
项目 1。财务报表：
项目2。
项目3。
项目 4。
第二部分。其他资讯
项目1。
项目 1A。
项目2。
项目5。
第6项。

1

拉夫劳伦公司
合并资产负债表
(未经查核)
九月二十八日,
2024		三月三十日，
2024
（百万）
资产
流动资产:
现金及现金等价物$1,355.0 $1,662.2 
短期投资334.7 121.0 
结余应收帐款$190.5 百万美元和175.3 百万。
517.9 446.5 
存货1,127.9 902.2 
应付所得税款项56.2 56.0 
预付费用及其他流动资产212.9 171.9 
全部流动资产
3,604.6 3,359.8 
物业及设备，扣除折旧后净值832.1 850.4 
营运租赁权使用资产1,013.9 1,014.6 
递延税款贷项281.1 288.3 
商誉900.6 888.1 
无形资产，扣除累计摊销69.3 75.7 
其他非流动资产98.4 125.7 
资产总额
$6,800.0 $6,602.6 
负债和权益
流动负债：
长期债务的当期偿还$399.3 $— 
应付账款495.7 332.2 
目前应交所得税61.4 79.8 
当期营运租赁负债240.3 245.5 
应计费用及其他流动负债895.7 809.7 
流动负债合计
2,092.4 1,467.2 
长期负债742.2 1,140.5 
长期财务租赁负债246.0 256.1 
长期经营租赁负债1,020.1 1,014.0 
非流动所得税应付款— 42.2 
未认列税收益的非流动负债132.7 118.7 
其他非流动负债124.3 113.6 
承诺及不确定事项（附注12）
总负债
4,357.7 4,152.3 
股权：
A类普通股，面值$.01 ； 112.5 百万和 111.7 发行股份百万股； 40.2 百万和 41.4 亿股优先股流通中
1.1 1.1 
普通B股，面值$.01 ； 21.9 发行并流通股份亿股
0.2 0.2 
资本公积金额外2,983.8 2,923.8 
保留收益7,265.4 7,051.6 
按成本核算的库藏股，A类 72.3 百万和 70.3 百万股
(7,582.5)(7,250.3)
累积其他全面损失(225.7)(276.1)
总股本
2,442.3 2,450.3 
负债加股东权益总额
$6,800.0 $6,602.6 
请参阅附注。
2

拉夫劳伦公司
综合营运状况表
(未经查核)
 结束于三个月的期间六个月结束
 九月二十八日,
2024		九月三十日，
2023		九月二十八日,
2024		九月三十日，
2023
(以百万为单位，每股数据除外)
净收入
$1,726.0 $1,633.0 $3,238.2 $3,129.5 
营业成本(570.3)(562.9)(1,016.7)(1,027.4)
毛利润
1,155.7 1,070.1 2,221.5 2,102.1 
销售、一般及行政支出(958.4)(896.3)(1,808.3)(1,726.3)
重组和其他费用，扣除净额(18.4)(9.3)(25.8)(44.9)
营业费用总共包括其他，净额
(976.8)(905.6)(1,834.1)(1,771.2)
营收
178.9 164.5 387.4 330.9 
利息费用(11.4)(10.0)(22.3)(20.0)
利息收入17.9 15.8 38.0 31.5 
其他收入（费用），净额2.7 (4.8)1.6 (6.3)
税前收入
188.1 165.5 404.7 336.1 
所得税负担(40.2)(18.6)(88.2)(57.1)
净利润
$147.9 $146.9 $316.5 $279.0 
每股普通股净利润：
基础$2.36 $2.24 $5.03 $4.24 
稀释$2.31 $2.19 $4.93 $4.15 
加权平均在外流通股数：
基础62.6 65.6 62.9 65.7 
稀释63.9 67.2 64.3 67.3 
每股宣布的分红派息$0.825 $0.75 $1.65 $1.50 
请参阅附注。
3

拉夫劳伦公司
综合收益陈述
(未经查核)
结束于三个月的期间六个月结束
 九月二十八日,
2024		九月三十日，
2023		九月二十八日,
2024		九月三十日，
2023
（百万）
净利润
$147.9 $146.9 $316.5 $279.0 
其他综合损益（税后净额）：
外币货币兑换收益（损失）85.3 (38.1)59.9 (75.6)
现金流量避险的净收益（损失）(12.8)8.2 (9.4)9.0 
定义利益计划的亏损(0.1)(0.1)(0.1)(0.2)
其他综合收益（损失）- 税后
72.4 (30.0)50.4 (66.8)
累计综合收益$220.3 $116.9 $366.9 $212.2 
详见附注。
4

拉夫劳伦公司
综合现金流量表
(未经审计)
 六个月已结束
 9月28日
2024		九月三十日
2023
（百万）
来自经营活动的现金流：
净收入$316.5 $279.0 
为使净收入与经营活动提供的净现金保持一致而进行的调整：
折旧和摊销费用110.3 116.8 
递延所得税支出19.4 6.1 
股票薪酬支出60.0 50.7 
坏账支出2.1 0.3 
其他非现金费用（福利）(3.7)16.3 
运营资产和负债的变化：
应收账款(63.4)(26.5)
库存(203.6)(151.0)
预付费用和其他流动资产(40.4)(37.8)
应付账款和应计负债225.8 154.7 
所得税应收账款和应付账款(49.3)(41.8)
经营租赁使用权资产和负债，净额(0.5)(18.2)
资产负债表的其他变化1.3 (5.0)
经营活动提供的净现金
374.5 343.6 
来自投资活动的现金流：
资本支出(75.1)(82.4)
购买投资(496.5)(158.6)
出售收益和投资到期日290.8 108.1 
其他投资活动1.0 — 
用于投资活动的净现金
(279.8)(132.9)
来自融资活动的现金流：
支付融资租赁债务(10.8)(11.2)
股息的支付(98.9)(98.2)
回购普通股，包括因预扣税而退出的股票(330.2)(225.7)
用于融资活动的净现金
(439.9)(335.1)
汇率变动对现金、现金等价物和限制性现金的影响36.8 (23.9)
现金、现金等价物和限制性现金的净减少(308.4)(148.3)
期初的现金、现金等价物和限制性现金1,670.6 1,536.9 
期末现金、现金等价物和限制性现金$1,362.2 $1,388.6 
请参阅附注。
5

拉夫劳伦公司
合并股权报表
(未经审计)
2024年9月28日结束的三个月
普通股(a)
追加
已缴资本
资本		库藏股
成本价
保留
盈余		总计
权益
股份金额股份金额
其他综合损益(b)
（百万）
截至2024年6月29日的余额
133.9 $1.3 $2,948.1 $7,168.7 71.5 $(7,453.0)$(298.1)$2,367.0 
行使期权和股票套期权而发行的普通股，扣除净数
净利润147.9 
其他综合收益72.4 
累计综合收益220.3 
已宣布股息(51.2)(51.2)
回购普通股，包括附加税0.8 (129.5)(129.5)
基于股票的薪酬35.7 35.7 
根据股票基础发行的股份
经股东批准的股权补偿计划
0.5 — — — 
2024年9月28日结余
134.4 $1.3 $2,983.8 $7,265.4 72.3 $(7,582.5)$(225.7)$2,442.3 
截至2023年9月30日的三个月
普通股(a)
追加
已缴资本
资本		库藏股
成本价
保留
盈余		总计
权益
股份金额股份金额
其他综合损益(b)
（百万）
2023年7月1日的结余
132.8 $1.3 $2,845.7 $6,681.3 67.5 $(6,854.5)$(232.8)$2,441.0 
行使期权和股票套期权而发行的普通股，扣除净数
净利润146.9 
其他综合损失(30.0)
累计综合收益116.9 
已宣布股息(48.5)(48.5)
回购普通股，包括附加税1.4 (169.5)(169.5)
基于股票的薪酬29.3 29.3 
根据基于股票的方式发行的股份
经股东批准的股权补偿计划
0.8 — — — 
2023年9月30日的结余
133.6 $1.3 $2,875.0 $6,779.7 68.9 $(7,024.0)$(262.8)$2,369.2 
(a)包括A类和B类普通股。
(b)累计其他综合收入（损失）。
6

拉尔夫劳伦公司
综合股权报表 (继续)
(未经审核)
二零二四年九月二十八日止之六个月
普通股(a)
追加
已缴资本
资本		库藏股
成本价
保留
盈余		总计
权益
股份金额股份金额
其他综合损益(b)
（百万）
2024年3月30日结余
133.6 $1.3 $2,923.8 $7,051.6 70.3 $(7,250.3)$(276.1)$2,450.3 
行使期权和股票套期权而发行的普通股，扣除净数
净利润316.5 
其他综合收益50.4 
累计综合收益366.9 
已宣布股息(102.7)(102.7)
回购普通股，包括附加税2.0 (332.2)(332.2)
基于股票的薪酬60.0 60.0 
根据股本诱因计划发行的股份
0.8 — — — 
2024年9月28日结余134.4 $1.3 $2,983.8 $7,265.4 72.3 $(7,582.5)$(225.7)$2,442.3 
2023年9月30日结束的六个月
普通股(a)
追加
已缴资本
资本		库藏股
成本价
保留
盈余		总计
权益
股份金额股份金额
其他综合损益(b)
（百万）
2023年4月1日结余
132.6 $1.3 $2,824.3 $6,598.2 67.0 $(6,797.3)$(196.0)$2,430.5 
行使期权和股票套期权而发行的普通股，扣除净数
净利润279.0 
其他综合损失(66.8)
累计综合收益212.2 
已宣布股息(97.5)(97.5)
回购普通股，包括附加税1.9 (226.7)(226.7)
基于股票的薪酬50.7 50.7 
Shares issued pursuant to stock-based compensation plans1.0 — — — 
2023年9月30日的结余
133.6 $1.3 $2,875.0 $6,779.7 68.9 $(7,024.0)$(262.8)$2,369.2 
(a)包括A类和B类普通股。
(b)累计其他综合收益（损失）。
请参见附带的说明。
7



拉夫劳伦公司
合并基本报表附注
(以百万计，除每股数据和另有说明外)
(未经审计)

1.    业务描述
拉夫劳伦公司（"RLC"）是全球奢侈生活方式产品设计、营销和分销的领导者，产品包括服装、鞋类及配件、家居、香水和酒店行业。RLC的长期声誉和独特形象在广泛的产品、品牌、分销渠道和国际市场中得到了发展。RLC的品牌包括拉夫劳伦、拉夫劳伦系列、拉夫劳伦紫标、双RL、Polo拉夫劳伦、Lauren拉夫劳伦、Polo拉夫劳伦儿童和Chaps等。RLC及其子公司在此统称为"公司"、"我们"、"我们"、"我们的"和"我们自己"，除非上下文另有指示。
公司通过地理（北美、欧洲和亚洲等其他地区）和分销渠道（零售、批发和许可）来多元化其业务。这使得公司能够保持动态平衡，因为其运营结果并不完全依赖于任何单一地理区域或分销渠道的表现。公司通过其综合零售渠道直接向消费者销售，包括全球的零售门店、基于特许经营的店中店，以及数字商务操作。公司的批发销售主要是向全球主要的百货商店、专业商店和第三方数字合作伙伴进行的，以及向公司已授权在特定地理区域使用其商标运营的某些第三方拥有的商店。此外，公司还授予第三方在指定期限内使用其各类商标的许可，以便与被许可方的生产和销售特定产品相关联，包括某些服装、眼镜、香水和家居用品。
公司将其业务组织为以下 三 可报告的分部：北美、欧洲和亚洲。除了这些可报告的分部外，公司还拥有其他非可报告分部。有关公司的分部报告结构的进一步讨论，请参见第16条注释。
2.    财务报表的基础
中期财务报表
这些临时合并基本报表是根据证券交易委员会（"SEC"）的规则和规定编制的，并未经审计。管理层认为，这些合并基本报表包含了所有正常和经常性调整，以公正地呈现公司的合并财务状况、收入（损失）、综合收入（损失）和所呈现期间的现金流。此外，某些通常包含在根据美国公认会计原则（"U.S. GAAP"）编制的基本报表和相关注释中的信息和披露已根据SEC的规则和规定进行了简化或省略。然而，公司认为本报告中提供的披露足以防止信息呈现产生误导。
本报告应与公司向SEC提交的截至2024年3月30日的财政年度的10-K年度报告一同阅读（"2024财年10-K"）。
合并基础
这些未经审计的中期合并基本报表展示了公司的合并财务状况、收入（损失）、综合收入（损失）和现金流，包括公司拥有控制性财务利益并被确定为主要受益人的所有实体。所有重大内部公司余额和交易在合并中已被消除。
财政期间
公司采用一个截至每年3月31日最近的星期六的52-53周财政年度。因此，财政年度2025将于2025年3月29日结束，并将是一个52周的周期（"财政2025"）。财政年度2024于2024年3月30日结束，也同样是一个52周的周期（"财政2024"）。财政2025的第二季度于2024年9月28日结束，为13周的周期。财政2024的第二季度于2023年9月30日结束，也为13周的周期。
8

拉夫劳伦公司
合并基本报表附注（续）
估计的使用
编制符合美国一般公认会计原则（U.S. GAAP）的基本报表需要管理层做出某些估计和假设，这些会影响到基本报表及其附注中报告的金额。实际结果可能与这些估计存在重大差异。
编制合并基本报表中固有的重大估计包括客户坏账准备、客户退货、折扣、季末降价、运营退款以及某些合作广告津贴；存货的可实现性；诉讼及其他或有事项的准备；长期有形和无形资产的使用年限和减值；公允价值计量；收入税及相关的不确定税务定位的会计处理；股票基础薪酬奖励的估值及相关的没收率；以及重组活动的准备等。
重新分类
为了使财务信息符合当前期间的呈现，已对前期财务信息进行了某些重新分类。.
业务的季节性
公司的业务通常受到季节性趋势的影响，在其第二和第三财季的零售销售水平较高，在其第二和第四财季的批发销售较高。这些趋势主要源于假期旅行、开学和节日购物等关键时间的影响，从而影响其零售业务以及季节性批发运输的时间安排。由于其业务变化、消费支出模式以及宏观经济环境（包括因流行病和其他灾难事件引起的变化），历史季度运营趋势和营运资金需求可能无法反映公司的未来表现。此外，任何财季的销售、营业收入（亏损）和现金流的波动可能受到影响零售销售的其他事件的影响，例如天气模式的变化。因此，截止到2024年9月28日的三个月和六个月期间公司的运营结果和现金流不一定能反映2025财年全年可能预期的运营结果和现金流。
3.    重要会计政策概述
收入确认
公司在满足其履行义务时，通过将承诺的产品或服务的控制权转移给客户，确认来自所有业务渠道的营业收入，这一过程可能发生在某个时点或在一段时间内，具体取决于客户何时获得指挥使用产品或服务并获得所有剩余利益的能力。确认的营业收入金额考虑了销售条款，这些条款会造成公司最终预计有权获得的对产品或服务的对价金额的变化，并受到总体限制，即未来期间不会发生重大营业收入的逆转。向客户收取的销售税和其他相关税款并不包括在营业收入中。
公司的零售业务的营业收入在客户实际获得产品时确认，这通常发生在客户在公司自营零售店和店中店购买商品时的销售时点，或在通过直接面向消费者的数字商务网站订购商品的收货时确认。这些营业收入是基于历史趋势估算的退货后净收入。付款在销售时点到期。
客户购买的礼品卡在未兑换成公司零售业务出售的产品之前，会被记录为负债，此时才会确认营业收入。公司还会估计并确认预期不会被兑换的礼品卡余额的营业收入（称为"未兑换部分"），以至于它没有法律义务将这些未兑换的礼品卡的价值作为未认领或弃置财产交给相关司法管辖区。这些估算基于历史兑换趋势，未兑换收入的确认与实际客户兑换的模式成比例。
9

拉夫劳伦公司
合并基本报表附注（续）
公司的批发业务收入通常在产品发货时确认，此时所有权转移，并且风险转移给客户。在某些安排中，如果公司在运输过程中保留损失风险，则在客户收到产品时确认收入。批发收入在记录时会扣除退货、折扣、季末降价、运营扣款和某些合作广告津贴的估计值。退货和津贴需要管理层的预先批准，折扣则基于交易条款。季末降价准备金的估计基于历史趋势、实际和预测的季节性结果、当前经济和市场条件的评估、零售商的表现以及在某些情况下的合同条款。运营扣款的估计基于客户订单履行差异的实际通知和历史趋势。公司至少每季度审查并完善这些估计。公司对这些金额的历史估计与实际结果没有实质性差异。
公司的许可收入是在许可证被授予公司商标（即符号知识产权）的期间内，随着被许可方通过其销售的许可产品受益而逐步确认的。这些安排要求被许可方支付基于销售的特许权使用费，对于大多数安排，可能会受到合同保证的最低特许权使用费用的约束。支付通常按季度到期，并且根据收到的时间，这些款项可能在确认为营业收入之前被记录为负债。公司在被许可方销售许可产品时确认基于销售的特许权使用费安排的收入（包括那些特许权使用费超过任何合同保证的最低特许权使用费用的情况）。如果最终预计基于销售的特许权使用费不会超过合同保证的最低特许权使用费用，最低费用通常在各自的合同期内按比例确认收入。这种基于销售的进度输出衡量和确认模式最好地代表了在安排期间转移给被许可方的价值，以及公司有权因提供其商标的使用权而获得的对价。 截至2024年9月28日，预计在未来期间内确认的合同保证的最低特许权使用费金额如下：
合同保证
最低版权费(a)
(百万)
2025财政年度剩余时间$46.4 
2026财年85.4 
2027财年84.2 
2028财年49.7 
2029财政年度及以后54.7 
总计$320.4 
(a)所呈现的金额不考虑潜在的合同续约或超出合同保证最低限额的版税收入。
分解后的净收入
下表将公司的净收入分解为几个类别，以说明经济因素如何影响所列财政期间的收入和现金流的性质、金额、时间和不确定性：
截至三个月
2024年9月28日2023年9月30日
北美欧洲亚洲其他总计北美欧洲亚洲其他总计
(百万)
销售渠道(a):
零售$467.3 $272.9 $356.2 $— $1,096.4 $437.8 $238.4 $318.1 $— $994.3 
批发272.2 293.0 24.0 — 589.2 280.0 288.4 30.3 — 598.7 
许可— — — 40.4 40.4 — — — 40.0 40.0 
总计$739.5 $565.9 $380.2 $40.4 $1,726.0 $717.8 $526.8 $348.4 $40.0 $1,633.0 
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拉夫劳伦公司
合并基本报表附注（续）
截至六个月
2024年9月28日2023年9月30日
北美欧洲亚洲其他总计北美欧洲亚洲其他总计
(百万)
销售渠道(a):
零售$884.0 $518.0 $727.0 $— $2,129.0 $848.8 $465.1 $670.2 $— $1,984.1 
批发463.7 527.0 44.1 — 1,034.8 500.7 512.2 55.7 — 1,068.6 
许可— — — 74.4 74.4 — — — 76.8 76.8 
总计$1,347.7 $1,045.0 $771.1 $74.4 $3,238.2 $1,349.5 $977.3 $725.9 $76.8 $3,129.5 
(a)公司零售和批发业务的净收入在某个时点确认。公司许可业务的净收入随着时间的推移进行确认。
递延收入
递延收入指的是在公司向客户转移产品或服务控制权之前收到的现金支付，通常包括未使用的礼品卡（扣除折旧）和来自其许可方的预付特许权使用费。 截至2024年9月28日和2024年3月30日，公司递延收入余额为$15.8 百万和$17.4 截至2024年9月28日和2024年3月30日，递延收入余额分别为$百万，主要记录在合并资产负债表内的应计费用和其他流动负债项下。预计截至2024年9月28日的递延收入余额大部分将在未来十二个月内确认作为营业收入。
运输和处理费用
与将商品运送给客户相关的成本被视为履行活动，并在合并的营业报表中反映为销售、一般和管理（"SG&A"）费用。为销售准备商品的成本，例如拣选、包装、仓储和订单费用（"处理费用"），也包括在SG&A费用中。向客户收取的运费和处理费已包含在营业收入中。
所示财政期间的运输和处理费用总结如下：
 截至三个月截至六个月
 九月二十八日，
2024		九月三十日
2023		九月二十八日，
2024		九月三十日
2023
 (百万)
运输费用$20.9 $19.2 $38.2 $36.1 
处理费用40.5 41.5 75.6 80.7 
每普通股的净利润
基本每股净利润是通过将归属于普通股的净利润除以期间内已发行的普通股加权平均数来计算的。加权平均普通股包括公司的A类和B类普通股。稀释每股净利润在基本每股净利润的基础上，调整由于未发行的限制性股票单位（"RSUs"）及任何其他潜在稀释工具和基于股票的补偿奖励所带来的稀释效应，使用财务库存法，仅在这些影响为稀释的期间进行调整。
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拉夫劳伦公司
合并基本报表附注（续）
用于计算每股基本净利润的加权平均流通普通股股数与用于计算每股稀释净利润的股数的对比如下：
 截至三个月截至六个月
 九月二十八日，
2024		九月三十日
2023		九月二十八日，
2024		九月三十日
2023
 (百万)
基本股份62.6 65.6 62.9 65.7 
限制性股票单位的稀释效应1.3 1.6 1.4 1.6 
稀释股63.9 67.2 64.3 67.3 
所有每股收益金额均已使用未四舍五入的数字计算。 本公司有表现基础的限制性股份单位（RSUs），仅在以下情况计算稀释股份：当期报告结束时，相关的绩效条件(i)已经满足或(ii)如果报告期结束时为相关应急期的结束，结果将被视为满足且结果为稀释。 截至2024年9月28日和2023年9月30日， 0.3 有百万股基于业绩的限制性股份单位（RSUs）在归属的情况下可发行，但被排除在稀释股份计算之外。
应收账款
在正常的业务过程中，公司向满足特定信用标准的批发客户提供信贷。付款通常在 30到120天内 并且不涉及重大融资成分。应收账款以摊余成本记录，接近公允价值，并在合并资产负债表中以某些准备金和减值准备的净额呈现。这些准备金和减值准备包括（i）退货、折扣、季末降价、运营拒付和某些合作广告补助金的准备金（参见"收入确认"部分以进一步讨论相关的会计政策）以及（ii）坏账准备金。
公司储备中有关退货、折扣、季末降价、运营回扣及某些合作广告津贴的活动回溯如下所示：
 截至三个月截至六个月
 九月二十八日，
2024		九月三十日
2023		九月二十八日，
2024		九月三十日
2023
 (百万)
开始准备金余额$126.3 $135.2 $143.1 $148.1 
计入营业收入以增加储备的金额128.2 122.4 223.0 218.0 
计入客户账户以减少储备的金额
(102.3)(108.5)(212.9)(216.0)
外币折算4.1 (2.5)3.1 (3.5)
期末储备余额$156.3 $146.6 $156.3 $146.6 
对坏账准备的确定是通过应收账款账龄的分析、基于对历史趋势评估的可收回性评估、公司客户的财务状况及其承受长期不利经济条件的能力、以及对相关资产合同期间内当前和预测经济与市场条件影响的评估等多个因素进行的。
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拉夫劳伦公司
合并基本报表附注（续）
公司坏账准备的活动的滚动表如下所示：
 截至三个月截至六个月
 九月二十八日，
2024		九月三十日
2023		九月二十八日，
2024		九月三十日
2023
 (百万)
开始准备金余额$32.5 $25.6 $32.2 $27.2 
录入费用的金额以增加储备(a)
1.3 1.1 2.1 0.3 
冲销客户账户的金额以减少储备
(0.4)— (0.8)(0.6)
外币折算0.8 (0.3)0.7 (0.5)
期末储备余额$34.2 $26.4 $34.2 $26.4 
(a)记录到坏账费用的金额包含在合并的经营报表中的SG&A费用中。
信贷风险集中度
公司主要向全球主要百货商店、专卖店和第三方数字合作伙伴销售批发商品，并根据对每位客户的财务能力和控件的评估提供信贷，通常不要求提供担保。在公司的批发业务中，由于客户数量众多且分布在多个地理区域，信贷风险的集中相对有限。然而，公司拥有 三 一些关键的批发客户，产生了可观的成交量。在2024财年，公司对这些 三 客户的销售额约占 13%的总净收入。几乎所有的公司销售给其 三 最大批发客户的销售额都与其北美业务相关。截至2024年9月28日，这些 三 批发客户大约占比 28% 的总应收账款。
存货
公司持有的库存在零售商店和数字商务网站上直接销售给消费者。公司还持有通过批发分销渠道销售给主要百货商店、专业商店和第三方数字合作伙伴的库存。公司几乎所有的库存都由成品组成，按成本或预计可实现价值的较低者计量，成本采用加权平均成本法确定。 公司持有的库存总计 $1.128 十亿，$902.2 百万，以及$1.195 十亿，截至2024年9月28日、2024年3月30日和2023年9月30日，分别为。
供应商金融计划
公司支持一项自愿的供应商融资计划，允许其某些库存供应商自行决定将其应收账款（通常在内部）卖出给参与的金融机构，以换取比公司与供应商之间规定的付款期限更早的折扣支付金额。公司的供应商付款条款和应付款金额不受供应商决定参与该计划的影响。公司未对供应商融资计划质押任何资产，也不提供任何担保。 90 截至2024年9月28日和2024年3月30日，公司在其供应商融资计划下的未偿付付款义务分别为$ 百万，并记录在合并资产负债表的应付账款中。215.5 百万和$129.2
衍生金融工具
公司在其合并资产负债表上以公允价值记录衍生金融工具。被指定并符合套期会计要求的衍生工具公允价值的变化要么通过收益抵消相关对冲资产、负债或固定承诺的公允价值变化，要么在权益中作为累计其他综合收益（损失）（"AOCI"）的一部分进行确认，直到对冲项目在收益中确认，这取决于该工具是对冲公允价值变化还是现金流和净投资。
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拉夫劳伦公司
合并基本报表附注（续）
每个符合对冲会计要求的衍生工具都预计能够有效抵消与相关风险敞口相关的风险。对于每一种指定为对冲的工具，公司记录相关的风险管理目标和策略，包括对冲工具、对冲项目和风险敞口的识别，以及如何在工具的期限内评估对冲的有效性。为了在对冲关系开始时评估对冲的有效性，公司通常使用回归分析这一统计方法来评估衍生工具的公允价值变化预期如何抵消相关对冲项目的公允价值或现金流的变化。公司至少每季度评估一次对冲工具在实现公允价值或现金流抵消变化方面的高效性。
鉴于使用衍生工具，该公司面临合约对手未能履行合同义务的风险。为了降低此类对手信用风险，公司的政策是仅与经过精心挑选的金融机构签订合同，基于其信用评级及其他某些因素进行评估，遵守设定的信用风险敞口限制。公司的既定政策和程序包括对对手信用状况的持续审核和评估。公司在可能的情况下还会与对手签订主净额安排，以进一步降低信用风险。在违约或终止的情况下，这些安排允许公司对与同一对手相关的多个衍生交易进行净额结算。主净额安排指定了多种违约和终止的事件，包括未能按时付款。
公司的衍生工具的公允价值以总额方式记录在其合并资产负债表上。出于现金流报告的目的，收到的款项或在衍生工具结算时支付的款项按照被对冲相关项目的相同方式进行分类，主要在其远期汇率合约的经营活动现金流中，以及在其跨货币掉期合约的投资活动现金流中，具体如下讨论。
现金流对冲
公司使用远期外汇合约来降低其在实体非功能货币的库存交易中与汇率波动相关的风险。 在指定为现金流套期保值的范围内，此类工具的相关损益最初被递延在权益中，作为其他综合收益的一部分，并在相关库存销售时在综合运营报表中确认在营业成本内。
如果一个衍生工具被重新指定或对冲会计被停止，因为该工具预计在对冲指定风险时不会高度有效，则任何进一步的收益（损失）将在每个期间的其他收入（费用）中确认，并计入净额。在停止对冲会计时，记录在其他综合收益中的衍生工具公允价值的累计变动将在相关对冲项目影响收益时确认，符合对冲策略，除非相关的预测交易不太可能发生，在这种情况下，累计金额将立即在其他收入（费用）中确认，并计入净额。
外部运营净投资的对冲
公司定期使用跨币种掉期合同，以降低与某些对外子公司净投资相关的汇率波动风险。这些被指定为对外业务净投资对冲工具的衍生金融工具的公允价值变化，按照外币折算调整的方式记录在权益中，作为其他综合收益（AOCI）的一个组成部分。在评估这些对冲的有效性时，公司采用一种基于现货汇率变化的方法，来衡量外币汇率波动对其外子公司净投资及相关对冲工具的影响。根据这种方法，除因现货汇率变化而导致的对冲工具的公允价值变化，最初记录在AOCI中作为折算调整，并在工具存续期间按系统合理的方法摊销为利息费用。与有效部分相关的公允价值变化（即因现货汇率变化而导致的）记录在AOCI中作为折算调整，并仅在对冲的净投资出售或清算时释放并确认入收益。
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拉夫劳伦公司
合并基本报表附注（续）
未指定的对冲
公司主要使用未指定的对冲工具来对冲与第三方和公司内部余额及风险相关的外汇汇率风险。这类工具的公允价值变动在每个期间内计入收益，记录在其他收入（支出），净值中。
有关公司衍生金融工具的进一步讨论，请参见注释11。
请参阅2024财年10-K报告的注释3，以了解公司所有重要会计政策的摘要。
4.    最近发布的会计准则
对所得税披露的改进
在2023年12月，财务会计准则委员会（“FASB”）发布了会计准则更新（“ASU”）第2023-09号，标题为《收入税披露的改进》（“ASU 2023-09”）。ASU 2023-09旨在增强年度收入税披露的透明度和实用性。在其条款中，ASU 2023-09要求披露实体有效税率与法定税率之间的调节，前者通过将每个财政期间的所得税费用除以税前收入计算得出，并使用八个具体类别。同时，对于符合5%定量门槛的调节项目，还需单独披露。此外，ASU 2023-09要求披露缴纳的所得税（扣除所收的退款），按联邦、州和外国税收分类，如果达到5%的定量门槛，还需按各个司法管辖区分列。ASU 2023-09自2026年3月28日结束的财务年度（“2026财年”）开始，对公司实施，并应前瞻性应用，虽然允许追溯适用。还允许提前采用。除了新的披露要求外，ASU 2023-09不会对公司的合并基本报表产生影响。
对可报告部门披露的改进
在2023年11月，FASB发布了ASU第2023-07号，"可报告部门披露的改进"（"ASU 2023-07"）。ASU 2023-07要求实体在年度和中期基础上进行某些增强的部门披露，包括披露定期提供给其首席经营决策者（"CODM"）的重大部门费用，该定义见于会计标准编纂主题280，"部门报告"，以及关于实体的CODM的各种信息，以及其他条款。ASU 2023-07并不改变实体识别其经营部门、合并部门或应用定量阈值以判断其可报告部门的方式。ASU 2023-07要求的年度披露自2025财政年度开始对公司生效，而中期披露自2026财政年度开始生效。ASU 2023-07的条款应追溯适用于所有之前呈现的期间。允许提前采用。除了新的披露要求外，ASU 2023-07不会对公司的合并基本报表产生影响。
供应商融资计划义务的披露
在2022年9月，FASB发布了ASU第2022-04号，"供应商金融计划义务的披露"（"ASU 2022-04"）。ASU 2022-04要求实体披露其在购买商品和服务时使用的供应商金融计划的主要条款，以及每个期间末未偿还义务的金额和该义务的年度滚动信息。此标准不影响供应商金融计划义务的确认、计量或基本报表的呈现。ASU 2022-04自2024财政年度起对公司生效，因此公司已针对所有显示资产负债表的日期进行了所有必要的披露。年度滚动信息的披露在2025财政年度之前无需进行，并将采取前瞻性应用。除了新的披露要求外，ASU 2022-04对公司合并基本报表没有影响。有关公司的供应商金融计划的进一步讨论见第3条。
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5.    物业及设备
净物业及设备包括以下内容：
九月二十八日，
2024		3月30日，
2024
 (百万)
土地及改进$15.3 $15.3 
建筑物及改善421.1 416.8 
家具和固定装置650.5 627.1 
机械和设备408.0 389.5 
资本化软件563.9 558.5 
租赁改善1,294.8 1,249.4 
建设中的工程55.1 46.2 
3,408.7 3,302.8 
减：累计折旧(2,576.6)(2,452.4)
物业及设备（净额）$832.1 $850.4 
物业和设备净额包括融资租赁使用权（"ROU"）资产，这些资产根据其性质反映在上面的表格中。
折旧费用为$52.7 百万和$103.8 在截至2024年9月28日的三个月和六个月期间，分别为百万，和$55.2 百万和$110.1 在截至2023年9月30日的三个月和六个月期间，分别为百万，主要记录在合并运营报表中的销售、一般和行政费用内。
6.    其他资产和负债
预付费用和其他流动资产包括以下内容：
九月二十八日，
2024		3月30日，
2024
 (百万)
预付软件维护费$30.5 $19.2 
非交易应收款项24.2 27.2 
其他应收税款22.8 26.1 
租户补贴应收款22.6 5.2 
衍生金融工具18.3 6.0 
预付市场营销和广告费用16.2 19.6 
存货退回资产15.7 13.3 
预付占用费用12.7 8.3 
预付保险9.6 4.1 
云计算服务商安排实施费用8.7 7.2 
预付物流服务6.7 6.5 
受限制现金1.4 2.8 
其他预付费用和流动资产23.5 26.4 
总预付费用和其他流动资产$212.9 $171.9 
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其他非流动资产包括以下内容：
九月二十八日，
2024		3月30日，
2024
 (百万)
保证金$36.7 $34.2 
云计算服务商安排实施费用16.3 16.0 
权益法及其他投资7.8 7.5 
递延租赁资产6.0 6.3 
受限制现金5.8 5.6 
衍生金融工具— 30.6 
其他非流动资产25.8 25.5 
其他非流动资产总计$98.4 $125.7 
应计费用和其他流动负债包括以下内容：
九月二十八日，
2024		3月30日，
2024
 (百万)
应计营业费用$187.1 $192.0 
应计工资和福利185.3 207.7 
应计库存183.2 122.2 
应计营销和广告95.9 74.2 
其他应付税款91.0 60.8 
应付股息51.2 47.5 
应计资本支出26.8 26.7 
重组准备金23.6 32.3 
融资租赁义务20.0 19.2 
递延收入15.7 17.3 
衍生金融工具6.4 0.3 
其他应计费用和流动负债9.5 9.5 
总应计费用及其他流动负债$895.7 $809.7 
其他非流动负债包括以下内容：
九月二十八日，
2024		3月30日，
2024
 (百万)
递延租赁激励和义务$38.7 $41.0 
资产退休义务36.9 34.8 
应计福利和递延补偿20.9 20.5 
递延税项负债13.1 7.0 
衍生金融工具8.8 5.2 
其他非流动负债5.9 5.1 
其他非流动负债总计$124.3 $113.6 
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7.    重组及其他费用，净值
下面提供了重大重组和其他活动及其相关成本的描述。
2025财政重组活动
截至2024年9月28日的三个月和六个月期间，公司的现金相关重组费用分别为$7.4 百万和$10.7 百万，主要与遣散和福利成本有关。截止至2024年9月28日，涉及这些现金相关费用的剩余负债为$7.9 百万，反映在截至2024年9月28日的六个月内支付的现金总额为$2.8 百万。公司还记录了非现金相关费用，净额为$1.6 百万，主要与根据就业分离协议记录的基于股票的薪酬费用有关，在截至2024年9月28日的三个月和六个月期间产生。
2024财年重组活动
截至2023年9月30日的三个月和六个月期间，公司记录了$6.8 百万和$37.3 百万的与现金相关的重组费用，主要与离职和福利成本相关。在2024财政年度，公司记录了累计的与重组相关的费用$55.8 百万，其中现金相关费用为$54.5 百万，主要与离职和福利成本相关，以及非现金相关费用$1.3 百万。截止到2024年9月28日和2024年3月30日，与这些现金相关费用相关的剩余负债为$15.5 百万和$30.2 百万，反映现金支付为$14.9 百万和非现金调整为$0.2 截至2024年9月28日的六个月内，进行了百万的调整。
其他重组活动
截至2024年9月28日的三个月和六个月期间，公司确认了$0.4 百万和$1.4 百万美元的收入，分别计入合并收益表中的重组及其他费用净额，这与公司之前出售的Club Monaco业务相关，收入来源于Regent，L.P.。在比较基准上，截至2023年9月30日的三个月和六个月期间，公司确认了$2.0 百万美元的收入，分别计入合并收益表中的重组及其他费用净额，这与公司之前出售的Club Monaco业务相关，收入来源于Regent，L.P.。有关公司出售前Club Monaco业务的更多讨论，请参见2024财政年度10-K的第9条。
截至2024年9月28日和2024年3月30日，与公司在2024财政年度之前启动的重组计划相关的剩余负债为$2.6 百万和$4.2 百万，反映在截至2024年9月28日的六个月内支付的现金为$1.6 百万。
其他费用
下一代转型项目
该公司正处于执行一项为期多年的大规模全球项目的初期阶段，该项目预计将显著改变公司的业务运营方式，并进一步实现其向全球直接面向消费者的模式（“下一代转型项目” 或 “NgT项目”）的长期战略转向。NgT项目将分阶段完成，涉及重新设计某些端到端流程以及在全球范围内实施一套信息系统。这些努力预计将带来显著的流程改进，并在包括商品购买和规划、采购、库存管理、零售和批发业务以及财务规划和报告在内的核心业务领域创造协同效应，从而更好地使公司能够优化库存水平，提高对各市场消费者需求变化的反应速度等。在NgT项目的初步阶段, 公司记录了其他费用 $5.7 百万和美元8.0 在截至2024年9月28日的三个月和六个月期间，分别为百万人。
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之前退出的房地产业
公司录得其他费用$4.1 百万和$6.9 在截至2024年9月28日的三个月和六个月期间，分别为百万，和$4.5 百万和$9.6 在截至2023年9月30日的三个月和六个月期间，分别为百万，主要与公司过去重组活动中与某些已退出的房地产业位置相关的租金和占用费用有关，而相关的租赁协议尚未到期。
8.    所得税
有效税率
公司的有效税率是通过将每个财务期间的所得税准备金除以税前收入来计算的， 21.4% 21.8% 在截至2024年9月28日的三个月和六个月期间，分别为，和 11.2% 17.0% 在截至2023年9月30日的三个月和六个月期间，分别为。2024年9月28日的三个月和六个月期间的有效税率略高于美国联邦法定所得税率 21%，主要是由于不确定的税务立场和州税，部分抵消了基于股票的补偿的有利税收影响。2023年9月30日的三个月和六个月期间的有效税率低于美国联邦法定所得税率 21%，主要是由于与瑞士税制改革相关的递延税资产重估的有利调整以及与欧盟反避税指令相关的有利递延税调整。较低的有效税率还归因于由于实施税制变更而导致的净递延税资产的有利重新计量。
不确定的所得税利益
公司将与未确认税收利益相关的利息和罚款归类为其所得税准备金的一部分。未确认税收利益的总额，包括利息和罚款，达到了$132.7 百万和$118.7 在2024年9月28日和2024年3月30日分别为百万美元，并已纳入合并资产负债表中的未确认税收利益的非流动负债中。
如果被确认，将影响公司有效税率的未确认税收收益总额为$86.2 百万和$80.1 百万，截至2024年9月28日和2024年3月30日，分别为。
未确认税收优惠的未来变化
与公司税务立场相关的未确认税收利益的总金额可能会因未来事件而变化，包括但不限于正在进行的税务审计和评估的和解以及适用的法定时效的到期。尽管此类事件的结果和时间高度不确定，但公司预计在未来十二个月内，扣除利息和罚款的未确认税收利益的余额不会发生重大变化。然而，此类事件的发生、预期结果和时间的变化可能会导致公司当前的估计在未来发生重大变化。
公司提交合并的美国联邦所得税申报表，并在各州、地方及外国司法管辖区提交税务申报表。公司通常不再受到相关税务机关对其截至2014年3月29日的财政年度之前的年度进行审查的限制。
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9.    债务
债务包括以下内容：
九月二十八日，
2024		3月30日，
2024
(百万)
40000万美元 3.750% 高级票据(a)
$399.3 $399.0 
75000万美元 2.950% 高级票据(b)
742.2 741.5 
总债务1,141.5 1,140.5 
减：长期债务的流动部分399.3 — 
所有长期债务$742.2 $1,140.5 
 
(a)3.750%优先票据的账面价值呈现为减去未摊销的债务发行成本和原始发行折扣$0.7 百万和$1.0 百万，截止到2024年9月28日和2024年3月30日。
(b)2.950%的高级票据的账面价值以未摊销的债务发行成本和原始发行折扣净额呈现，金额为$7.8 百万和$8.5 截至2024年9月28日和2024年3月30日，金额为百万。
优先票据
在2018年8月，公司完成了一次注册的公开债务发行，发行了$400 百万总本金金额的无担保高级票据，到期于 2025年9月15日，该票据的利率为 3.750%，每半年支付一次（"3.750%高级票据"）。3.750%高级票据的发行价格等于 99.521%的面值。此次发行的所得款项用于一般公司用途，包括偿还公司之前已发行的$300 百万本金金额的 2.125%无担保高级票据的到期 2018年9月26日.
在2020年6月，公司完成了另一次注册的公开债务发行，并发行了额外的$500 百万总本金金额的无担保高级票据，到期并在 2022年6月15日 用手头现金偿还，利率为 1.700%，每半年支付一次（"1.700%高级票据"），以及$750 百万总本金金额的无担保高级票据，到期 2030年6月15日，利率为 2.950%，每半年支付一次（"2.950%优先票据"）。1.700%优先票据和2.950%优先票据的发行价格均等于 99.880% 98.995% 的面值，分别为。这些发行的收入用于一般公司用途，包括偿还在2020年6月3日根据公司全球货币信贷设施（定义见下文）未偿还的$475 百万，偿还其先前未偿还的$300 百万本金金额的 2.625% 无担保优先票据于 2020年8月18日到期.
公司有权在任何时候以赎回日期应计的未付利息加上以下较大者的价格，全部或部分赎回3.750%高级票据和2.950%高级票据（统称为"高级票据"）。 100%的需赎回的系列高级票据的本金金额或（ii）剩余计划支付的现值之和，剩余计划支付在管理该高级票据的补充契约中有定义（连同管理高级票据的契约，统称为"契约"）。 契约包含某些限制公司能力的契约，受特定例外的限制，不得承担某些留置权；进行销售和回租交易；与另一方合并或并购；或向另一方出售、租赁或转让公司所有或几乎所有的财产或资产。然而，契约不包含任何财务契约。
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商业票据
公司拥有商业票据借款计划，允许其发行高达$750 百万美元的无担保商业票据，通过定向增发，使用第三方经销商（"商业票据计划"）。
商业票据计划下的借款受到全球信用额度（如下所定义）的支持。因此，公司预计商业票据计划和全球信用额度下的借款总额不会超过$750 百万。商业票据计划下的借款可用于支持公司的一般流动资金和企业需求。商业票据的到期日期各不相同，但不得超过 397 天，且从发行之日起不得超过。根据商业票据计划发行的商业票据在优先级上与公司其他形式的无担保债务相等。截至2024年9月28日和2024年3月30日， 无 在商业票据计划下的借款尚未偿还。
循环信贷额度
全球货币信用设施
在2023年6月，公司终止了当时现有的信贷设施，并签订了一项新的信贷设施，该设施提供了$750 百万无担保循环信贷额度，通过 2028年6月30日 (“全球信贷设施”）在条款和条件上与先前的设施大致相似。全球信贷设施可用于营运资金需求、资本支出、某些投资、一般企业用途以及收购资金。全球信贷设施还可用于支持发放信用证和维护商业票据计划。通过全球信贷设施的借款可能以美元和其他某些货币计价，包括欧元、港元和日币，并由公司的一些国内子公司担保，包括公司的所有主要子公司。根据管理全球信贷设施的协议条款，公司有能力将其在全球信贷设施下的借款额扩大到$1.500 十亿，前提是一个或多个新贷方或现有贷方同意增加其承诺。在全球信贷设施的有效期内，没有强制性的借款能力减少。截至2024年9月28日和2024年3月30日，全球信贷设施项下有 无 的借款未偿还。然而，公司可能对$11.7 百万和$11.8 截至2024年9月28日和2024年3月30日，分别有百万份未结信用证。
全球信用设施包含多项契约，其中包括限制公司在特定例外情况下承担额外债务；承担留置权；出售或处置资产；与其他公司合并或收购；清算或解散；从事与相关业务无关的业务；提供贷款、预付款或担保；与关联方进行交易；以及进行特定投资。全球信用设施还要求公司维持调整后债务与合并EBITDAR（"杠杆比率"）的最大比率不超过 4.25 在测量日期的 四个 最近连续的财务季度。调整后债务一般被定义为合并未偿债务，包括金融租赁义务，加上所有操作租赁义务。合并EBITDAR一般被定义为合并净利润加上(i) 所得税费用，(ii) 净利息费用，(iii) 折旧和摊销费用，(iv) 操作租赁成本，(v) 重组及其他非经常性费用，(vi) 与收购相关的成本。 截至2024年9月28日， 在公司的全球信用设施下未发生任何违约事件（根据全球信用设施的定义）.
泛亚洲借款设施
公司在亚洲的一些子公司与摩根大通在中国和韩国的区域型分支机构有未承诺的信用额度（"泛亚信用额度"）。此外，公司在日本的子公司与住友三井银行有未承诺的透支额度（"日本透支额度"）。泛亚信用额度和日本透支额度（统称为"泛亚借款额度"）须按年续约，并可用于公司在各自国家的日常运营所需的流动资金。根据泛亚借款额度的借款由母公司担保，且完全由各自银行自行决定，须根据银行的资金可用性和满足某些监管要求。泛亚借款额度不包含任何财务契约。
21

拉夫劳伦公司
合并基本报表附注（续）
各国公司泛亚洲贷款便利的总结如下：
•中国信贷便利 — 向拉夫劳伦贸易（上海）有限公司提供高达的循环信贷额度 100 人民币（约$14 百万）通过 2025年4月3日，该额度也可以用于支持银行担保。
•韩国信用设施 — 为拉夫劳伦（韩国）有限公司提供高达的循环信贷额度 30 十亿韩国 won（约 $22 百万）通过 2025年10月24日.
•Japan Overdraft Facility — provides Ralph Lauren Corporation Japan with an overdraft amount of up to 5 billion Japanese Yen (approximately $35 million) through April 30, 2025.
As of both September 28, 2024 and March 30, 2024, there were no borrowings outstanding under the Pan-Asia Borrowing Facilities.
Refer to Note 11 of the Fiscal 2024 10-K for additional discussion of the terms and conditions of the Company's debt and credit facilities.
10.    Fair Value Measurements
U.S. GAAP prescribes a three-level valuation hierarchy for disclosure of fair value measurements. The determination of the applicable level within the hierarchy for a particular asset or liability depends on the inputs used in its valuation as of the measurement date, notably the extent to which the inputs are market-based (observable) or internally-derived (unobservable). A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows:
•Level 1 — inputs to the valuation methodology based on quoted prices (unadjusted) for identical assets or liabilities in active markets.
•Level 2 — inputs to the valuation methodology based on quoted prices for similar assets or liabilities in active markets for substantially the full term of the financial instrument; quoted prices for identical or similar instruments in markets that are not active for substantially the full term of the financial instrument; and model-derived valuations whose inputs or significant value drivers are observable.
•Level 3 — inputs to the valuation methodology based on unobservable prices or valuation techniques that are significant to the fair value measurement.
The following table summarizes the Company's financial assets and liabilities that are measured and recorded at fair value on a recurring basis, excluding accrued interest components:
September 28,
2024		March 30,
2024
 (millions)
Derivative assets(a)
$18.3 $36.6 
Derivative liabilities(a)
15.2 5.5 
(a)Based on Level 2 measurements.
The Company's derivative financial instruments are recorded at fair value in its consolidated balance sheets and are valued using pricing models that are primarily based on market observable external inputs, including spot and forward currency exchange rates, benchmark interest rates, and discount rates consistent with the instrument's tenor, and consider the impact of the Company's own credit risk, if any. Changes in counterparty credit risk are also considered in the valuation of derivative financial instruments.
22

RALPH LAUREN CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
To the extent the Company invests in commercial paper, such investments are classified as available-for-sale and recorded at fair value in its consolidated balance sheets using external pricing data, based on interest rates and credit ratings for similar issuances with the same remaining term as the Company's investments. To the extent the Company invests in bonds, such investments are also classified as available-for-sale and recorded at fair value in its consolidated balance sheets based on quoted prices in active markets.
The Company's cash and cash equivalents, restricted cash, and time deposits are recorded at carrying value, which generally approximates fair value based on Level 1 measurements.
The Company's debt instruments are recorded at their amortized cost in its consolidated balance sheets, which may differ from their respective fair values. The fair values of the Company's senior notes are estimated based on external pricing data, including available quoted market prices, and with reference to comparable debt instruments with similar interest rates, credit ratings, and trading frequency, among other factors. The fair values of the Company's commercial paper notes and borrowings outstanding under its credit facilities, if any, are estimated using external pricing data, based on interest rates and credit ratings for similar issuances with the same remaining term as the Company's outstanding borrowings. Due to their short-term nature, the fair values of the Company's commercial paper notes and borrowings outstanding under its credit facilities, if any, generally approximate their amortized cost carrying values.
The following table summarizes the carrying values and the estimated fair values of the Company's debt instruments:
 September 28, 2024March 30, 2024
 
Carrying Value(a)
Fair Value(b)
Carrying Value(a)
Fair Value(b)
 (millions)
$400 million 3.750% Senior Notes$399.3 $397.9 $399.0 $391.4 
$750 million 2.950% Senior Notes742.2 703.4 741.5 671.4 
 
(a)See Note 9 for discussion of the carrying values of the Company's senior notes.
(b)Based on Level 2 measurements.
Unrealized gains or losses resulting from changes in the fair value of the Company's debt instruments do not result in the realization or expenditure of cash unless the debt is retired prior to its maturity.
Non-financial Assets and Liabilities
The Company's non-financial assets, which primarily consist of goodwill, other intangible assets, property and equipment, and lease-related ROU assets, are not required to be measured at fair value on a recurring basis, and instead are reported at their amortized or depreciated cost in its consolidated balance sheet. However, on a periodic basis or whenever events or changes in circumstances indicate that they may not be fully recoverable (and at least annually for goodwill and indefinite-lived intangible assets), the respective carrying value of non-financial assets are assessed for impairment and, if ultimately considered impaired, are adjusted and written down to their fair value, as estimated based on consideration of external market participant assumptions and discounted cash flows. No impairment charges were recorded during either of the three-month and six-month periods ended September 28, 2024 or September 30, 2023.
The Company performed its annual goodwill assessment using a qualitative approach as of the beginning of the second quarter of Fiscal 2025. In performing the assessment, the Company identified and considered the significance of relevant key factors, events, and circumstances that affected the fair values and/or carrying amounts of its reporting units with allocated goodwill. These factors included external factors such as macroeconomic, industry, and market conditions, as well as entity-specific factors, such as the Company's actual and expected financial performance. Additionally, the Company also considered the results of its most recent quantitative goodwill impairment test, which was performed as of the beginning of the second quarter of Fiscal 2024, the results of which indicated that the fair values of these reporting units significantly exceeded their respective carrying values. Based on the results of the qualitative impairment assessment, the Company concluded that it is not more likely than not that the fair values of its reporting units are less than their respective carrying values and there were no reporting units at risk of impairment. No impairment charges associated with goodwill or other intangible assets were recorded during either of the six-month periods ended September 28, 2024 or September 30, 2023.
23

RALPH LAUREN CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
11.    Financial Instruments
Derivative Financial Instruments
The Company is exposed to changes in foreign currency exchange rates, primarily relating to certain anticipated cash flows and the value of the reported net assets of its international operations, as well as changes in the fair value of its fixed-rate debt obligations attributed to changes in benchmark interest rates. Accordingly, based on its assessment thereof, the Company may use derivative financial instruments to manage and mitigate such risks. The Company does not use derivatives for speculative or trading purposes.
The following table summarizes the Company's outstanding derivative instruments recorded on its consolidated balance sheets as of September 28, 2024 and March 30, 2024:
 Notional AmountsDerivative AssetsDerivative Liabilities
Derivative Instrument(a)
September 28,
2024		March 30,
2024		September 28,
2024		March 30,
2024		September 28,
2024		March 30,
2024
   
Balance
Sheet
Line(b)
Fair
Value
Balance
Sheet
Line(b)
Fair
Value
Balance
Sheet
Line(b)
Fair
Value
Balance
Sheet
Line(b)
Fair
Value
 (millions)
Designated Hedges:
FC — Cash flow hedges$316.2 $319.4 PP$0.1 PP$4.8 AE$6.0 AE$0.2 
Net investment hedges(c)
700.0 700.0 PP18.0 ONCA30.6 ONCL8.8 ONCL5.2 
Total Designated Hedges1,016.2 1,019.4 18.1 35.4 14.8 5.4 
Undesignated Hedges:
FC — Undesignated hedges(d)
186.0 153.2 PP0.2 PP1.2 AE0.4 AE0.1 
Total Hedges$1,202.2 $1,172.6 $18.3 $36.6 $15.2 $5.5 
(a)FC = Forward foreign currency exchange contracts.
(b)PP = Prepaid expenses and other current assets; AE = Accrued expenses and other current liabilities; ONCA = Other non-current assets; ONCL = Other non-current liabilities.
(c)Includes cross-currency swaps designated as hedges of the Company's net investment in certain foreign operations.
(d)Relates to third-party and intercompany foreign currency-denominated exposures and balances.
The Company presents the fair values of its derivative assets and liabilities recorded on its consolidated balance sheets on a gross basis, even when they are subject to master netting arrangements. However, if the Company were to offset and record the asset and liability balances of all of its derivative instruments on a net basis in accordance with the terms of each of its master netting arrangements, spread across eight separate counterparties, the amounts presented in the consolidated balance sheets as of September 28, 2024 and March 30, 2024 would be adjusted from the current gross presentation as detailed in the following table:
September 28, 2024March 30, 2024
Gross Amounts Presented in the Balance SheetGross Amounts Not Offset in the Balance Sheet that are Subject to Master Netting AgreementsNet
Amount		Gross Amounts Presented in the Balance SheetGross Amounts Not Offset in the Balance Sheet that are Subject to Master Netting AgreementsNet
Amount
(millions)
Derivative assets$18.3 $(3.8)$14.5 $36.6 $(0.2)$36.4 
Derivative liabilities15.2 (3.8)11.4 5.5 (0.2)5.3 
The Company's master netting arrangements do not require cash collateral to be pledged by the Company or its counterparties. See Note 3 for further discussion of the Company's master netting arrangements.
24

RALPH LAUREN CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
The following tables summarize the pretax impact of gains and losses from the Company's designated derivative instruments on its consolidated financial statements for the three-month and six-month periods ended September 28, 2024 and September 30, 2023:
 Gains (Losses)
Recognized in OCI
 Three Months EndedSix Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
 (millions)
Designated Hedges:
FC — Cash flow hedges$(12.3)$10.7 $(6.1)$16.6 
Net investment hedges — effective portion(28.0)20.1 (23.1)17.1 
Net investment hedges — portion excluded from assessment of hedge effectiveness
5.0 (8.4)7.0 (18.2)
Total Designated Hedges$(35.3)$22.4 $(22.2)$15.5 
 Location and Amount of
Gains (Losses) from
Cash Flow Hedges Reclassified from AOCI to Earnings
 Three Months EndedSix Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Cost of
goods sold		Cost of
goods sold		Cost of
goods sold		Cost of
goods sold
 (millions)
Total amounts presented in the consolidated statements of operations in which the effects of related cash flow hedges are recorded
$(570.3)$(562.9)$(1,016.7)$(1,027.4)
Effects of cash flow hedging:
FC — Cash flow hedges2.7 1.3 4.9 6.2 
 Gains (Losses) from Net Investment Hedges
Recognized in Earnings		Location of Gains (Losses)
Recognized in Earnings
 Three Months EndedSix Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
 (millions) 
Net Investment Hedges:
Net investment hedges — portion excluded from assessment of hedge effectiveness(a)
$3.1 $3.1 $6.2 $6.2 Interest expense
Total Net Investment Hedges$3.1 $3.1 $6.2 $6.2 
(a)Amounts recognized in other comprehensive income (loss) ("OCI") relating to the effective portion of the Company's net investment hedges would be recognized in earnings only upon the sale or liquidation of the hedged net investment.
As of September 28, 2024, it is estimated that $3.1 million of pretax net losses on both outstanding and matured derivative instruments designated and qualifying as cash flow hedges deferred in AOCI will be recognized in earnings over the next twelve months. Amounts ultimately recognized in earnings will depend on exchange rates in effect when outstanding derivative instruments are settled.
25

RALPH LAUREN CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
The following table summarizes the pretax impact of gains and losses from the Company's undesignated derivative instruments on its consolidated financial statements for the three-month and six-month periods ended September 28, 2024 and September 30, 2023:
 Gains (Losses)
Recognized in Earnings		Location of Gains (Losses)
Recognized in Earnings
 Three Months EndedSix Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
 (millions) 
Undesignated Hedges:
FC — Undesignated hedges$(4.4)$6.4 $(1.3)$9.9 Other income (expense), net
Total Undesignated Hedges$(4.4)$6.4 $(1.3)$9.9 
Risk Management Strategies
Forward Foreign Currency Exchange Contracts
The Company uses forward foreign currency exchange contracts to mitigate its risk related to exchange rate fluctuations on inventory transactions made in an entity's non-functional currency, the settlement of foreign currency-denominated balances, and the translation of certain foreign operations' net assets into U.S. Dollars. As part of its overall strategy for managing the level of exposure to such exchange rate risk, relating primarily to the Euro, the Japanese Yen, the South Korean Won, the Australian Dollar, the Canadian Dollar, the British Pound Sterling, the Swiss Franc, and the Chinese Renminbi, the Company generally hedges a portion of its related exposures anticipated over the next twelve months using forward foreign currency exchange contracts with maturities of two months to one year to provide continuing coverage over the period of the respective exposure.
Cross-Currency Swap Contracts
The Company periodically designates pay-fixed rate, receive fixed-rate cross-currency swap contracts as hedges of its net investment in certain of its European subsidiaries. These contracts swap U.S. Dollar-denominated fixed interest rate payments based on the contract's notional amount and the fixed rate of interest payable on certain of the Company's senior notes for Euro-denominated fixed interest rate payments, thereby economically converting a portion of its fixed-rate U.S. Dollar-denominated senior note obligations to fixed-rate Euro-denominated obligations.
See Note 3 for further discussion of the Company's accounting policies relating to its derivative financial instruments.
Investments
The Company's short-term investments as of September 28, 2024 and March 30, 2024 were $334.7 million and $121.0 million, respectively, and consisted of time deposits.
No significant realized or unrealized gains or losses on available-for-sale investments or impairment charges were recorded during any of the fiscal periods presented.
Refer to Note 3 of the Fiscal 2024 10-K for further discussion of the Company's accounting policies relating to its investments.
26

RALPH LAUREN CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
12.    Commitments and Contingencies
The Company is involved, from time to time, in litigation, other legal claims, and proceedings involving matters associated with or incidental to its business, including, among other things, matters involving credit card fraud, trademark and other intellectual property, licensing, importation and exportation of its products, taxation, unclaimed property, leases, and employee relations. The Company believes at present that the resolution of currently pending matters will not individually or in the aggregate have a material adverse effect on its consolidated financial statements. However, the Company's assessment of any current litigation or other legal claims could potentially change in light of the discovery of facts not presently known or determinations by judges, juries, or other finders of fact which are not in accord with management's evaluation of the possible liability or outcome of such litigation or claims.
In the normal course of business, the Company may enter into certain guarantees or other agreements that provide general indemnifications. The Company has not made any significant indemnification payments under such agreements in the past and does not currently anticipate incurring any material indemnification payments.
13.    Equity
Common Stock Repurchase Program
A summary of the Company's repurchases of Class A common stock under its common stock repurchase program is as follows:
Six Months Ended
September 28,
2024		September 30,
2023
(millions)
Cost of shares repurchased(a)
$274.7 $175.0 
Number of shares repurchased1.6 1.5 
(a)Excludes excise tax of $2.0 million and $1.0 million incurred during the six-month periods ended September 28, 2024 and September 30, 2023, respectively.
On February 2, 2022, the Company's Board of Directors approved an expansion of the Company's existing common stock repurchase program that allows it to repurchase up to an additional $1.500 billion of its Class A common stock, excluding related excise taxes. As of September 28, 2024, the remaining availability under the Company's Class A common stock repurchase program was approximately $502 million. Repurchases of shares of the Company's Class A common stock are subject to overall business and market conditions.
In addition, during each of the six-month periods ended September 28, 2024 and September 30, 2023, 0.4 million shares of the Company's Class A common stock, at a cost of $55.5 million and $50.7 million, respectively, were surrendered to or withheld by the Company in satisfaction of withholding taxes in connection with the vesting of awards under its long-term stock incentive plans.
Repurchased and surrendered shares are accounted for as treasury stock at cost and held in treasury for future use.
Dividends
The Company has generally maintained a regular quarterly cash dividend program on its common stock since 2003.
On May 16, 2024, the Company's Board of Directors approved an increase to the Company's quarterly cash dividend on its common stock from $0.75 to $0.825 per share. The second quarter Fiscal 2025 dividend of $0.825 per share was declared on September 13, 2024, was payable to shareholders of record at the close of business on September 27, 2024, and was paid on October 11, 2024.
The Company intends to continue to pay regular dividends on outstanding shares of its common stock. However, any decision to declare and pay dividends in the future will ultimately be made at the discretion of the Company's Board of Directors and will depend on the Company's results of operations, cash requirements, financial condition, and other factors that the Board of Directors may deem relevant, including economic and market conditions.
27

RALPH LAUREN CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
14.    Accumulated Other Comprehensive Income (Loss)
The following table presents OCI activity, net of tax, accumulated in equity:
Foreign Currency Translation Gains (Losses)(a)
Net Unrealized Gains (Losses) on Cash Flow Hedges(b)
Net Unrealized Gains (Losses) on Defined Benefit Plans(c)
Total Accumulated Other Comprehensive Income (Loss)
(millions)
Balance at March 30, 2024$(280.0)$7.2 $(3.3)$(276.1)
Other comprehensive income (loss), net of tax:
OCI before reclassifications
59.9 (5.2)(1.2)53.5 
Amounts reclassified from AOCI to earnings
— (4.2)1.1 (3.1)
Other comprehensive income (loss), net of tax
59.9 (9.4)(0.1)50.4 
Balance at September 28, 2024$(220.1)$(2.2)$(3.4)$(225.7)
Balance at April 1, 2023$(203.8)$4.1 $3.7 $(196.0)
Other comprehensive income (loss), net of tax:
OCI before reclassifications
(75.6)14.3 (0.1)(61.4)
Amounts reclassified from AOCI to earnings
— (5.3)(0.1)(5.4)
Other comprehensive income (loss), net of tax
(75.6)9.0 (0.2)(66.8)
Balance at September 30, 2023$(279.4)$13.1 $3.5 $(262.8)
(a)OCI before reclassifications to earnings related to foreign currency translation gains (losses) includes an income tax benefit of $5.0 million and an income tax provision of $2.9 million for the six-month periods ended September 28, 2024 and September 30, 2023, respectively. OCI before reclassifications to earnings for the six-month periods ended September 28, 2024 and September 30, 2023 includes losses of $12.2 million (net of a $3.9 million income tax benefit) and $0.8 million (net of a $0.3 million income tax benefit), respectively, related to changes in the fair values of instruments designated as hedges of the Company's net investment in certain foreign operations (see Note 11).
(b)OCI before reclassifications to earnings related to net unrealized gains (losses) on cash flow hedges are presented net of an income tax benefit of $0.9 million and an income tax provision of $2.3 million for the six-month periods ended September 28, 2024 and September 30, 2023, respectively. The tax effects on amounts reclassified from AOCI to earnings are presented in a table below.
(c)Activity is presented net of taxes, which were immaterial for both periods presented.
The following table presents reclassifications from AOCI to earnings for cash flow hedges, by component:
Three Months EndedSix Months EndedLocation of
Gains (Losses)
Reclassified from AOCI
to Earnings
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
(millions)
Gains (losses) on cash flow hedges(a):
    FC — Cash flow hedges$2.7 $1.3 $4.9 $6.2 Cost of goods sold
    Tax effect(0.4)(0.3)(0.7)(0.9)Income tax provision
        Net of tax$2.3 $1.0 $4.2 $5.3 
(a)FC = Forward foreign currency exchange contracts.
28

RALPH LAUREN CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
15.    Stock-based Compensation
The Company's stock-based compensation awards are currently issued under the 2019 Incentive Plan, which was approved by its stockholders on August 1, 2019. However, any prior awards granted under either the Company's 2010 Incentive Plan or 1997 Incentive Plan remain subject to the terms of those plans, as applicable. Any awards that expire, are forfeited, or are surrendered to the Company in satisfaction of taxes are available for issuance under the 2019 Incentive Plan.
Refer to Note 18 of the Fiscal 2024 10-K for a detailed description of the Company's stock-based compensation awards, including information related to vesting terms, service, performance, and market conditions and payout percentages.
Impact on Results
A summary of total stock-based compensation expense and the related income tax benefits recognized during the three-month and six-month periods ended September 28, 2024 and September 30, 2023 is as follows:
 Three Months EndedSix Months Ended
 September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
 (millions)
Stock-based compensation expense$35.7 (a)$29.3 $60.0 (a)$50.7 
Income tax benefit(4.8)(4.7)(8.0)(8.0)
(a)Includes $2.0 million of stock-based compensation expense recorded in connection with an employment separation agreement within restructuring and other charges, net in the consolidated statements of operations during the second quarter of Fiscal 2025 (see Note 7). All other stock-based compensation expense was recorded within SG&A expenses.
The Company issues its annual grants of stock-based compensation awards in the first half of each fiscal year. Due to the timing of the annual grants and other factors, including the timing and magnitude of forfeiture and performance goal achievement adjustments, as well as changes to the size and composition of the eligible employee population, stock-based compensation expense recognized during any given fiscal period is not indicative of the level of compensation expense expected to be incurred in future periods.
Service-based RSUs
The fair values of service-based RSUs granted to certain of the Company's senior executives and other employees, as well as non-employee directors, are based on the fair value of the Company's Class A common stock on the date of grant, adjusted to reflect the absence of dividends for any awards for which dividend equivalent amounts do not accrue to the holder while outstanding and unvested. The weighted-average grant date fair values of service-based RSU awards granted were $159.39 and $114.69 per share during the six-month periods ended September 28, 2024 and September 30, 2023, respectively.
A summary of service-based RSU activity during the six months ended September 28, 2024 is as follows:
Number of
Service-based RSUs
 (thousands)
Unvested at March 30, 20241,054 
Granted423 
Vested(498)
Forfeited(32)
Unvested at September 28, 2024947 
29

RALPH LAUREN CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Performance-based RSUs
The fair values of the Company's performance-based RSUs granted to its senior executives and other key employees are based on the fair value of the Company's Class A common stock on the date of grant, adjusted to reflect the absence of dividends for any awards for which dividend equivalent amounts do not accrue to the holder while outstanding and unvested. The weighted-average grant date fair values of performance-based RSU awards granted were $158.85 and $114.86 per share during the six-month periods ended September 28, 2024 and September 30, 2023, respectively.
Market-based RSUs
The Company grants market-based RSUs, which are based on total shareholder return ("TSR") performance, to its senior executives and other key employees. The Company estimates the fair value of its TSR awards on the date of grant using a Monte Carlo simulation, which models multiple stock price paths of the Company's Class A common stock and that of its peer group to evaluate and determine its ultimate expected relative TSR performance ranking. Compensation expense, net of estimated forfeitures, is recorded regardless of whether, and the extent to which, the market condition is ultimately satisfied. The weighted-average grant date fair values of market-based RSUs granted were $212.05 and $147.19 per share during the six-month periods ended September 28, 2024 and September 30, 2023, respectively. The assumptions used to estimate the fair value of TSR awards granted during the six-month periods ended September 28, 2024 and September 30, 2023 were as follows:
 Six Months Ended
 September 28,
2024		September 30,
2023
Expected volatility36.7 %38.4 %
Expected dividend yield2.0 %2.5 %
Risk-free interest rate3.9 %4.6 %
A summary of performance-based RSU activity including TSR awards during the six months ended September 28, 2024 is as follows:
 Number of
Performance-based RSUs
 (thousands)
Unvested at March 30, 2024682 
Granted173 
Change due to performance and/or market condition achievement72 
Vested(281)
Forfeited(9)
Unvested at September 28, 2024637 
30

RALPH LAUREN CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
16.    Segment Information
The Company has three reportable segments based on its business activities and organization:
•North America — The North America segment primarily consists of sales of Ralph Lauren branded apparel, footwear & accessories, home, and related products made through the Company's retail and wholesale businesses primarily in the U.S. and Canada. In North America, the Company's retail business is primarily comprised of its Ralph Lauren stores, its outlet stores, and its digital commerce sites, www.RalphLauren.com and www.RalphLauren.ca. The Company's wholesale business in North America is comprised primarily of sales to department stores and, to a lesser extent, specialty stores.
•Europe — The Europe segment primarily consists of sales of Ralph Lauren branded apparel, footwear & accessories, home, and related products made through the Company's retail and wholesale businesses in Europe and emerging markets. In Europe, the Company's retail business is primarily comprised of its Ralph Lauren stores, its outlet stores, its concession-based shop-within-shops, and its various digital commerce sites. The Company's wholesale business in Europe is comprised primarily of a varying mix of sales to both department stores and specialty stores, depending on the country, as well as to various third-party digital and licensee partners.
•Asia — The Asia segment primarily consists of sales of Ralph Lauren branded apparel, footwear & accessories, home, and related products made through the Company's retail and wholesale businesses in Asia, Australia, and New Zealand. The Company's retail business in Asia is primarily comprised of its Ralph Lauren stores, its outlet stores, its concession-based shop-within-shops, and its various digital commerce sites. In addition, the Company sells its products online through various third-party digital partner commerce sites. The Company's wholesale business in Asia is comprised primarily of sales to department stores and various third-party digital and licensee partners.
No operating segments were aggregated to form the Company's reportable segments. In addition to these reportable segments, the Company also has other non-reportable segments, which primarily consist of Ralph Lauren and Chaps branded royalty revenues earned through its global licensing alliances.
The Company's segment reporting structure is consistent with how it establishes its overall business strategy, allocates resources, and assesses performance of its business. The accounting policies of the Company's segments are consistent with those described in Notes 2 and 3 of the Fiscal 2024 10-K. Sales and transfers between segments are generally recorded at cost and treated as transfers of inventory. All intercompany revenues are eliminated in consolidation and are not reviewed when evaluating segment performance. Each segment's performance is evaluated based upon net revenues and operating income before restructuring-related charges, impairment of assets, and certain other one-time items, if any. Certain corporate overhead expenses related to global functions, most notably the Company's executive office, information technology, finance and accounting, human resources, and legal departments, largely remain at corporate. Additionally, other costs that cannot be allocated to the segments based on specific usage are also maintained at corporate, including corporate marketing and advertising expenses, depreciation and amortization of corporate assets, and other general and administrative expenses resulting from corporate-level activities and projects.
Net revenues for each of the Company's segments are as follows:
 Three Months EndedSix Months Ended
 September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
 (millions)
Net revenues:
North America$739.5 $717.8 $1,347.7 $1,349.5 
Europe565.9 526.8 1,045.0 977.3 
Asia380.2 348.4 771.1 725.9 
Other non-reportable segments40.4 40.0 74.4 76.8 
Total net revenues$1,726.0 $1,633.0 $3,238.2 $3,129.5 
31

RALPH LAUREN CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Operating income for each of the Company's segments is as follows:
 Three Months EndedSix Months Ended
 September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
 (millions)
Operating income:
North America$121.9 $110.2 $241.7 $235.5 
Europe145.9 132.4 266.5 229.6 
Asia86.3 68.4 193.5 161.7 
Other non-reportable segments33.5 34.1 63.1 67.9 
387.6 345.1 764.8 694.7 
Unallocated corporate expenses(190.3)(171.3)(351.6)(318.9)
Unallocated restructuring and other charges, net(a)
(18.4)(9.3)(25.8)(44.9)
Total operating income$178.9 $164.5 $387.4 $330.9 
(a)The three-month and six-month periods ended September 28, 2024 and September 30, 2023 included certain unallocated restructuring and other charges, net (see Note 7), which are detailed below:
 Three Months EndedSix Months Ended
 September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
 (millions)
Unallocated restructuring and other charges, net:
North America-related$— $(1.6)$0.4 $(5.5)
Europe-related(0.5)0.7 (1.4)(0.7)
Asia-related(2.6)(2.1)(3.2)(3.5)
Other non-reportable segment-related— — (0.1)— 
Corporate operations-related (5.5)(1.8)(6.6)(25.6)
Unallocated restructuring charges(8.6)(4.8)(10.9)(35.3)
Other charges (see Note 7)
(9.8)(4.5)(14.9)(9.6)
Total unallocated restructuring and other charges, net$(18.4)$(9.3)$(25.8)$(44.9)
Depreciation and amortization expense for the Company's segments is as follows:
 Three Months EndedSix Months Ended
 September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
 (millions)
Depreciation and amortization expense:
North America$20.5 $20.1 $41.1 $40.4 
Europe9.1 9.3 17.5 18.1 
Asia13.4 13.4 25.9 26.7 
Unallocated corporate12.9 15.7 25.8 31.6 
Total depreciation and amortization expense
$55.9 $58.5 $110.3 $116.8 
32

RALPH LAUREN CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Net revenues by geographic location of the reporting subsidiary are as follows:
 Three Months EndedSix Months Ended
 September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
 (millions)
Net revenues(a):
The Americas(b)
$785.0 $763.3 $1,432.8 $1,439.9 
Europe(c)
560.8 521.3 1,034.3 963.7 
  Asia(d)
380.2 348.4 771.1 725.9 
Total net revenues$1,726.0 $1,633.0 $3,238.2 $3,129.5 
(a)Net revenues for certain of the Company's licensed operations are included within the geographic location of the reporting subsidiary which holds the respective license.
(b)Includes the U.S., Canada, and Latin America. Net revenues earned in the U.S. during the three-month and six-month periods ended September 28, 2024 were $744.9 million and $1.360 billion, respectively, and $726.7 million and $1.370 billion during the three-month and six-month periods ended September 30, 2023, respectively.
(c)Includes the Middle East.
(d)Includes Australia and New Zealand.
17.    Additional Financial Information
Reconciliation of Cash, Cash Equivalents, and Restricted Cash
A reconciliation of cash, cash equivalents, and restricted cash as of September 28, 2024 and March 30, 2024 from the consolidated balance sheets to the consolidated statements of cash flows is as follows:
 September 28,
2024		March 30,
2024
 (millions)
Cash and cash equivalents$1,355.0 $1,662.2 
Restricted cash included within prepaid expenses and other current assets1.4 2.8 
Restricted cash included within other non-current assets5.8 5.6 
Total cash, cash equivalents, and restricted cash$1,362.2 $1,670.6 
Restricted cash relates to cash held in escrow with certain banks as collateral, primarily to secure guarantees in connection with certain international tax matters and real estate leases.
Cash Paid for Interest and Taxes
Cash paid for interest and income taxes is as follows:
 Six Months Ended
 September 28,
2024		September 30,
2023
 (millions)
Cash paid for interest$21.1 $17.4 
Cash paid for income taxes, net of refunds113.8 92.6 
33

RALPH LAUREN CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Cash Paid for Leases
The following table summarizes certain cash flow information related to the Company's leases:
Six Months Ended
September 28,
2024		September 30,
2023
(millions)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$176.5 $145.4 
Operating cash flows for finance leases3.9 5.0 
Financing cash flows for finance leases10.8 11.2 
Non-cash Transactions
Operating lease ROU assets recorded in connection with the recognition of new lease liabilities were $106.3 million and $84.8 million for the six-month periods ended September 28, 2024 and September 30, 2023, respectively. Finance lease ROU assets recorded in connection with the recognition of new lease liabilities were $0.4 million and $0.5 million for the six-month periods ended September 28, 2024 and September 30, 2023, respectively. Additionally, during the six-month period ended September 30, 2023, $27.1 million of finance lease ROU assets were reclassified and reflected as operating lease ROU assets as a result of certain executed lease amendments.
Non-cash investing activities also included capital expenditures incurred but not yet paid of $26.8 million and $31.5 million for the six-month periods ended September 28, 2024 and September 30, 2023, respectively.
There were no other significant non-cash investing or financing activities for any of the fiscal periods presented.
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Item 2.     Management's Discussion and Analysis of Financial Condition and Results of Operations.
Special Note Regarding Forward-Looking Statements
Various statements in this Form 10-Q, or incorporated by reference into this Form 10-Q, in future filings by us with the Securities and Exchange Commission (the "SEC"), in our press releases, and in oral statements made from time to time by representatives of the Company, may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements regarding our current expectations about the Company's future operating results and financial condition, the implementation and results of our strategic plans and initiatives, store openings and closings, capital expenses, our plans regarding our quarterly cash dividend and Class A common stock repurchase programs, and our ability to meet citizenship and sustainability goals. Forward-looking statements are based on current expectations and are indicated by words or phrases such as "aim," "anticipate," "outlook," "estimate," "ensure," "commit," "expect," "project," "believe," "envision," "goal," "target," "can," "will," and similar words or phrases. These forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause actual results, performance, or achievements to be materially different from the future results, performance, or achievements expressed in or implied by such forward-looking statements. These risks, uncertainties, and other factors include, among others:
•the loss of key personnel, including Mr. Ralph Lauren, or other changes in our executive and senior management team or to our operating structure, including any potential changes resulting from the execution of our long-term growth strategy, and our ability to effectively transfer knowledge and maintain adequate controls and procedures during periods of transition;
•the potential impact to our business resulting from inflationary pressures, including increases in the costs of raw materials, transportation, wages, healthcare, and other benefit-related costs;
•the impact of economic, political, and other conditions on us, our customers, suppliers, vendors, and lenders, including potential business disruptions related to ongoing military conflicts taking place in various parts of the world, most notably the Russia-Ukraine and Israel-Hamas wars, other recent hostilities in the Middle East, and militant attacks on cargo vessels in the Red Sea, civil and political unrest, diplomatic tensions between the U.S. and other countries, high interest rates, and bank failures, among other factors described herein;
•the potential impact to our business resulting from supply chain disruptions, including those caused by capacity constraints, closed factories and/or labor shortages (stemming from pandemic diseases, labor disputes, strikes, or otherwise), scarcity of raw materials, port congestion, and scrutiny or detention of goods produced in certain territories resulting from laws, regulations, or trade restrictions, such as those imposed by the Uyghur Forced Labor Prevention Act ("UFLPA") or the Countering America's Adversaries Through Sanctions Act ("CAATSA"), which could result in shipment approval delays leading to inventory shortages and lost sales, as well as potential shipping delays, inventory shortages, and/or higher freight costs resulting from port strikes, the recent Red Sea crisis, and/or disruptions to major waterways such as the Suez and Panama canals;
•uncertainty surrounding potential impacts of the 2024 U.S. presidential and congressional elections on the economy, including the potential for business disruptions resulting from any subsequent protests, and the potential impact to consumer demand and our business resulting from any significant changes in legislation, policies, and regulations, including, but not limited to, labor, taxation, monetary policies, and trade agreements;
•our ability to effectively manage inventory levels and the increasing pressure on our margins in a highly promotional retail environment;
•our exposure to currency exchange rate fluctuations from both a transactional and translational perspective;
•our ability to recruit and retain qualified employees to operate our retail stores, distribution centers, and various corporate functions;
•the impact to our business resulting from a recession or changes in consumers' ability, willingness, or preferences to purchase discretionary items and luxury retail products, which tends to decline during recessionary periods, and our ability to accurately forecast consumer demand, the failure of which could result in either a build-up or shortage of inventory;
•our ability to successfully implement our long-term growth strategy;
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•our ability to continue to expand and grow our business internationally and the impact of related changes in our customer, channel, and geographic sales mix as a result, as well as our ability to accelerate growth in certain product categories;
•our ability to open new retail stores and concession shops, as well as enhance and expand our digital footprint and capabilities, all in an effort to expand our direct-to-consumer presence;
•our ability to respond to constantly changing fashion and retail trends and consumer demands in a timely manner, develop products that resonate with our existing customers and attract new customers, and execute marketing and advertising programs that appeal to consumers;
•our ability to competitively price our products and create an acceptable value proposition for consumers;
•our ability to continue to maintain our brand image and reputation and protect our trademarks;
•our ability to achieve our goals regarding citizenship and sustainability practices, including those related to climate change, our human capital, and our supply chain;
•our ability and the ability of our third-party service providers to secure our respective facilities and systems from, among other things, cybersecurity breaches, acts of vandalism, computer viruses, ransomware, or similar Internet or email events;
•our efforts to successfully enhance, upgrade, and/or transition our global information technology systems and digital commerce platforms;
•the potential impact to our business if any of our distribution centers were to become inoperable or inaccessible;
•the potential impact to our business resulting from pandemic diseases such as COVID-19, including periods of reduced operating hours and capacity limits and/or temporary closure of our stores, distribution centers, and corporate facilities, as well as those of our customers, suppliers, and vendors, and potential changes to consumer behavior, spending levels, and/or shopping preferences, such as willingness to congregate in shopping centers or other populated locations;
•the potential impact on our operations and on our suppliers and customers resulting from man-made or natural disasters, including pandemic diseases, severe weather, geological events, and other catastrophic events, such as terrorist attacks, military conflicts, and other hostilities;
•our ability to achieve anticipated operating enhancements and cost reductions from our restructuring plans, as well as the impact to our business resulting from restructuring-related charges, which may be dilutive to our earnings in the short term;
•the impact to our business resulting from potential costs and obligations related to the early or temporary closure of our stores or termination of our long-term, non-cancellable leases;
•our ability to maintain adequate levels of liquidity to provide for our cash needs, including our debt obligations, tax obligations, capital expenditures, and potential payment of dividends and repurchases of our Class A common stock, as well as the ability of our customers, suppliers, vendors, and lenders to access sources of liquidity to provide for their own cash needs;
•the potential impact to our business resulting from the financial difficulties of certain of our large wholesale customers, which may result in consolidations, liquidations, restructurings, and other ownership changes in the retail industry, as well as other changes in the competitive marketplace, including the introduction of new products or pricing changes by our competitors;
•our ability to access capital markets and maintain compliance with covenants associated with our existing debt instruments;
•a variety of legal, regulatory, tax, political, and economic risks, including risks related to the importation and exportation of products which our operations are currently subject to, or may become subject to as a result of potential changes in legislation, and other risks associated with our international operations, such as compliance with the Foreign Corrupt Practices Act or violations of other anti-bribery and corruption laws prohibiting
36

improper payments, and the burdens of complying with a variety of foreign laws and regulations, including tax laws, trade and labor restrictions, and related laws that may reduce the flexibility of our business;
•the impact to our business resulting from the potential imposition of additional duties, tariffs, taxes, and other charges or barriers to trade, including those resulting from trade developments between the U.S. and China or other countries, and any related impact to global stock markets, as well as our ability to implement mitigating sourcing strategies;
•changes in our tax obligations and effective tax rate due to a variety of factors, including potential changes in U.S. or foreign tax laws and regulations, accounting rules, or the mix and level of earnings by jurisdiction in future periods that are not currently known or anticipated;
•the potential impact to the trading prices of our securities if our operating results, Class A common stock share repurchase activity, and/or cash dividend payments differ from investors' expectations;
•our ability to maintain our credit profile and ratings within the financial community;
•our intention to introduce new products or brands, or enter into or renew alliances;
•changes in the business of, and our relationships with, major wholesale customers and licensing partners; and
•our ability to make strategic acquisitions and successfully integrate the acquired businesses into our existing operations.
These forward-looking statements are based largely on our expectations and judgments and are subject to a number of risks and uncertainties, many of which are unforeseeable and beyond our control. A detailed discussion of significant risk factors that have the potential to cause our actual results to differ materially from our expectations is included in our Annual Report on Form 10-K for the fiscal year ended March 30, 2024 (the "Fiscal 2024 10-K"). There are no material changes to such risk factors, nor have we identified any previously undisclosed risks that could materially adversely affect our business, operating results, and/or financial condition, as set forth in Part II, Item 1A — "Risk Factors" of this Form 10-Q. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
In this Form 10-Q, references to "Ralph Lauren," "ourselves," "we," "our," "us," and the "Company" refer to Ralph Lauren Corporation and its subsidiaries, unless the context indicates otherwise. We utilize a 52-53 week fiscal year ending on the Saturday closest to March 31. As such, fiscal year 2025 will end on March 29, 2025 and will be a 52-week period ("Fiscal 2025"). Fiscal year 2024 ended on March 30, 2024 and was also a 52-week period ("Fiscal 2024"). The second quarter of Fiscal 2025 ended on September 28, 2024 and was a 13-week period. The second quarter of Fiscal 2024 ended on September 30, 2023 and was also a 13-week period.
INTRODUCTION
Management's discussion and analysis of financial condition and results of operations ("MD&A") is provided as a supplement to the accompanying consolidated financial statements and notes thereto to help provide an understanding of our results of operations, financial condition, and liquidity. MD&A is organized as follows:
•Overview.    This section provides a general description of our business, global economic conditions and industry trends, and a summary of our financial performance for the three-month and six-month periods ended September 28, 2024. In addition, this section includes a discussion of recent developments and transactions affecting comparability that we believe are important in understanding our results of operations and financial condition, and in anticipating future trends.
•Results of operations.    This section provides an analysis of our results of operations for the three-month and six-month periods ended September 28, 2024 as compared to the three-month and six-month periods ended September 30, 2023.
•Financial condition and liquidity.    This section provides a discussion of our financial condition and liquidity as of September 28, 2024, which includes (i) an analysis of our financial condition as compared to the prior fiscal year-end; (ii) an analysis of changes in our cash flows for the six months ended September 28, 2024 as compared to the six months ended September 30, 2023; (iii) an analysis of our liquidity, including the availability under our commercial paper borrowing program and credit facilities, our supplier finance program, outstanding debt and
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covenant compliance, common stock repurchases, and payments of dividends; and (iv) a description of any material changes in our material cash requirements since March 30, 2024.
•Market risk management.    This section discusses any significant changes in our risk exposures related to foreign currency exchange rates, interest rates, and our investments since March 30, 2024.
•Critical accounting policies.     This section discusses any significant changes in our critical accounting policies since March 30, 2024. Critical accounting policies typically require significant judgment and estimation on the part of management in their application. In addition, all of our significant accounting policies, including our critical accounting policies, are summarized in Note 3 of the Fiscal 2024 10-K.
•Recently issued accounting standards.    This section discusses the potential impact on our reported results of operations and financial condition of certain accounting standards that have been recently issued.
OVERVIEW
Our Business
Our Company is a global leader in the design, marketing, and distribution of luxury lifestyle products, including apparel, footwear & accessories, home, fragrances, and hospitality. Our long-standing reputation and distinctive image have been developed across a wide range of products, brands, distribution channels, and international markets. Our brand names include Ralph Lauren, Ralph Lauren Collection, Ralph Lauren Purple Label, Double RL, Polo Ralph Lauren, Lauren Ralph Lauren, Polo Ralph Lauren Children, and Chaps, among others.
We diversify our business by geography (North America, Europe, and Asia, among other regions) and channel of distribution (retail, wholesale, and licensing). This allows us to maintain a dynamic balance as our operating results do not depend solely on the performance of any single geographic area or channel of distribution. We sell directly to consumers through our integrated retail channel, which includes our retail stores, concession-based shop-within-shops, and digital commerce operations around the world. Our wholesale sales are made principally to major department stores, specialty stores, and third-party digital partners around the world, as well as to certain third-party-owned stores to which we have licensed the right to operate in defined geographic territories using our trademarks. In addition, we license to third parties for specified periods the right to access our various trademarks in connection with the licensees' manufacture and sale of designated products, such as certain apparel, eyewear, fragrances, and home furnishings.
We organize our business into the following three reportable segments:
•North America — Our North America segment, representing approximately 44% of our Fiscal 2024 net revenues, primarily consists of sales of our Ralph Lauren branded products made through our retail and wholesale businesses primarily in the U.S. and Canada. In North America, our retail business is primarily comprised of our Ralph Lauren stores, our outlet stores, and our digital commerce sites, www.RalphLauren.com and www.RalphLauren.ca. Our wholesale business in North America is comprised primarily of sales to department stores and, to a lesser extent, specialty stores.
•Europe — Our Europe segment, representing approximately 30% of our Fiscal 2024 net revenues, primarily consists of sales of our Ralph Lauren branded products made through our retail and wholesale businesses in Europe and emerging markets. In Europe, our retail business is primarily comprised of our Ralph Lauren stores, our outlet stores, our concession-based shop-within-shops, and our various digital commerce sites. Our wholesale business in Europe is comprised primarily of a varying mix of sales to both department stores and specialty stores, depending on the country, as well as to various third-party digital and licensee partners.
•Asia — Our Asia segment, representing approximately 24% of our Fiscal 2024 net revenues, primarily consists of sales of our Ralph Lauren branded products made through our retail and wholesale businesses in Asia, Australia, and New Zealand. Our retail business in Asia is primarily comprised of our Ralph Lauren stores, our outlet stores, our concession-based shop-within-shops, and our various digital commerce sites. In addition, we sell our products online through various third-party digital partner commerce sites. Our wholesale business in Asia is comprised primarily of sales to department stores and various third-party digital and licensee partners.
No operating segments were aggregated to form our reportable segments. In addition to these reportable segments, we also have other non-reportable segments, representing approximately 2% of our Fiscal 2024 net revenues, which primarily consist of Ralph Lauren and Chaps branded royalty revenues earned through our global licensing alliances.
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Approximately 55% of our Fiscal 2024 net revenues were earned outside of the U.S. See Note 16 to the accompanying consolidated financial statements for further discussion of our segment reporting structure.
Our business is typically affected by seasonal trends, with higher levels of retail sales in our second and third fiscal quarters and higher wholesale sales in our second and fourth fiscal quarters. These trends result primarily from the timing of key vacation travel, back-to-school, and holiday shopping periods impacting our retail business and timing of seasonal wholesale shipments. As a result of changes in our business, consumer spending patterns, and the macroeconomic environment, including those resulting from pandemic diseases and other catastrophic events, historical quarterly operating trends and working capital requirements may not be indicative of our future performance. In addition, fluctuations in sales, operating income (loss), and cash flows in any fiscal quarter may be affected by other events affecting retail sales, such as changes in weather patterns. Accordingly, our operating results and cash flows for the three-month and six-month periods ended September 28, 2024 are not necessarily indicative of the operating results and cash flows that may be expected for the full Fiscal 2025.
Recent Developments
Next Generation Transformation Project
We are in the early stages of executing a large-scale, multi-year global project that is expected to significantly transform the way in which we operate our business and further enable our long-term strategic pivot towards a global direct-to-consumer-oriented model (the "Next Generation Transformation project" or "NGT project"). The NGT project will be completed in phases and involves the redesigning of certain end-to-end processes and the implementation of a suite of information systems on a global scale. Such efforts are expected to result in significant process improvements and the creation of synergies across core areas of operations, including merchandise buying and planning, procurement, inventory management, retail and wholesale operations, and financial planning and reporting, better enabling us to optimize inventory levels and increase the speed with which we react to changes in consumer demand across markets, among other benefits.
In connection with the preliminary phase of the NGT project, we incurred other charges of $5.7 million and $8.0 million during the three-month and six-month periods ended September 28, 2024, which were recorded within restructuring and other charges, net in the consolidated statements of operations.
Global Economic Conditions and Industry Trends
The global economy and retail industry are impacted by many different factors. Changes in economic conditions, most notably persisting inflationary pressures (including increases in the cost of raw materials, transportation, and salaries & benefits), organized labor disputes, high interest rates, significant foreign currency volatility, bank failures, and concerns of a potential recession, continue to impact consumer discretionary income levels, spending, and sentiment in the U.S. and beyond. In response to such pressures, as well as in an effort to reduce elevated inventory levels, many retailers (particularly in the U.S.) continue to resort to promotional activity in an attempt to offset traffic declines and increase conversion. Furthermore, the department store sector has experienced numerous consolidations, restructurings, reorganizations, bankruptcies, and other ownership changes in recent times, as well as an increase in store closures. The future geopolitical landscape also remains particularly uncertain, with over 60 countries holding national elections during 2024, including the recent U.S. presidential election. Any resulting changes in international trade relations, legislation and regulations (including those related to taxation and importation), or economic and monetary policies, or heightened diplomatic tensions or political and civil unrest, among other potential impacts, could adversely impact the global economy and our operating results.
The global supply chain also continues to be negatively impacted by various factors, including the recent port strikes on the U.S. East and Gulf Coasts and ongoing disruptions in the Red Sea. Although our business has not been significantly impacted by such disruptions, we have experienced some shipping delays impacting the timing of inventory receipts, and the continuation of such disruptions over a prolonged period could result in further inventory receipt delays and/or higher freight costs in the near-term and beyond.
The global economy has also been negatively impacted by ongoing military conflicts taking place in various parts of the world, most notably the Russia-Ukraine and Israel-Hamas wars, other recent hostilities in the Middle East, and militant attacks on cargo vessels in the Red Sea. Although our voluntary decision to suspend operations in Russia has not resulted in a material impact to our consolidated financial statements and our ongoing operations in Israel are also not material, our business has been, and may continue to be, impacted by the broader macroeconomic implications resulting from these and other military conflicts, including inflationary pressures, unfavorable foreign currency exchange rates, increases in energy prices, food shortages, and volatility in financial markets, among other factors, which have adversely impacted consumer sentiment and
39

confidence. It is not clear at this time how long these conflicts will endure, or if they will escalate further with additional countries declaring war against each other, which could further amplify the impacts of the various macroeconomic factors described above and potentially result in a global recession.
We have implemented various strategies globally to help address many of these current challenges and continue to build a foundation for long-term profitable growth centered around strengthening our consumer-facing areas of product, stores, and marketing across channels and driving a more efficient operating model. Our strategy for mitigating inflationary pressures includes numerous levers, including our commitment to driving average unit retail growth, leveraging our diversified supply chain and strong supplier relationships, elevating our product sustainability efforts, and leveraging our in-house quality control to reduce time and cost from the manufacturing process, among other efforts. We have also taken earlier receipts of inventory and strategically utilized faster means of transportation (i.e., air freight) when necessary to maximize full-price selling windows, as well as diverted certain near-term shipments to U.S. West Coast ports to mitigate risk should strikes on the East and Gulf Coasts resume on January 15, 2025. While we remain agile and mindful of the increasingly competitive promotional environment, we plan to continue driving our broader long-term strategy of brand elevation, which includes multiple levers to continue driving average unit retail growth and brand equity.
We will continue to monitor these conditions and trends and will evaluate and adjust our operating strategies and foreign currency and cost management opportunities to help mitigate the related impacts on our results of operations, while remaining focused on the long-term growth of our business and protecting and elevating the value of our brand.
For a detailed discussion of significant risk factors that have the potential to cause our actual results to differ materially from our expectations, see Part I, Item 1A — "Risk Factors" in our Fiscal 2024 10-K.
Summary of Financial Performance
Operating Results
During the three months ended September 28, 2024, we reported net revenues of $1.726 billion, net income of $147.9 million, and net income per diluted share of $2.31, as compared to net revenues of $1.633 billion, net income of $146.9 million, and net income per diluted share of $2.19 during the three months ended September 30, 2023. During the six months ended September 28, 2024, we reported net revenues of $3.238 billion, net income of $316.5 million, and net income per diluted share of $4.93, as compared to net revenues of $3.130 billion, net income of $279.0 million, and net income per diluted share of $4.15 during the six months ended September 30, 2023. The comparability of our operating results has been affected by net restructuring-related charges and certain other charges (benefits). We also continue to experience varying degrees of business disruptions resulting from the current macroeconomic environment, including global supply chain disruptions resulting from organized labor disputes, inflationary pressures, ongoing military conflicts taking place in various parts of the world, and foreign currency volatility, among other factors.
Our operating performance for the three-month and six-month periods ended September 28, 2024 as compared to the prior fiscal year periods reflected revenue increases of 5.7% and 3.5%, respectively, on a reported basis and 5.6% and 4.3%, respectively, on a constant currency basis, as defined within "Transactions and Trends Affecting Comparability of Results of Operations and Financial Condition" below. Net revenue growth was led by our direct-to-consumer channels and international businesses.
Our gross profit as a percentage of net revenues increased by 150 basis points to 67.0% during the three months ended September 28, 2024 and by 140 basis points to 68.6% during the six months ended September 28, 2024, as compared to the prior fiscal year periods, primarily driven by favorable product, channel, and geographic mix shifts, lower cotton costs, and average unit retail ("AUR") growth, partially offset by higher other non-freight-related product costs.
Selling, general, and administrative ("SG&A") expenses as a percentage of net revenues during the three months ended September 28, 2024 increased by 60 basis points to 55.5% and by 60 basis points to 55.8% during the six months ended September 28, 2024 as compared to the prior fiscal year periods, largely attributable to geographic and channel mix resulting from growth of our international and retail businesses which typically carry higher operating expense margins, as well as increases across various expense categories, including higher marketing investments due to the planned timing of key campaign events.
40

Net income increased by $1.0 million to $147.9 million during the three months ended September 28, 2024 as compared to the three months ended September 30, 2023, primarily due to a $14.4 million increase in our operating income and an $8.2 million increase in non-operating income, net, partially offset by a $21.6 million increase in our income tax provision. Net income per diluted share increased by $0.12 to $2.31 per share during the three months ended September 28, 2024 as compared to the three months ended September 30, 2023, primarily driven by lower weighted-average diluted shares outstanding and the higher level of net income. Net income increased by $37.5 million to $316.5 million during the six months ended September 28, 2024 as compared to the six months ended September 30, 2023, primarily due to a $56.5 million increase in our operating income and a $12.1 million increase in our non-operating income, net, partially offset by a $31.1 million increase in our income tax provision. Net income per diluted share increased by $0.78 to $4.93 per share during the six months ended September 28, 2024 as compared to the six months ended September 30, 2023, driven by the higher level of net income and lower weighted-average diluted shares outstanding.
Our operating results during each of the three-month periods ended September 28, 2024 and September 30, 2023, were negatively impacted by net restructuring-related charges and certain other charges (benefits) totaling $18.4 million and $7.2 million, respectively, which had an after-tax effect of reducing net income by $14.2 million, or $0.23 per diluted share, and $5.8 million, or $0.09 per diluted share, respectively. During the six-month periods ended September 28, 2024 and September 30, 2023, our operating results were negatively impacted by net restructuring-related charges and certain other charges (benefits) totaling $25.8 million and $40.9 million, respectively, which had an after-tax effect of reducing net income by $20.2 million, or $0.31 per diluted share, and $31.7 million, or $0.46 per diluted share, respectively. Net income during both the three-month and six-month periods ended September 30, 2023 also reflected an income tax benefit of $11.8 million, or $0.18 and $0.17 per diluted share, respectively, recorded in connection with non-recurring income tax events.
Financial Condition and Liquidity
We ended the second quarter of Fiscal 2025 in a net cash and short-term investments position (calculated as cash and cash equivalents, plus short-term investments, less total debt) of $548.2 million, as compared to $642.7 million as of the end of Fiscal 2024. The decrease in our net cash and short-term investments position was primarily due to our use of cash to support Class A common stock repurchases of $330.2 million, including withholdings in satisfaction of tax obligations for stock-based compensation awards, to make dividend payments of $98.9 million, and to invest in our business through $75.1 million in capital expenditures, partially offset by our operating cash flows of $374.5 million and the favorable effect of exchange rate changes of $36.8 million primarily related to our cash and cash equivalents.
Net cash provided by operating activities was $374.5 million during the six months ended September 28, 2024, as compared to $343.6 million during the six months ended September 30, 2023. The net increase in cash provided by operating activities was due to an increase in net income before non-cash charges, partially offset by a net unfavorable change related to our operating assets and liabilities, including our working capital, as compared to the prior fiscal year period.
Our equity decreased to $2.442 billion as of September 28, 2024 compared to $2.450 billion as of March 30, 2024 due to our share repurchase activity and dividends declared during the six months ended September 28, 2024, partially offset by our comprehensive income and the net impact of stock-based compensation arrangements.
Transactions and Trends Affecting Comparability of Results of Operations and Financial Condition
The comparability of our operating results for the three-month and six-month periods ended September 28, 2024 and September 30, 2023 has been affected by certain events, including:
•pretax charges incurred in connection with our restructuring activities, as well as certain other benefits (charges), as summarized below (references to "Notes" are to the notes to the accompanying consolidated financial statements):
 Three Months EndedSix Months Ended
 September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
 (millions)
Restructuring and other charges, net (see Note 7)
$(18.4)$(9.3)$(25.8)$(44.9)
Non-routine inventory benefits(a)
— 1.8 — 3.6 
Non-routine bad debt expense reversals(b)
— 0.3 — 0.4 
Total charges, net$(18.4)$(7.2)$(25.8)$(40.9)
41

 
(a)Non-routine inventory benefits are recorded within cost of goods sold in the consolidated statements of operations. The benefits recorded during the three months ended September 30, 2023 primarily related to reversals of amounts previously recognized in connection with delays in U.S. customs shipment reviews and approvals. The benefits recorded during the six months ended September 30, 2023 primarily related to reversals of amounts previously recognized in connection with delays in U.S. customs shipment reviews and approvals (approximately $3 million) and the COVID-19 pandemic (approximately $1 million).
(b)Non-routine bad debt expense reversals are recorded within SG&A expenses in the consolidated statements of operations. The reversals recorded during the three-month and six-month periods ended September 30, 2023 primarily related to charges previously recognized in connection with the Russia-Ukraine war.
•a one-time tax benefit of $11.8 million recorded within our income tax provision during the second quarter of Fiscal 2024 in connection with Swiss tax reform and the European Union's anti-tax avoidance directive, which decreased our effective tax rate by 710 basis points and 350 basis points during the three-month and six-month periods ended September 30, 2023, respectively. See Note 8 to the accompanying consolidated financial statements for further discussion.
Because we are a global company, the comparability of our operating results reported in U.S. Dollars is also affected by foreign currency exchange rate fluctuations because the underlying currencies in which we transact change in value over time compared to the U.S. Dollar. Such fluctuations can have a significant effect on our reported results. As such, in addition to financial measures prepared in accordance with accounting principles generally accepted in the U.S. ("U.S. GAAP"), our discussions often contain references to constant currency measures, which are calculated by translating current-year and prior-year reported amounts into comparable amounts using a single foreign exchange rate for each currency. We present constant currency financial information, which is a non-U.S. GAAP financial measure, as a supplement to our reported operating results. We use constant currency information to provide a framework for assessing how our businesses performed excluding the effects of foreign currency exchange rate fluctuations. We believe this information is useful to investors for facilitating comparisons of operating results and better identifying trends in our businesses. The constant currency performance measures should be viewed in addition to, and not in lieu of or superior to, our operating performance measures calculated in accordance with U.S. GAAP. Reconciliations between this non-U.S. GAAP financial measure and the most directly comparable U.S. GAAP measure are included in the "Results of Operations" section where applicable.
Our discussion also includes reference to comparable store sales. Comparable store sales refer to the change in sales of our stores that have been open for at least 13 full fiscal months. Sales from our digital commerce sites are also included within comparable sales for those geographies that have been serviced by the related site for at least 13 full fiscal months. Sales for stores or digital commerce sites that are closed or shut down during the year are excluded from the calculation of comparable store sales. Sales for stores that are either relocated, enlarged (as defined by gross square footage expansion of 25% or greater), or generally closed for 30 or more consecutive days for renovation are also excluded from the calculation of comparable store sales until such stores have been operating in their new location or in their newly renovated state for at least 13 full fiscal months. All comparable store sales metrics are calculated on a constant currency basis.
Our "Results of Operations" discussion that follows includes the significant changes in operating results arising from these items affecting comparability. However, unusual items or transactions may occur in any period. Accordingly, investors and other financial statement users should consider the types of events and transactions that have affected operating trends.
42

RESULTS OF OPERATIONS
Three Months Ended September 28, 2024 Compared to Three Months Ended September 30, 2023
The following table summarizes our results of operations and expresses the percentage relationship to net revenues of certain financial statement captions. All percentages shown in the below table and the discussion that follows have been calculated using unrounded numbers.
 Three Months Ended  
 September 28,
2024		September 30,
2023		$
Change		% / bps
Change
 (millions, except per share data) 
Net revenues
$1,726.0 $1,633.0 $93.0 5.7 %
Cost of goods sold (570.3)(562.9)(7.4)1.3 %
Gross profit
1,155.7 1,070.1 85.6 8.0 %
Gross profit as % of net revenues67.0 %65.5 %150 bps
Selling, general, and administrative expenses (958.4)(896.3)(62.1)6.9 %
SG&A expenses as % of net revenues55.5 %54.9 %60 bps
Restructuring and other charges, net(18.4)(9.3)(9.1)97.6 %
Operating income
178.9 164.5 14.4 8.8 %
Operating income as % of net revenues10.4 %10.1 %30 bps
Interest expense(11.4)(10.0)(1.4)14.1 %
Interest income17.9 15.8 2.1 13.2 %
Other income (expense), net2.7 (4.8)7.5 NM
Income before income taxes
188.1 165.5 22.6 13.6 %
Income tax provision(40.2)(18.6)(21.6)116.1 %
Effective tax rate(a)
21.4 %11.2 %1,020 bps
Net income
$147.9 $146.9 $1.0 0.6 %
Net income per common share:
Basic
$2.36 $2.24 $0.12 5.4 %
Diluted
$2.31 $2.19 $0.12 5.5 %
(a)Effective tax rate is calculated by dividing the income tax provision by income before income taxes.
NM Not meaningful.
Net Revenues.    Net revenues increased by $93.0 million, or 5.7%, to $1.726 billion during the three months ended September 28, 2024 as compared to the three months ended September 30, 2023, reflecting growth across all of our reportable segments. On a constant currency basis, net revenues increased by $92.2 million, or 5.6%.
The following table summarizes the percentage change in our consolidated comparable store sales for the three months ended September 28, 2024 as compared to the prior fiscal year period:
 % Change
Digital commerce5 %
Brick and mortar11 %
Total comparable store sales10 %
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Our global average store count decreased by 21 stores and concession shops during the three months ended September 28, 2024 compared with the three months ended September 30, 2023, largely driven by strategic store closures in Asia and North America. The following table details our retail store presence by segment as of the periods presented:
 September 28,
2024		September 30,
2023
Freestanding Stores:
North America228 236 
Europe104 104 
Asia238 224 
Total freestanding stores570 564 
Concession Shops:
North America1 1 
Europe27 27 
Asia654 682 
Total concession shops682 710 
Total stores1,252 1,274 
In addition to our stores, we sell products online in North America, Europe, and Asia through our various digital commerce sites, as well as through our Polo mobile apps in the U.S. We also sell products online through various third-party digital partner commerce sites, primarily in Asia.
Net revenues for our segments, as well as a discussion of the changes in each reportable segment's net revenues from the comparable prior fiscal year period, are provided below:
 Three Months Ended$ ChangeForeign Exchange Impact$ Change% Change
 September 28,
2024		September 30,
2023		As
Reported		Constant
Currency		As
Reported		Constant
Currency
 (millions) 
Net Revenues:
North America$739.5 $717.8 $21.7 $(0.4)$22.1 3.0 %3.1 %
Europe565.9 526.8 39.1 5.7 33.4 7.4 %6.3 %
Asia380.2 348.4 31.8 (4.5)36.3 9.1 %10.4 %
Other non-reportable segments40.4 40.0 0.4 — 0.4 0.9 %0.9 %
Total net revenues$1,726.0 $1,633.0 $93.0 $0.8 $92.2 5.7 %5.6 %
North America net revenues — Net revenues increased by $21.7 million, or 3.0%, during the three months ended September 28, 2024 as compared to the three months ended September 30, 2023. On a constant currency basis, net revenues increased by $22.1 million, or 3.1%.
The $21.7 million increase in North America net revenues was driven by:
•a $29.5 million increase related to our North America retail business. On a constant currency basis, net revenues increased by $29.8 million, reflecting increases of $25.4 million in comparable store sales and $4.4 million in non-comparable store sales. The following table summarizes the percentage change in comparable store sales related to our North America retail business:
 % Change
Digital commerce(2 %)
Brick and mortar9 %
Total comparable store sales6 %
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This increase was partially offset by a $7.8 million decline related to our North America wholesale business primarily driven by planned reductions in excess product sales within the off-price wholesale channel.
Europe net revenues — Net revenues increased by $39.1 million, or 7.4%, during the three months ended September 28, 2024 as compared to the three months ended September 30, 2023. On a constant currency basis, net revenues increased by $33.4 million, or 6.3%.
The $39.1 million increase in Europe net revenues was driven by:
•a $34.5 million increase related to our Europe retail business, inclusive of favorable foreign currency effects of $2.6 million. On a constant currency basis, net revenues increased by $31.9 million, primarily driven by an increase of $32.0 million in comparable store sales. The following table summarizes the percentage change in comparable store sales related to our Europe retail business:
 % Change
Digital commerce14 %
Brick and mortar15 %
Total comparable store sales15 %
•a $4.6 million increase related to our Europe wholesale business largely driven by favorable foreign currency effects of $3.1 million and stronger re-order trends more than offsetting a timing shift of inventory receipts into the second half of the fiscal year.
Asia net revenues — Net revenues increased by $31.8 million, or 9.1%, during the three months ended September 28, 2024 as compared to the three months ended September 30, 2023. On a constant currency basis, net revenues increased by $36.3 million, or 10.4%.
The $31.8 million increase in Asia net revenues was driven by:
•a $38.1 million increase related to our Asia retail business, inclusive of unfavorable foreign currency effects of $4.2 million. On a constant currency basis, net revenues increased by $42.3 million, reflecting increases of $29.4 million in comparable store sales and $12.9 million in non-comparable store sales. The following table summarizes the percentage change in comparable store sales related to our Asia retail business:
 % Change
Digital commerce19 %
Brick and mortar10 %
Total comparable store sales11 %
This increase was partially offset by a $6.3 million decline related to our Asia wholesale business, inclusive of unfavorable foreign currency effects of $0.3 million.
Gross Profit.    Gross profit increased by $85.6 million, or 8.0%, to $1.156 billion for the three months ended September 28, 2024, including unfavorable foreign currency effects of $2.3 million. Gross profit as a percentage of net revenues increased to 67.0% for the three months ended September 28, 2024 from 65.5% for the three months ended September 30, 2023. The 150 basis point increase was primarily driven by favorable product, channel, and geographic mix shifts, lower cotton costs, and AUR growth, partially offset by higher other non-freight-related product costs.
Gross profit as a percentage of net revenues is dependent upon a variety of factors, including changes in the relative sales mix among distribution channels, changes in the mix of products sold, pricing, the timing and level of promotional activities, foreign currency exchange rates, and fluctuations in product costs. These factors, among others, may cause gross profit as a percentage of net revenues to fluctuate from period to period.
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Selling, General, and Administrative Expenses.    SG&A expenses include costs relating to compensation and benefits, marketing and advertising, rent and occupancy, distribution, information technology, legal, depreciation and amortization, bad debt, and other selling and administrative costs. SG&A expenses increased by $62.1 million, or 6.9%, to $958.4 million for the three months ended September 28, 2024, including unfavorable foreign currency effects of $1.5 million. SG&A expenses as a percentage of net revenues increased to 55.5% for the three months ended September 28, 2024 from 54.9% for the three months ended September 30, 2023. The 60 basis point increase was largely attributable to geographic and channel mix resulting from growth of our international and retail businesses which typically carry higher operating expense margins, as well as increases across various expense categories, including higher marketing investments due to the planned timing of key campaign events.
The $62.1 million increase in SG&A expenses was driven by:
Three Months Ended September 28, 2024
Compared to
Three Months Ended September 30, 2023
(millions)
SG&A expense category:
Compensation-related expenses$26.2 
Marketing and advertising expenses17.6 
Rent and occupancy expenses8.9 
Non-income-related taxes8.9 
Other0.5 
Total increase in SG&A expenses$62.1 
Restructuring and Other Charges, Net. During the three-month periods ended September 28, 2024 and September 30, 2023, we recorded restructuring charges of $9.0 million and $6.8 million, respectively, as well as other charges of $4.1 million and $4.5 million, respectively, primarily related to rent and occupancy costs associated with certain previously exited real estate locations for which the related lease agreements have not yet expired. In addition, during the three months ended September 28, 2024, we recorded other charges of $5.7 million in connection with our Next Generation Transformation project (refer to "Recent Developments" for additional discussion) and other income of $0.4 million and $2.0 million during the three-month periods ended September 28, 2024 and September 30, 2023, respectively, related to consideration received from Regent, L.P. in connection with our previously sold Club Monaco business. See Note 7 to the accompanying consolidated financial statements.
Operating Income.    Operating income increased by $14.4 million, or 8.8%, to $178.9 million for the three months ended September 28, 2024, reflecting unfavorable foreign currency effects of $3.8 million. Our operating results during the three-month periods ended September 28, 2024 and September 30, 2023 were negatively impacted by net restructuring-related charges and certain other charges (benefits) totaling $18.4 million and $7.2 million, respectively. Operating income as a percentage of net revenues was 10.4% for the three months ended September 28, 2024, reflecting a 30 basis point increase from the prior fiscal year period. The increase in operating income as a percentage of net revenues was primarily driven by the increase in our gross margin, partially offset by the increase in SG&A expenses as a percentage of net revenues, as well as higher net restructuring-related charges and certain other charges (benefits) recorded during the three months ended September 28, 2024 as compared to the prior fiscal year period, all as previously discussed.
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Operating income and margin for our segments, as well as a discussion of the changes in each reportable segment's operating margin from the comparable prior fiscal year period, are provided below:
 Three Months Ended  
September 28, 2024September 30, 2023  
Operating
Income		Operating
Margin		Operating
Income		Operating
Margin		$
Change		Margin
Change
(millions) (millions) (millions) 
Segment:
North America$121.9 16.5%$110.2 15.4%$11.7 110 bps
Europe145.9 25.8%132.4 25.1%13.5 70 bps
Asia86.3 22.7%68.4 19.6%17.9 310 bps
Other non-reportable segments33.5 82.9%34.1 85.2%(0.6)(230 bps)
387.6 345.1 42.5 
Unallocated corporate expenses(190.3)(171.3)(19.0)
Unallocated restructuring and other charges, net(18.4)(9.3)(9.1)
Total operating income$178.9 10.4%$164.5 10.1%$14.4 30 bps
North America operating margin improved by 110 basis points, primarily due to the net favorable impact of approximately 170 basis points driven by an increase in gross margin and a decrease in SG&A expenses as a percentage of net revenues. This overall improvement in operating margin was partially offset by the unfavorable impact of approximately 30 basis points attributable to channel mix and the unfavorable impact of 30 basis points attributable to the absence of non-routine inventory benefits during the three months ended September 28, 2024 as compared to those recorded during the prior fiscal year period.
Europe operating margin improved by 70 basis points, primarily due to the net favorable impact of approximately 130 basis points driven by an increase in gross margin and a decrease in SG&A expenses as a percentage of net revenues. This overall improvement in operating margin was partially offset by the unfavorable impact of 40 basis points attributable to channel mix, as well as unfavorable foreign currency effects of 20 basis points.
Asia operating margin improved by 310 basis points, primarily due to the net favorable impact of approximately 440 basis points driven by a decline in SG&A expenses as a percentage of net revenues and an increase in gross margin. This overall improvement in operating margin was partially offset by unfavorable foreign currency effects of 80 basis points and the unfavorable impact of approximately 50 basis points attributable to channel mix.
Unallocated corporate expenses increased by $19.0 million to $190.3 million during the three months ended September 28, 2024. The increase in unallocated corporate expenses was due to higher compensation-related expenses of $11.0 million, higher non-income taxes of $9.0 million, and higher marketing and advertising expenses of $7.9 million, partially offset by lower rent and occupancy expenses of $5.2 million and lower other expenses of $3.7 million.
Unallocated restructuring and other charges, net increased by $9.1 million to $18.4 million during the three months ended September 28, 2024, as previously discussed above and in Note 7 to the accompanying consolidated financial statements.
Non-operating Income (Expense), Net. Non-operating income (expense), net is comprised of interest expense, interest income, and other income (expense), net, which includes foreign currency gains (losses), equity in income (losses) from our equity-method investees, and other non-operating expenses. During the three months ended September 28, 2024, we reported non-operating income, net, of $9.2 million as compared to $1.0 million during the three months ended September 30, 2023. The $8.2 million increase in non-operating income, net was mainly due to a $7.5 million increase in other income (expense), net primarily driven by higher net foreign currency gains during the three months ended September 28, 2024 as compared to the prior fiscal year period.
47

Income Tax Provision.    The income tax provision represents federal, foreign, state and local income taxes. Our effective tax rate will change from period to period based on various factors including, but not limited to, the geographic mix of earnings, the timing and amount of foreign dividends, enacted tax legislation, state and local taxes, tax audit findings and settlements, and the interaction of various global tax strategies.
The income tax provision and effective tax rate for the three months ended September 28, 2024 were $40.2 million and 21.4%, respectively, as compared to $18.6 million and 11.2%, respectively, for the three months ended September 30, 2023. The $21.6 million increase in our income tax provision was primarily driven by the absence of a one-time tax benefit of $11.8 million recorded during the second quarter of Fiscal 2024 in connection with Swiss tax reform and the European Union's anti-tax avoidance directive, which lowered our prior fiscal year period effective tax rate by 710 basis points, as well as an increase in our pretax income. The increase in our effective tax rate was also due to the absence of a prior year deferred tax benefit recognized as a result of tax rate changes enacted in the prior year period. See Note 8 to the accompanying consolidated financial statements.
Net Income.    Net income increased to $147.9 million for the three months ended September 28, 2024, from $146.9 million for the three months ended September 30, 2023. The $1.0 million increase in net income was due to the increases in our operating income and non-operating income, net, partially offset by an increase in our income tax provision, all as previously discussed. Our operating results during the three-month periods ended September 28, 2024 and September 30, 2023 were negatively impacted by net restructuring-related charges and certain other charges (benefits) of $18.4 million and $7.2 million, respectively, which had an after-tax effect of reducing net income by $14.2 million and $5.8 million, respectively. Net income during the three months ended September 30, 2023 also reflected an income tax benefit of $11.8 million recorded in connection with Swiss tax reform and the European Union's anti-tax avoidance directive, as previously discussed.
Net Income per Diluted Share.    Net income per diluted share increased to $2.31 for the three months ended September 28, 2024, from $2.19 for the three months ended September 30, 2023. The $0.12 per share increase was primarily driven by lower weighted-average diluted shares outstanding during the three months ended September 28, 2024 driven by our share repurchases during the last twelve months, and the higher level of net income, as previously discussed. Net income per diluted share for the three-month periods ended September 28, 2024 and September 30, 2023 were also negatively impacted by $0.23 per share and $0.09 per share, respectively, attributable to net restructuring-related charges and certain other charges (benefits), as previously discussed. Net income per diluted share during the three months ended September 30, 2023 was also favorably impacted by $0.18 due to an income tax benefit recorded in connection with Swiss tax reform and the European Union's anti-tax avoidance directive, as previously discussed.

48

Six Months Ended September 28, 2024 Compared to Six Months Ended September 30, 2023
The following table summarizes our results of operations and expresses the percentage relationship to net revenues of certain financial statement captions. All percentages shown in the below table and the discussion that follows have been calculated using unrounded numbers.
 Six Months Ended  
 September 28,
2024		September 30,
2023		$
Change		% / bps
Change
 (millions, except per share data) 
Net revenues
$3,238.2 $3,129.5 $108.7 3.5 %
Cost of goods sold(1,016.7)(1,027.4)10.7 (1.0 %)
Gross profit
2,221.5 2,102.1 119.4 5.7 %
Gross profit as % of net revenues68.6 %67.2 %140 bps
Selling, general, and administrative expenses(1,808.3)(1,726.3)(82.0)4.7 %
SG&A expenses as % of net revenues55.8 %55.2 %60 bps
Restructuring and other charges, net(25.8)(44.9)19.1 (42.5 %)
Operating income
387.4 330.9 56.5 17.1 %
Operating income as % of net revenues12.0 %10.6 %140 bps
Interest expense(22.3)(20.0)(2.3)11.6 %
Interest income38.0 31.5 6.5 20.6 %
Other income (expense), net1.6 (6.3)7.9 NM
Income before income taxes
404.7 336.1 68.6 20.4 %
Income tax provision(88.2)(57.1)(31.1)54.4 %
Effective tax rate(a)
21.8 %17.0 %480 bps
Net income
$316.5 $279.0 $37.5 13.4 %
Net income per common share:
Basic
$5.03 $4.24 $0.79 18.6 %
Diluted
$4.93 $4.15 $0.78 18.8 %
(a)Effective tax rate is calculated by dividing the income tax provision by income before income taxes.
NM Not meaningful.
Net Revenues.    Net revenues increased by $108.7 million, or 3.5%, to $3.238 billion during the six months ended September 28, 2024 as compared to the six months ended September 30, 2023, driven by our direct-to-consumer channels and international businesses, partially offset by unfavorable foreign currency effects of $25.3 million. On a constant currency basis, net revenues increased by $134.0 million, or 4.3%.
The following table summarizes the percentage change in our consolidated comparable store sales for the six months ended September 28, 2024 as compared to the prior fiscal year period:
 % Change
Digital commerce5 %
Brick and mortar8 %
Total comparable store sales7 %
Our global average store count decreased by 18 stores and concession shops during the six months ended September 28, 2024 compared with the six months ended September 30, 2023, largely driven by strategic store closures in North America and Asia.
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Net revenues for our segments, as well as a discussion of the changes in each reportable segment's net revenues from the comparable prior fiscal year period, are provided below:
 Six Months Ended$ ChangeForeign Exchange Impact$ Change% Change
 September 28,
2024		September 30,
2023		As
Reported		Constant
Currency		As
Reported		Constant
Currency
 (millions) 
Net Revenues:
North America$1,347.7 $1,349.5 $(1.8)$(0.9)$(0.9)(0.1 %)(0.1 %)
Europe1,045.0 977.3 67.7 2.0 65.7 6.9 %6.7 %
Asia771.1 725.9 45.2 (26.4)71.6 6.2 %9.9 %
Other non-reportable segments74.4 76.8 (2.4)— (2.4)(3.1 %)(3.1 %)
Total net revenues$3,238.2 $3,129.5 $108.7 $(25.3)$134.0 3.5 %4.3 %
North America net revenues — Net revenues decreased by $1.8 million, or 0.1%, during the six months ended September 28, 2024 as compared to the six months ended September 30, 2023. On a constant currency basis, net revenues decreased by $0.9 million, or 0.1%.
The $1.8 million decline in North America net revenues was driven by:
•a $37.0 million decline related to our North America wholesale business primarily driven by planned reductions in excess product sales within the off-price wholesale channel.
This decline was partially offset by:
•a $35.2 million increase related to our North America retail business. On a constant currency basis, net revenues increased by $35.9 million, reflecting increases of $29.8 million in comparable store sales and $6.1 million in non-comparable store sales. The following table summarizes the percentage change in comparable store sales related to our North America retail business:
 % Change
Digital commerce(3 %)
Brick and mortar6 %
Total comparable store sales4 %
Europe net revenues — Net revenues increased by $67.7 million, or 6.9%, during the six months ended September 28, 2024 as compared to the six months ended September 30, 2023. On a constant currency basis, net revenues increased by $65.7 million, or 6.7%.
The $67.7 million increase in Europe net revenues was driven by:
•a $52.9 million increase related to our Europe retail business, inclusive of favorable foreign currency effects of $0.6 million. On a constant currency basis, net revenues increased by $52.3 million, reflecting increases of $50.3 million in comparable store sales and $2.0 million in non-comparable store sales. The following table summarizes the percentage change in comparable store sales related to our Europe retail business:
 % Change
Digital commerce14 %
Brick and mortar11 %
Total comparable store sales12 %
•a $14.8 million increase related to our Europe wholesale business largely driven by stronger re-order trends and favorable foreign currency effects of $1.4 million more than offsetting the negative impacts from timing of inventory receipt shifts.
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Asia net revenues — Net revenues increased by $45.2 million, or 6.2%, during the six months ended September 28, 2024 as compared to the six months ended September 30, 2023. On a constant currency basis, net revenues increased by $71.6 million, or 9.9%.
The $45.2 million increase in Asia net revenues was driven by:
•a $56.8 million increase related to our Asia retail business, inclusive of unfavorable foreign currency effects of $24.9 million. On a constant currency basis, net revenues increased by $81.7 million, reflecting increases of $55.4 million in comparable store sales and $26.3 million in non-comparable store sales. The following table summarizes the percentage change in comparable store sales related to our Asia retail business:
 % Change
Digital commerce20 %
Brick and mortar9 %
Total comparable store sales10 %
This increase was partially offset by an $11.6 million decline related to our Asia wholesale business, reflecting decreases most notably in South Korea and Japan, inclusive of unfavorable foreign currency effects of $1.5 million.
Gross Profit.    Gross profit increased by $119.4 million, or 5.7%, to $2.222 billion for the six months ended September 28, 2024, including unfavorable foreign currency effects of $27.1 million. Gross profit as a percentage of net revenues increased to 68.6% for the six months ended September 28, 2024 from 67.2% for the six months ended September 30, 2023. The 140 basis point increase was primarily driven by favorable product, channel, and geographic mix shifts, lower cotton costs, and AUR growth, partially offset by higher other non-freight-related product costs and unfavorable foreign currency effects.
Selling, General, and Administrative Expenses.    SG&A expenses increased by $82.0 million, or 4.7%, to $1.808 billion for the six months ended September 28, 2024, including favorable foreign currency effects of $12.3 million. SG&A expenses as a percentage of net revenues increased to 55.8% for the six months ended September 28, 2024 from 55.2% for the six months ended September 30, 2023. The 60 basis point increase was largely attributable to geographic and channel mix resulting from growth of our international and retail businesses which typically carry higher operating expense margins, as well as increases across various expense categories, including higher marketing investments due to the planned timing of key campaign events.
The $82.0 million increase in SG&A expenses was driven by:
Six Months Ended September 28, 2024
Compared to
Six Months Ended September 30, 2023
(millions)
SG&A expense category:
Marketing and advertising expenses$34.0 
Compensation-related expenses25.3 
Non-income-related taxes12.1 
Rent and occupancy expenses8.0 
Other2.6 
Total increase in SG&A expenses$82.0 
Restructuring and Other Charges, Net. During the six-month periods ended September 28, 2024 and September 30, 2023, we recorded net restructuring charges of $12.3 million and $37.3 million, respectively, primarily consisting of severance and benefits costs, as well as other charges of $6.9 million and $9.6 million, respectively, primarily related to rent and occupancy costs associated with certain previously exited real estate locations in connection with our restructuring activities for which the related lease agreements have not yet expired. In addition, during the six months ended September 28, 2024, we recorded other charges of $8.0 million in connection with our Next Generation Transformation project (refer to "Recent Developments" for additional discussion) and recorded other income of $1.4 million and $2.0 million during the six-month
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periods ended September 28, 2024 and September 30, 2023, respectively, related to consideration received from Regent, L.P. in connection with our previously sold Club Monaco business. See Note 7 to the accompanying consolidated financial statements.
Operating Income.   Operating income increased by $56.5 million, or 17.1%, to $387.4 million for the six months ended September 28, 2024, reflecting unfavorable foreign currency effects of $14.8 million. Our operating results during the six-month periods ended September 28, 2024 and September 30, 2023 were negatively impacted by net restructuring-related charges and certain other charges (benefits) totaling $25.8 million and $40.9 million, respectively. Operating income as a percentage of net revenues was 12.0% for the six months ended September 28, 2024, reflecting a 140 basis point increase from the prior fiscal year period. The increase in operating income as a percentage of net revenues was primarily driven by the increase in our gross margin, as well as lower net restructuring-related charges and certain other charges (benefits) recorded during the six months ended September 28, 2024 as compared to the prior fiscal year period, partially offset by the increase in SG&A expenses as a percentage of net revenues, all as previously discussed.
Operating income and margin for our segments, as well as a discussion of the changes in each reportable segment's operating margin from the comparable prior fiscal year period, are provided below:
 Six Months Ended  
September 28, 2024September 30, 2023  
Operating
Income		Operating
Margin		Operating
Income		Operating
Margin		$
Change		Margin
Change
(millions) (millions) (millions) 
Segment:
North America$241.7 17.9%$235.5 17.4%$6.2 50 bps
Europe266.5 25.5%229.6 23.5%36.9 200 bps
Asia193.5 25.1%161.7 22.3%31.8 280 bps
Other non-reportable segments63.1 84.8%67.9 88.4%(4.8)(360 bps)
764.8 694.7 70.1 
Unallocated corporate expenses(351.6)(318.9)(32.7)
Unallocated restructuring and other charges, net(25.8)(44.9)19.1 
Total operating income$387.4 12.0%$330.9 10.6%$56.5 140 bps
North America operating margin improved by 50 basis points, primarily due to the net favorable impact of approximately 100 basis points driven by an increase in gross margin. This overall improvement in operating margin was partially offset by the unfavorable impact of approximately 30 basis points attributable to channel mix and the unfavorable impact of 20 basis points attributable to the absence of non-routine inventory benefits during the six months ended September 28, 2024 as compared to those recorded during the prior fiscal year period.
Europe operating margin improved by 200 basis points, primarily due to the net favorable impact of approximately 260 basis points driven by an increase in gross margin and a decrease in SG&A expenses as a percentage of net revenues. This overall improvement in operating margin was partially offset by unfavorable foreign currency effects of 40 basis points, as well as the unfavorable impact of 20 basis points attributable to channel mix.
Asia operating margin improved by 280 basis points, primarily due to the net favorable impact of approximately 370 basis points largely driven by a decline in SG&A expenses as a percentage of net revenues and an increase in gross margin. This overall improvement in operating margin was partially offset by unfavorable foreign currency effects of 50 basis points and the unfavorable impact of approximately 40 basis points attributable to channel mix.
Unallocated corporate expenses increased by $32.7 million to $351.6 million during the six months ended September 28, 2024. The increase in unallocated corporate expenses was due to higher marketing and advertising expenses of $15.8 million, higher non-income taxes of $12.1 million, higher compensation-related expenses of $9.0 million, and higher other expenses of $7.1 million, partially offset by lower rent and occupancy expenses of $11.3 million.
Unallocated restructuring and other charges, net decreased by $19.1 million to $25.8 million during the six months ended September 28, 2024, as previously discussed above and in Note 7 to the accompanying consolidated financial statements.
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Non-operating Income (Expense), Net. During the six months ended September 28, 2024, we reported non-operating income, net of $17.3 million as compared to $5.2 million during the six months ended September 30, 2023. The $12.1 million increase in non-operating income, net was mainly driven by:
•a $7.9 million increase in other income (expense), net primarily driven by higher net foreign currency gains during the six months ended September 28, 2024 as compared to the prior fiscal year period; and
•a $6.5 million increase in interest income driven by the higher average on-hand cash, cash equivalents, and short-term investments balance during the current fiscal year period as compared to the prior fiscal year period and higher interest rates in financial markets.
Income Tax Provision.    The income tax provision and effective tax rate for the six months ended September 28, 2024 were $88.2 million and 21.8%, respectively, compared to $57.1 million and 17.0%, respectively, for the six months ended September 30, 2023. The $31.1 million increase in our income tax provision was primarily driven by the absence of a one-time tax benefit of $11.8 million recorded during the second quarter of Fiscal 2024 in connection with Swiss tax reform and the European Union's anti-tax avoidance directive, which lowered our prior fiscal year period effective tax rate by 350 basis points, as well as an increase in our pretax income. The increase in our effective tax rate was also due to the absence of a prior year deferred tax benefit recognized as a result of tax rate changes enacted in the prior year period. See Note 8 to the accompanying consolidated financial statements.
Net Income.    Net income increased to $316.5 million for the six months ended September 28, 2024, from $279.0 million for the six months ended September 30, 2023. The $37.5 million increase in net income was primarily due to the increases in our operating income and non-operating income, net, partially offset by an increase in our income tax provision, all as previously discussed. Our operating results during the six-month periods ended September 28, 2024 and September 30, 2023 were negatively impacted by net restructuring-related charges and certain other charges (benefits) totaling $25.8 million and $40.9 million, respectively, which had an after-tax effect of reducing net income by $20.2 million and $31.7 million, respectively. Net income during the six months ended September 30, 2023 also reflected an income tax benefit of $11.8 million recorded in connection with Swiss tax reform and the European Union's anti-tax avoidance directive, as previously discussed.
Net Income per Diluted Share.    Net income per diluted share increased to $4.93 for the six months ended September 28, 2024, from $4.15 for the six months ended September 30, 2023. The $0.78 per share increase was primarily driven by the higher level of net income, as previously discussed, and lower weighted-average diluted shares outstanding during the six months ended September 28, 2024 driven by our share repurchases during the last twelve months. Net income per diluted share for the six-month periods ended September 28, 2024 and September 30, 2023 were also negatively impacted by $0.31 per share and $0.46 per share, respectively, attributable to net restructuring-related charges and certain other charges (benefits), as previously discussed. Net income per diluted share during the six months ended September 30, 2023 was also favorably impacted by $0.17 due to an income tax benefit recorded in connection with Swiss tax reform and the European Union's anti-tax avoidance directive, as previously discussed.
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FINANCIAL CONDITION AND LIQUIDITY
Financial Condition 
The following table presents our financial condition as of September 28, 2024 and March 30, 2024:
September 28,
2024		March 30,
2024		$
Change
 (millions)
Cash and cash equivalents$1,355.0 $1,662.2 $(307.2)
Short-term investments334.7 121.0 213.7 
Current portion of long-term debt(a)
(399.3)— (399.3)
Long-term debt(a)
(742.2)(1,140.5)398.3 
Net cash and short-term investments 
$548.2 $642.7 $(94.5)
Equity$2,442.3 $2,450.3 $(8.0)
(a)See Note 9 to the accompanying consolidated financial statements for discussion of the carrying values of our debt.
The decrease in our net cash and short-term investments position at September 28, 2024 as compared to March 30, 2024 was primarily due to our use of cash to support Class A common stock repurchases of $330.2 million, including withholdings in satisfaction of tax obligations for stock-based compensation awards, to make dividend payments of $98.9 million, and to invest in our business through $75.1 million in capital expenditures, partially offset by our operating cash flows of $374.5 million and the favorable effect of exchange rate changes of $36.8 million primarily related to our cash and cash equivalents.
The decrease in our equity was attributable to our share repurchase activity and dividends declared during the six months ended September 28, 2024, partially offset by our comprehensive income and the net impact of stock-based compensation arrangements.
Cash Flows
The following table details our cash flows for the six-month periods ended September 28, 2024 and September 30, 2023:
 Six Months Ended
 September 28,
2024		September 30,
2023		$
Change
 (millions)
Net cash provided by operating activities$374.5 $343.6 $30.9 
Net cash used in investing activities(279.8)(132.9)(146.9)
Net cash used in financing activities(439.9)(335.1)(104.8)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
36.8 (23.9)60.7 
Net decrease in cash, cash equivalents, and restricted cash$(308.4)$(148.3)$(160.1)
Net Cash Provided by Operating Activities.    Net cash provided by operating activities was $374.5 million during the six months ended September 28, 2024, as compared to $343.6 million during the six months ended September 30, 2023. The $30.9 million net increase in cash provided by operating activities was due to an increase in net income before non-cash charges, partially offset by a net unfavorable change related to our operating assets and liabilities, including our working capital, as compared to the prior fiscal year period.
The net unfavorable change related to our operating assets and liabilities, including our working capital, was primarily driven by:
•an unfavorable change in inventory driven by higher in-transit inventory, as well as higher product and freight costs; and
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•an unfavorable change related to our accounts receivable, largely driven by a decline in wholesale net revenues and timing of cash receipts.
These decreases related to our operating assets and liabilities were partially offset by:
•a favorable change in our accounts payable driven by the timing of cash payments, as well as a net favorable change in accrued liabilities largely driven by the timing of accrued inventory and accrued marketing and advertising projects, partially offset by our restructuring reserve due to a decrease in restructuring charges recorded during the current fiscal year period as compared to the prior fiscal year period.
Net Cash Used in Investing Activities.    Net cash used in investing activities was $279.8 million during the six months ended September 28, 2024, as compared to $132.9 million during the six months ended September 30, 2023. The $146.9 million net increase in cash used in investing activities was primarily driven by:
•a $155.2 million increase in purchases of investments, less proceeds from sales and maturities of investments. During the six months ended September 28, 2024, we made net investment purchases of $205.7 million, as compared to $50.5 million during the six months ended September 30, 2023.
This increase in cash used in investing activities was partially offset by:
•a $7.3 million decrease in capital expenditures. During the six months ended September 28, 2024, we spent $75.1 million on capital expenditures, as compared to $82.4 million during the six months ended September 30, 2023. Our capital expenditures during the six months ended September 28, 2024 primarily related to store openings and renovations, as well as enhancements to our information technology systems.
Over the course of Fiscal 2025, we expect to spend approximately $250 million to $300 million on capital expenditures primarily related to store opening and renovations, as well as enhancements to our information technology systems and corporate office renovations.
Net Cash Used in Financing Activities.    Net cash used in financing activities was $439.9 million during the six months ended September 28, 2024, as compared to $335.1 million during the six months ended September 30, 2023. The $104.8 million net increase in cash used in financing activities was primarily driven by:
•a $104.5 million increase in cash used to repurchase shares of our Class A common stock. During the six months ended September 28, 2024, we used $274.7 million to repurchase shares of our Class A common stock pursuant to our common stock repurchase program, and an additional $55.5 million in shares of our Class A common stock were surrendered or withheld in satisfaction of withholding taxes in connection with the vesting of awards under our long-term stock incentive plans. On a comparative basis, during the six months ended September 30, 2023, we used $175.0 million to repurchase shares of our Class A common stock pursuant to our common stock repurchase program, and an additional $50.7 million in shares of our Class A common stock were surrendered or withheld for taxes.
Sources of Liquidity
Our primary sources of liquidity are the cash flows generated from our operations, our available cash and cash equivalents and short-term investments, availability under our credit and overdraft facilities and commercial paper program, and other available financing options.
During the six months ended September 28, 2024, we generated $374.5 million of net cash flows from our operations. As of September 28, 2024, we had $1.690 billion in cash, cash equivalents, and short-term investments, of which $1.359 billion were held by our subsidiaries domiciled outside the U.S. We are not dependent on foreign cash to fund our domestic operations. Undistributed foreign earnings generated on or before December 31, 2017 that were subject to the one-time mandatory transition tax in connection with U.S. tax legislation commonly referred to as the Tax Cuts and Jobs Act (the "TCJA") are not considered to be permanently reinvested and may be repatriated to the U.S. in the future with minimal or no additional U.S. taxation. We intend to permanently reinvest undistributed foreign earnings generated after December 31, 2017 that were not subject to the one-time mandatory transition tax. However, if our plans change and we choose to repatriate post-2017 earnings to the U.S. in the future, we would be subject to applicable U.S. and foreign taxes.
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The following table presents the total availability, borrowings outstanding, and remaining availability under our credit and overdraft facilities and Commercial Paper Program as of September 28, 2024:
 September 28, 2024
Description(a)
Total
Availability		Borrowings
Outstanding		Remaining
Availability
 (millions)
Global Credit Facility and Commercial Paper Program(b)
$750 $12 
(c)
$738 
Pan-Asia Credit Facilities36 — 36 
Japan Overdraft Facility35 — 35 
(a)As defined in Note 9 to the accompanying consolidated financial statements.
(b)Borrowings under the Commercial Paper Program are supported by the Global Credit Facility. Accordingly, we do not expect combined borrowings outstanding under the Commercial Paper Program and the Global Credit Facility to exceed $750 million.
(c)Represents outstanding letters of credit for which we were contingently liable under the Global Credit Facility as of September 28, 2024.
We believe that the Global Credit Facility is adequately diversified with no undue concentration in any one financial institution. In particular, as of September 28, 2024, there were seven financial institutions participating in the Global Credit Facility, with no one participant maintaining a maximum commitment percentage in excess of 20%. In accordance with the terms of the agreement, we have the ability to expand our borrowing availability under the Global Credit Facility to $1.500 billion through the full term of the facility, subject to the agreement of one or more new or existing lenders under the facility to increase their commitments.
Borrowings under the Pan-Asia Credit Facilities and Japan Overdraft Facility (collectively, the "Pan-Asia Borrowing Facilities") are guaranteed by the parent company and are granted at the sole discretion of the participating banks (as described within Note 9 to the accompanying consolidated financial statements), subject to availability of the respective banks' funds and satisfaction of certain regulatory requirements. We have no reason to believe that the participating institutions will be unable to fulfill their obligations to provide financing in accordance with the terms of the Global Credit Facility and the Pan-Asia Borrowing Facilities in the event of our election to draw additional funds in the foreseeable future.
Our sources of liquidity are used to fund our ongoing cash requirements, including working capital requirements, global retail store and digital commerce expansion, construction and renovation of shop-within-shops, investment in infrastructure, including technology, acquisitions, payment of dividends, debt repayments, Class A common stock repurchases, settlement of contingent liabilities (including uncertain tax positions), and other corporate activities, including our restructuring actions. We believe that our existing sources of cash, the availability under our credit facilities, and our ability to access capital markets will be sufficient to support our operating, capital, and debt service requirements for the foreseeable future, the ongoing development of our businesses, and our plans for further business expansion. However, prolonged periods of adverse economic conditions or business disruptions in any of our key regions, or a combination thereof, such as those resulting from pandemic diseases and other catastrophic events, could impede our ability to pay our obligations as they become due or return value to our shareholders, as well as delay previously planned expenditures related to our operations.
See Note 9 to the accompanying consolidated financial statements and Note 11 of the Fiscal 2024 10-K for additional information relating to our credit facilities.
Supplier Finance Program
We support a voluntary supplier finance program which provides certain of our inventory suppliers the opportunity, at their sole discretion, to sell their receivables due from us (which are generally due within 90 days) to a participating financial institution in exchange for receipt of a discounted payment amount made earlier than the payment term stipulated between us and the supplier. Our vendor payment terms and amounts due are not impacted by a supplier's decision to participate in the program. We have not pledged any assets and do not provide guarantees under the supplier finance program. Our payment obligations outstanding under our supplier finance program were $215.5 million and $129.2 million as of September 28, 2024 and March 30, 2024, respectively, and were recorded within accounts payable in the consolidated balance sheets.
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Debt and Covenant Compliance
In August 2018, we completed a registered public debt offering and issued $400 million aggregate principal amount of unsecured senior notes due September 15, 2025, which bear interest at a fixed rate of 3.750%, payable semi-annually (the "3.750% Senior Notes"). In June 2020, we completed another registered public debt offering and issued an additional $500 million aggregate principal amount of unsecured senior notes that were due and repaid on June 15, 2022 with cash on hand, which bore interest at a fixed rate of 1.700%, payable semi-annually (the "1.700% Senior Notes"), and $750 million aggregate principal amount of unsecured senior notes due June 15, 2030, which bear interest at a fixed rate of 2.950%, payable semi-annually (the "2.950% Senior Notes").
The indenture and supplemental indentures governing the 3.750% Senior Notes and 2.950% Senior Notes (as supplemented, the "Indenture") contain certain covenants that restrict our ability, subject to specified exceptions, to incur certain liens; enter into sale and leaseback transactions; consolidate or merge with another party; or sell, lease, or convey all or substantially all of our property or assets to another party. However, the Indenture does not contain any financial covenants.
We have a credit facility that provides for a $750 million senior unsecured revolving line of credit through June 30, 2028, which may be used for working capital needs, capital expenditures, certain investments, general corporate purposes, and for funding of acquisitions, as well as used to support the issuance of letters of credit and the maintenance of the Commercial Paper Program (the "Global Credit Facility"). Borrowings under the Global Credit Facility may be denominated in U.S. Dollars and certain other currencies, including Euros, Hong Kong Dollars, and Japanese Yen. We have the ability to expand the borrowing availability under the Global Credit Facility to $1.500 billion, subject to the agreement of one or more new or existing lenders under the facility to increase their commitments. There are no mandatory reductions in borrowing ability throughout the term of the Global Credit Facility.
The Global Credit Facility contains a number of covenants, as described in Note 9 to the accompanying consolidated financial statements. As of September 28, 2024, no Event of Default (as such term is defined pursuant to the Global Credit Facility) has occurred under our Global Credit Facility. The Pan-Asia Borrowing Facilities do not contain any financial covenants.
See Note 9 to the accompanying consolidated financial statements and Note 11 of the Fiscal 2024 10-K for additional information relating to our debt and covenant compliance.
Common Stock Repurchase Program
On February 2, 2022, our Board of Directors approved an expansion of our existing common stock repurchase program that allowed us to repurchase up to an additional $1.500 billion of our Class A common stock, excluding related excise taxes. As of September 28, 2024, the remaining availability under our Class A common stock repurchase program was approximately $502 million. Repurchases of shares of our Class A common stock are subject to overall business and market conditions.
See Note 13 to the accompanying consolidated financial statements for additional information relating to our Class A common stock repurchase program.
Dividends
We have generally maintained a regular quarterly cash dividend program on our common stock since 2003.
On May 16, 2024, our Board of Directors approved an increase to our quarterly cash dividend on our common stock from $0.75 to $0.825 per share.
We intend to continue to pay regular dividends on outstanding shares of our common stock. However, any decision to declare and pay dividends in the future will ultimately be made at the discretion of our Board of Directors and will depend on our results of operations, cash requirements, financial condition, and other factors that the Board of Directors may deem relevant, including economic and market conditions.
See Note 13 to the accompanying consolidated financial statements for additional information relating to our quarterly cash dividend program.
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Material Cash Requirements
There have been no substantial changes to our material cash requirements as disclosed in our Fiscal 2024 10-K, other than those which occur in the ordinary course of business. Refer to the "Financial Condition and Liquidity — Contractual and Other Obligations" section of the MD&A in our Fiscal 2024 10-K for detailed disclosure of our material cash requirements as of March 30, 2024.
MARKET RISK MANAGEMENT
As discussed in Note 13 of the Fiscal 2024 10-K and Note 11 to the accompanying consolidated financial statements, we are exposed to a variety of levels and types of risks, including the impact of changes in currency exchange rates on foreign currency-denominated balances, certain anticipated cash flows of our international operations, and the value of reported net assets of our foreign operations, as well as changes in the fair value of our fixed-rate debt obligations relating to fluctuations in benchmark interest rates. Accordingly, in the normal course of business we assess such risks and, in accordance with our established policies and procedures, may use derivative financial instruments to manage and mitigate them. We do not use derivatives for speculative or trading purposes.
Given our use of derivative instruments, we are exposed to the risk that the counterparties to such contracts will fail to meet their contractual obligations. To mitigate such counterparty credit risk, it is our policy to only enter into contracts with carefully selected financial institutions based upon an evaluation of their credit ratings and certain other factors, adhering to established limits for credit exposure. Our established policies and procedures for mitigating credit risk include ongoing review and assessment of the creditworthiness of our counterparties. We also enter into master netting arrangements with counterparties, when possible, to further mitigate credit risk. As a result of the above considerations, we do not believe that we are exposed to undue concentration of counterparty risk with respect to our derivative contracts as of September 28, 2024. However, we do have in aggregate $15.1 million of derivative instruments in net asset positions held across three creditworthy financial institutions.
Foreign Currency Risk Management
We manage our exposure to changes in foreign currency exchange rates using forward foreign currency exchange and cross-currency swap contracts. Refer to Note 11 to the accompanying consolidated financial statements for a summary of the notional amounts and fair values of our outstanding forward foreign currency exchange and cross-currency swap contracts, as well as the impact on earnings and other comprehensive income of such instruments as of September 28, 2024.
Forward Foreign Currency Exchange Contracts
We enter into forward foreign currency exchange contracts to mitigate risk related to exchange rate fluctuations on inventory transactions made in an entity's non-functional currency, the settlement of foreign currency-denominated balances, and the translation of certain foreign operations' net assets into U.S. Dollars. As part of our overall strategy for managing the level of exposure to such exchange rate risk, relating primarily to the Euro, the Japanese Yen, the South Korean Won, the Australian Dollar, the Canadian Dollar, the British Pound Sterling, the Swiss Franc, and the Chinese Renminbi, we generally hedge a portion of our related exposures anticipated over the next twelve months using forward foreign currency exchange contracts with maturities of two months to one year to provide continuing coverage over the period of the respective exposure.
Our foreign exchange risk management activities are governed by established policies and procedures. These policies and procedures provide a framework that allows for the management of currency exposures while ensuring the activities are conducted within our established guidelines. Our policies include guidelines for the organizational structure of our risk management function and for internal controls over foreign exchange risk management activities, including, but not limited to, authorization levels, transaction limits, and credit quality controls, as well as various measurements for monitoring compliance. We monitor foreign exchange risk using different techniques, including periodic review of market values and performance of sensitivity analyses.
Cross-Currency Swap Contracts
We periodically designate pay-fixed rate, receive-fixed rate cross-currency swap contracts as hedges of our net investment in certain European subsidiaries. These contracts swap U.S. Dollar-denominated fixed interest rate payments based on the contract's notional amount and the fixed rate of interest payable on certain of our senior notes for Euro-denominated fixed interest rate payments, thereby economically converting a portion of our fixed-rate U.S. Dollar-denominated senior note obligations to fixed rate Euro-denominated obligations.
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See Note 3 to the accompanying consolidated financial statements for further discussion of our foreign currency exposures and the types of derivative instruments used to hedge those exposures.
Investment Risk Management
As of September 28, 2024, we had cash and cash equivalents on-hand of $1.355 billion, consisting of deposits in interest bearing accounts, investments in money market deposit accounts, and investments in time deposits with original maturities of 90 days or less. Our other significant investments included $334.7 million of short-term investments, consisting of investments in time deposits with original maturities greater than 90 days.
We actively monitor our exposure to changes in the fair value of our global investment portfolio in accordance with our established policies and procedures, which include monitoring both general and issuer-specific economic conditions, as discussed in Note 3 to the accompanying consolidated financial statements. Our investment objectives include capital preservation, maintaining adequate liquidity, diversification to minimize liquidity and credit risk, and achievement of maximum returns within the guidelines set forth in our investment policy. See Note 11 to the accompanying consolidated financial statements for further detail of the composition of our investment portfolio as of September 28, 2024.
CRITICAL ACCOUNTING POLICIES
Our significant accounting policies are described in Note 3 of the Fiscal 2024 10-K. Our estimates are often based on complex judgments, assessments of probability, and assumptions that management believes to be reasonable, but that are inherently uncertain and unpredictable. It is also possible that other professionals, applying reasonable judgment to the same set of facts and circumstances, could develop and support a range of alternative estimated amounts. For a complete discussion of our critical accounting policies, refer to the "Critical Accounting Policies" section of the MD&A in our Fiscal 2024 10-K.
There have been no significant changes in the application of our critical accounting policies since March 30, 2024.
Goodwill Impairment Assessment
We performed our annual goodwill assessment using a qualitative approach as of the beginning of the second quarter of Fiscal 2025. In performing the assessment, we identified and considered the significance of relevant key factors, events, and circumstances that affected the fair values and/or carrying amounts of our reporting units with allocated goodwill. These factors included external factors such as macroeconomic, industry, and market conditions, as well as entity-specific factors, such as the Company's actual and expected financial performance. Additionally, we also considered the results of our most recent quantitative goodwill impairment test, which was performed as of the beginning of the second quarter of Fiscal 2024, the results of which indicated that the fair values of these reporting units significantly exceeded their respective carrying values. Based on the results of the qualitative impairment assessment, we concluded that it is not more likely than not that the fair values of our reporting units are less than their respective carrying values and there were no reporting units at risk of impairment.
RECENTLY ISSUED ACCOUNTING STANDARDS
See Note 4 to the accompanying consolidated financial statements for a description of certain recently issued accounting standards which have impacted our consolidated financial statements, or may impact our consolidated financial statements in future reporting periods.
Item 3.    Quantitative and Qualitative Disclosures about Market Risk.
For a discussion of the Company's exposure to market risk, see "Market Risk Management" presented in Part I, Item 2 — MD&A of this Form 10-Q and incorporated herein by reference.
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Item 4.    Controls and Procedures.
We maintain disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosures.
We carried out an evaluation based on criteria established in the Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework) under the supervision and with the participation of management, including our principal executive and principal financial officers, of the effectiveness of the design and operation of the Company's disclosure controls and procedures pursuant to Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934. Based on that evaluation, our principal executive and principal financial officers have concluded that the Company's disclosure controls and procedures were effective at the reasonable assurance level as of September 28, 2024.
There has been no change in the Company's internal control over financial reporting during the fiscal quarter ended September 28, 2024 that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.
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PART II. OTHER INFORMATION
Item 1.    Legal Proceedings.
Reference is made to the information disclosed under Item 3 — "Legal Proceedings" in the Fiscal 2024 10-K.
Item 1A.    Risk Factors.
Reference is made to the information disclosed under Part I, Item 1A — "Risk Factors" in the Fiscal 2024 10-K, which contains a detailed discussion of certain risk factors that could materially adversely affect the Company's business, operating results, and/or financial condition. There are no material changes to the risk factors previously disclosed, nor has the Company identified any previously undisclosed risks that could materially adversely affect the Company's business, operating results, and/or financial condition.
Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds.
(a)Sales of Unregistered Securities
Shares of the Company's Class B Common Stock may be converted immediately into Class A Common Stock on a one-for-one basis by the holder. There is no cash or other consideration paid by the holder converting the shares and, accordingly, there is no cash or other consideration received by the Company. The shares of Class A Common Stock issued by the Company in such conversions are exempt from registration pursuant to Section 3(a)(9) of the Securities Act of 1933, as amended.
No shares of the Company's Class B common stock were converted into Class A common stock during the three months ended September 28, 2024.
(b)     Not Applicable
(c)Stock Repurchases
The following table sets forth the repurchases of shares of the Company's Class A common stock during the three months ended September 28, 2024:
Total Number of Shares PurchasedAverage
Price
Paid per
Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
Approximate Dollar 
Value of Shares
That May Yet be
Purchased Under the
Plans or Programs(a)
    (millions)
June 30, 2024 to July 27, 2024433,308 $170.07 433,308 $527 
July 28, 2024 to August 24, 2024288,464 
(b)
163.25 106,223 510 
August 25, 2024 to September 28, 202447,469 
(c)
172.27 46,229 502 
769,241 585,760 
(a)Repurchases of shares of the Company's Class A common stock are subject to overall business and market conditions.
(b)Includes 182,241 shares surrendered to or withheld by the Company in satisfaction of withholding taxes in connection with the vesting of awards issued under its long-term stock incentive plans.
(c)Includes 1,240 shares surrendered to or withheld by the Company in satisfaction of withholding taxes in connection with the vesting of awards issued under its long-term stock incentive plans.
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Item 5.    Other Information.
During the three months ended September 28, 2024, none of our directors or officers (as defined in Item 408 of Regulation S-K of the Securities Exchange Act) adopted or terminated "Rule 10b5-1 trading arrangements" (as defined in Item 408 of Regulation S-K of the Exchange Act) other than Patrice Louvet, President and Chief Executive Officer, who adopted a new Rule 10b5-1 trading arrangement on September 11, 2024. Mr. Louvet's trading arrangement provides for the sale of up to an aggregate of 24,000 shares of Class A common stock until March 12, 2025.
There were no "non-Rule 10b5-1 trading arrangements" (as defined in Item 408 of Regulation S-K of the Exchange Act) adopted or terminated during the three months ended September 28, 2024 by our directors and officers.
Item 6.    Exhibits.
3.1
3.2
3.3
31.1*
31.2*
32.1*
32.2*
101.INS*Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH*Inline XBRL Taxonomy Extension Schema Document
101.CAL*Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*Inline XBRL Taxonomy Extension Presentation Linkbase Document
104*Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
Exhibits 32.1 and 32.2 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that Section. Such exhibits shall not be deemed incorporated by reference into any filing under the Securities Act of 1933 or Securities Exchange Act of 1934.
 
*Filed herewith.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
  
RALPH LAUREN CORPORATION
By:
/S/    JUSTIN M. PICICCI     
Justin M. Picicci
Chief Financial Officer
(Principal Financial and Accounting Officer)
Date: November 7, 2024

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