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K-Apparel Recalls Children’s Lounge Pants

Ralph Lauren stock soars 7% after earnings beat

Ralph Lauren Corp. RL, -0.21% shares soared 7.3% in Tuesday premarket trading after the fashion label reported fiscal third-quarter earnings and revenue that beat expectations. Net income totaled $334.1 million, or $4.41 per share, up from $120 million, or $1.48 per share, the prior year. Adjusted EPS was $2.86, excluding restructuring-related, tax reform, and other charges. Revenue of $1.75 billion was up from $1.73 billion the previous year. The FactSet consensus was for EPS of $2.45 and revenue of $1.72 billion. Ralph Lauren has been undergoing a business transformation, Next Great Chapter, that includes digital initiatives, a focus on core product and other efforts. The company expects a "slight" revenue increase in the fourth quarter on a reported basis, and revenue growth on a constant-currency basis in fiscal 2020 despite disruptions in Hong Kong and the impact of tariffs, though forecasts don’t include any impact from the coronavirus outbreak "given the dynamic situation that we are monitoring closely." Ralph Lauren shares have slipped 1.1% over the past year while the S&P 500 index SPX, +0.73% has gained 19.2% for the period.

Ralph Lauren: FY20 Operating Margin Growth To Be At High End Of Guidance

Ralph Lauren Corp. (RL) announced, for fiscal 2020, the company now expects operating margin expansion to be at the high end of its prior guidance of 40 to 60 basis points in constant currency. Net revenue growth is anticipated in the range of 2% to 3% on a constant currency basis.

For the fourth quarter, Ralph Lauren projects operating margin to be up slightly on both a constant currency and reported basis. Net revenue is expected to be up slightly on both a constant currency and reported basis.

For the third-quarter, earnings per share was $2.86 on an adjusted basis, compared to $2.32, a year ago. Adjusted operating margins expanded 10 basis points, for the quarter. Revenue increased by 1% to $1.8 billion on a reported basis and was up 2% in constant currency.

Gold drops ₹388 amid sell-off in global prices, rupee appreciation

Gold prices dropped by ₹388 to ₹41,270 per 10 gram; silver fell by ₹346 to ₹47,080 per kg

Gold prices on February 4 dropped by ₹388 to ₹41,270 per 10 gram in the national capital in line with sell-off in global prices and rupee appreciation, according to HDFC Securities.

Likewise, silver also fell by ₹346 to ₹47,080 per kg from ₹47,426 per kg in the previous trade.

Gold had on Monday closed at ₹41,658 per 10 gram.

“Spot gold for 24 Karat in Delhi plunged by ₹388 in line with sell-off in global gold prices and rupee appreciation. Spot rupee was trading around 18 paise stronger against the dollar during the day,” HDFC Securities Senior Analyst(Commodities) Tapan Patel said.

In opening trade on Feb. 4, the rupee appreciated by 19 paise to 71.19 against the U.S. dollar.

In the international market, gold was quoting lower at $1,570 per ounce, while silver was ruling flat at $17.73 per ounce.

“Gold prices declined as global markets bounced back with stable Chinese indices after China central bank infused liquidity,” he added.

Gold Prices Fall As Dollar Rises On Upbeat Data

Gold prices fell on Tuesday as the dollar strengthened on the back of positive manufacturing data released overnight. A rebound in global equity markets also reduced the appeal of gold.

Spot gold declined 0.6 percent to $1,573.45 per ounce, after hitting its highest level since Jan. 8 at $1,591.46 in the previous session. U.S. gold futures were also down 0.6 percent at $1,573.25.

A key gauge of U.S. factory activity rebounded more than expected in January, climbing out of contraction territory for the first time since July amid a surge in new orders.

Global equities rebounded after China’s central bank unexpectedly lowered the interest rates on reverse repurchase agreements by 10 basis points on Monday as part of efforts to relieve pressure on the economy from a rapidly spreading coronavirus outbreak.

Meanwhile, China’s nationwide death toll currently stands at 425, with over 20,400 people infected nationwide.

Saying that the crisis was “a major test of China’s system and capacity for governance,” China’s leader, Xi Jinping, has signaled a more assertive strategy for dealing with the virus outbreak.

K-Apparel Recalls Children’s Lounge Pants

K-Apparel recalled about 2,200 units of Children’s Lounge Pants for possible violation of Federal Flammability Standard and burn hazard, the U.S. Consumer Product Safety Commission said in a statement.

The company said the pants failed to meet the standard, requiring sleepwear to be either snug-fitting or flame resistant,leading to the risk of burn injuries to children.

The recall involves 18 lots of children’s 100% cotton lounge pants which were sold in 18 prints and were available in children’s sizes small through extra-large. The loungewear pants have the brand name “TINFL” and lot numbers printed onto an inside side seam label.

K-Apparel is yet to receive any reports of incidents or injuries involving the pants in reference.

Consumers have been advised to immediately stop using the recalled lounge pants and contact K-Apparel for full refund.

The lounge pants, manufactured in South Korea, were imported to the U.S. and distributed by Buena Park, California-based K-Apparel. They were sold online at www.amazon.com from October 2018 through September 2019 for about $18.

In August 2019, SAMpark LLC had recalled 185 Children’s 100 percent cotton knit, two-piece short-sleeve top and pant pajama sets for burn injury risk to children. These pajamas also failed to meet the federal flammability standard.

Earlier in July 2019, The Company Store had recalled about 2,500 units of Girl’s pajama sets for not meeting the prescribed standards.