Ralph Lauren Corp 10-Q for FY2023 Q3

Ralph Lauren Corp (RL)

10-Q 2023-02-09 For: 2022-12-31

Added on April 04, 2026

About this 10-Q

Ralph Lauren Corp filed this 10-Q on February 9, 2023, covering the quarter ended December 31, 2022 (FY2023 Q3).

Headline figures

Quarter ended December 31, 2022, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.83B; up 0.9% from $1.82B a year earlier
Net income: $216.5M; down 0.6% from net income of $217.7M a year earlier
Diluted EPS: $3.20; up 9.2% from $2.93 a year earlier

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Delaware		13-2622036
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
650 Madison Avenue,		10022
New York,	New York	(Zip Code)
(Address of principal executive offices)


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on which Registered
Class A Common Stock, $.01 par value	RL	New York Stock Exchange


Large accelerated filer	☑	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐


		Page

PART I. FINANCIAL INFORMATION (Unaudited)
Item 1.	Financial Statements:
	Consolidated Balance Sheets	2
	Consolidated Statements of Operations	3
	Consolidated Statements of Comprehensive Income	4
	Consolidated Statements of Cash Flows	5
	Consolidated Statements of Equity	6
	Notes to Consolidated Financial Statements	8
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	36
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	62
Item 4.	Controls and Procedures	62

PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	63
Item 1A.	Risk Factors	63
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	63

Item 6.	Exhibits	64
Signatures		65


	December 31, 2022		April 2, 2022
	(millions)
ASSETS
Current assets:
Cash and cash equivalents	$	1,566.1	$	1,863.8
Short-term investments	131.4		734.6
Accounts receivable, net of allowances of $184.4 million and $214.7 million	424.0		405.4
Inventories	1,238.4		977.3
Income tax receivable	50.5		63.7
Prepaid expenses and other current assets	220.9		172.5
Total current assets	3,631.3		4,217.3
Property and equipment, net	947.5		969.5
Operating lease right-of-use assets	1,073.0		1,111.3
Deferred tax assets	270.4		303.8
Goodwill	890.4		908.7
Intangible assets, net	92.3		102.9
Other non-current assets	135.0		111.2
Total assets	$	7,039.9	$	7,724.7
LIABILITIES AND EQUITY
Current liabilities:

Current portion of long-term debt	$	—	$	499.8
Accounts payable	468.0		448.7
Current income tax payable	118.7		53.8
Current operating lease liabilities	264.4		262.0
Accrued expenses and other current liabilities	898.5		991.4
Total current liabilities	1,749.6		2,255.7
Long-term debt	1,138.0		1,136.5
Long-term finance lease liabilities	320.9		341.6
Long-term operating lease liabilities	1,079.2		1,132.2
Non-current income tax payable	75.5		98.9
Non-current liability for unrecognized tax benefits	97.4		91.9
Other non-current liabilities	111.5		131.9
Commitments and contingencies (Note 13)
Total liabilities	4,572.1		5,188.7
Equity:
Class A common stock, par value $.01 per share; 107.7 million and 106.9 million shares issued; 41.1 million and 45.0 million shares outstanding	1.0		1.0
Class B common stock, par value $.01 per share; 24.9 million shares issued and outstanding	0.3		0.3
Additional paid-in-capital	2,808.7		2,748.8
Retained earnings	6,615.1		6,274.9
Treasury stock, Class A, at cost; 66.6 million and 61.9 million shares	(6,754.5)		(6,308.7)
Accumulated other comprehensive loss	(202.8)		(180.3)
Total equity	2,467.8		2,536.0
Total liabilities and equity	$	7,039.9	$	7,724.7


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Three Months Ended				Nine Months Ended
	December 31, 2022		December 25, 2021		December 31, 2022		December 25, 2021
	(millions, except per share data)
Net revenues	$	1,832.3	$	1,815.4	$	4,902.8	$	4,695.8
Cost of goods sold	(641.6)		(617.3)		(1,687.6)		(1,514.4)
Gross profit	1,190.7		1,198.1		3,215.2		3,181.4
Selling, general, and administrative expenses	(900.8)		(908.8)		(2,530.7)		(2,391.9)
Impairment of assets	—		—		(0.2)		(19.3)
Restructuring and other charges, net	(7.8)		(0.2)		(20.3)		(8.6)
Total other operating expenses, net	(908.6)		(909.0)		(2,551.2)		(2,419.8)
Operating income	282.1		289.1		664.0		761.6
Interest expense	(12.0)		(13.4)		(33.3)		(40.3)
Interest income	8.6		1.4		18.8		4.4
Other income (expense), net	1.7		0.1		(6.8)		(0.4)
Income before income taxes	280.4		277.2		642.7		725.3
Income tax provision	(63.9)		(59.5)		(152.3)		(149.6)
Net income	$	216.5	$	217.7	$	490.4	$	575.7
Net income per common share:
Basic	$	3.26	$	2.98	$	7.19	$	7.82
Diluted	$	3.20	$	2.93	$	7.07	$	7.68
Weighted-average common shares outstanding:
Basic	66.5		73.2		68.2		73.7
Diluted	67.6		74.3		69.4		75.0
Dividends declared per share	$	0.75	$	0.6875	$	2.25	$	2.0625


	Three Months Ended December 31, 2022
	Common Stock(a)			Additional Paid-in Capital				Treasury Stock at Cost
						Retained Earnings							Total Equity
	Shares	Amount						Shares	Amount		AOCI(b)
	(millions)
Balance at October 1, 2022	132.6	$	1.3	$	2,789.5	$	6,448.1	66.3	$	(6,726.0)	$	(257.3)	$	2,255.6
Comprehensive income:
Net income						216.5
Other comprehensive income											54.5
Total comprehensive income													271.0
Dividends declared						(49.5)							(49.5)
Repurchases of common stock								0.3	(28.5)				(28.5)
Stock-based compensation				19.2									19.2
Shares issued pursuant to stock-based compensation plans	—	—		—									—
Balance at December 31, 2022	132.6	$	1.3	$	2,808.7	$	6,615.1	66.6	$	(6,754.5)	$	(202.8)	$	2,467.8

	Three Months Ended December 25, 2021
	Common Stock(a)			Additional Paid-in Capital				Treasury Stock at Cost
						Retained Earnings							Total Equity
	Shares	Amount						Shares	Amount		AOCI(b)
	(millions)
Balance at September 25, 2021	131.8	$	1.3	$	2,707.7	$	6,129.8	58.1	$	(5,856.0)	$	(120.0)	$	2,862.8
Comprehensive income:
Net income						217.7
Other comprehensive loss											(30.2)
Total comprehensive income													187.5
Dividends declared						(48.9)							(48.9)
Repurchases of common stock								2.5	(300.5)				(300.5)
Stock-based compensation				22.0									22.0
Shares issued pursuant to stock-based compensation plans	—	—		—									—
Balance at December 25, 2021	131.8	$	1.3	$	2,729.7	$	6,298.6	60.6	$	(6,156.5)	$	(150.2)	$	2,722.9


	Nine Months Ended December 31, 2022
	Common Stock(a)			Additional Paid-in Capital				Treasury Stock at Cost
						Retained Earnings							Total Equity
	Shares	Amount						Shares	Amount		AOCI(b)
	(millions)
Balance at April 2, 2022	131.8	$	1.3	$	2,748.8	$	6,274.9	61.9	$	(6,308.7)	$	(180.3)	$	2,536.0
Comprehensive income:
Net income						490.4
Other comprehensive loss											(22.5)
Total comprehensive income													467.9
Dividends declared						(150.2)							(150.2)
Repurchases of common stock								4.7	(445.8)				(445.8)
Stock-based compensation				59.9									59.9
Shares issued pursuant to stock-based compensation plans	0.8	—		—									—

Balance at December 31, 2022	132.6	$	1.3	$	2,808.7	$	6,615.1	66.6	$	(6,754.5)	$	(202.8)	$	2,467.8

	Nine Months Ended December 25, 2021
	Common Stock(a)			Additional Paid-in Capital				Treasury Stock at Cost
						Retained Earnings							Total Equity
	Shares	Amount						Shares	Amount		AOCI(b)
	(millions)
Balance at March 27, 2021	131.0	$	1.3	$	2,667.1	$	5,872.9	57.8	$	(5,816.1)	$	(120.8)	$	2,604.4
Comprehensive income:
Net income						575.7
Other comprehensive loss											(29.4)
Total comprehensive income													546.3
Dividends declared						(150.0)							(150.0)
Repurchases of common stock								2.8	(340.4)				(340.4)
Stock-based compensation				62.6									62.6
Shares issued pursuant to stock-based compensation plans	0.8	—		—									—

Balance at December 25, 2021	131.8	$	1.3	$	2,729.7	$	6,298.6	60.6	$	(6,156.5)	$	(150.2)	$	2,722.9


	Contractually-Guaranteed Minimum Royalties(a)
	(millions)
Remainder of Fiscal 2023	$	14.5
Fiscal 2024	98.9
Fiscal 2025	62.8
Fiscal 2026	44.0
Fiscal 2027	40.7
Fiscal 2028 and thereafter	11.3
Total	$	272.2


	Three Months Ended
	December 31, 2022										December 25, 2021
	North America		Europe		Asia		Other		Total		North America		Europe		Asia		Other		Total
	(millions)
Sales Channel(a):
Retail	$	653.5	$	254.9	$	361.5	$	—	$	1,269.9	$	638.4	$	246.4	$	364.2	$	—	$	1,249.0
Wholesale	284.1		214.4		24.7		—		523.2		290.3		216.5		18.4		0.2		525.4
Licensing	—		—		—		39.2		39.2		—		—		—		41.0		41.0
Total	$	937.6	$	469.3	$	386.2	$	39.2	$	1,832.3	$	928.7	$	462.9	$	382.6	$	41.2	$	1,815.4


	Severance and Benefit Costs		Other Cash Charges		Total
	(millions)
Balance at April 2, 2022	$	30.6	$	0.1	$	30.7
Additions charged to expense	—		2.9		2.9
Cash payments applied against reserve	(15.8)		(3.0)		(18.8)
Non-cash adjustments	(0.4)		—		(0.4)
Balance at December 31, 2022	$	14.4	$	—	$	14.4


	December 31, 2022				April 2, 2022
	Carrying Value(a)		Fair Value(b)		Carrying Value(a)		Fair Value(b)
	(millions)
$400 million 3.750% Senior Notes	$	398.2	$	389.5	$	397.7	$	407.9
$500 million 1.700% Senior Notes	—		N/A		499.8		500.5
$750 million 2.950% Senior Notes	739.8		646.5		738.8		721.0


	Notional Amounts				Derivative Assets						Derivative Liabilities
Derivative Instrument(a)	December 31, 2022		April 2, 2022		December 31, 2022			April 2, 2022			December 31, 2022			April 2, 2022
					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	$	257.7	$	236.5	PP	$	5.8	PP	$	6.6	AE	$	0.2		$	—

Net investment hedges(c)	700.0		700.0		ONCA	50.0		ONCA	23.7			—		ONCL	18.1
Total Designated Hedges	957.7		936.5			55.8			30.3			0.2			18.1
Undesignated Hedges:
FC — Undesignated hedges(d)	231.3		225.0		PP	0.5		PP	2.1		AE	2.2		AE	0.2
Total Hedges	$	1,189.0	$	1,161.5		$	56.3		$	32.4		$	2.4		$	18.3


	Nine Months Ended
	December 31, 2022		December 25, 2021
	(millions)
Cash flows from operating activities:
Net income	$	490.4	$	575.7
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	163.3		169.3
Deferred income tax expense (benefits)	21.3		(1.8)

Stock-based compensation expense	59.9		62.6
Impairment of assets	0.2		19.3

Bad debt expense (reversals)	0.2		(2.7)
Other non-cash charges (benefits)	(1.3)		5.1
Changes in operating assets and liabilities:
Accounts receivable	(30.5)		31.7
Inventories	(282.7)		(211.6)
Prepaid expenses and other current assets	(54.2)		(37.8)
Accounts payable and accrued liabilities	(24.3)		296.1
Income tax receivables and payables	69.9		(11.0)

Operating lease right-of-use assets and liabilities, net	(9.8)		(42.2)
Other balance sheet changes	(5.4)		(31.0)
Net cash provided by operating activities	397.0		821.7
Cash flows from investing activities:
Capital expenditures	(155.9)		(113.6)
Purchases of investments	(562.2)		(1,234.8)
Proceeds from sales and maturities of investments	1,161.5		714.7



Other investing activities	(5.2)		(2.1)
Net cash provided by (used in) investing activities	438.2		(635.8)
Cash flows from financing activities:


Repayments of long-term debt	(500.0)		—
Payments of finance lease obligations	(15.9)		(16.8)
Payments of dividends	(148.8)		(101.1)


	Three Months Ended				Nine Months Ended
	December 31, 2022		December 25, 2021		December 31, 2022		December 25, 2021
	(millions)
Beginning reserve balance	$	166.8	$	184.8	$	180.7	$	173.7
Amount charged against revenue to increase reserve	96.6		101.1		298.8		289.8
Amount credited against customer accounts to decrease reserve	(114.2)		(106.0)		(316.9)		(283.2)
Foreign currency translation	7.5		(4.3)		(5.9)		(4.7)
Ending reserve balance	$	156.7	$	175.6	$	156.7	$	175.6


	Three Months Ended				Nine Months Ended
	December 31, 2022		December 25, 2021		December 31, 2022		December 25, 2021
	(millions)
Beginning reserve balance	$	27.7	$	37.9	$	34.0	$	40.1
Amount recorded to expense to increase (decrease) reserve(a)	(0.4)		(1.8)		0.2		(2.7)
Amount written-off against customer accounts to decrease reserve	(0.6)		(0.5)		(5.5)		(1.8)
Foreign currency translation	1.0		(0.7)		(1.0)		(0.7)
Ending reserve balance	$	27.7	$	34.9	$	27.7	$	34.9


	December 31, 2022						April 2, 2022
	Gross Amounts Presented in the Balance Sheet		Gross Amounts Not Offset in the Balance Sheet that are Subject to Master Netting Agreements		Net Amount		Gross Amounts Presented in the Balance Sheet		Gross Amounts Not Offset in the Balance Sheet that are Subject to Master Netting Agreements		Net Amount
	(millions)
Derivative assets	$	56.3	$	(2.4)	$	53.9	$	32.4	$	(0.2)	$	32.2
Derivative liabilities	2.4		(2.4)		—		18.3		(0.2)		18.1


	Gains (Losses) Recognized in OCI
	Three Months Ended				Nine Months Ended
	December 31, 2022		December 25, 2021		December 31, 2022		December 25, 2021
	(millions)
Designated Hedges:
FC — Cash flow hedges	$	(6.0)	$	1.7	$	22.5	$	1.9
Net investment hedges — effective portion	(53.4)		24.3		22.3		29.5
Net investment hedges — portion excluded from assessment of hedge effectiveness	10.7		(0.7)		22.1		11.1
Total Designated Hedges	$	(48.7)	$	25.3	$	66.9	$	42.5


	Location and Amount of Gains (Losses) from Cash Flow Hedges Reclassified from AOCI to Earnings
	Three Months Ended				Nine Months Ended
	December 31, 2022		December 25, 2021		December 31, 2022		December 25, 2021
	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	$	(641.6)	$	(617.3)	$	(1,687.6)	$	(1,514.4)
Effects of cash flow hedging:
FC — Cash flow hedges	8.6		1.4		15.1		1.5


	Gains (Losses) from Net Investment Hedges Recognized in Earnings								Location of Gains (Losses) Recognized in Earnings
	Three Months Ended				Nine Months Ended
	December 31, 2022		December 25, 2021		December 31, 2022		December 25, 2021
	(millions)
Net Investment Hedges:
Net investment hedges — portion excluded from assessment of hedge effectiveness(a)	$	3.3	$	2.9	$	9.8	$	8.6	Interest expense
Total Net Investment Hedges	$	3.3	$	2.9	$	9.8	$	8.6


	Gains (Losses) Recognized in Earnings								Location of Gains (Losses) Recognized in Earnings
	Three Months Ended				Nine Months Ended
	December 31, 2022		December 25, 2021		December 31, 2022		December 25, 2021
	(millions)
Undesignated Hedges:
FC — Undesignated hedges	$	(9.4)	$	4.1	$	15.2	$	4.6	Other income (expense), net
Total Undesignated Hedges	$	(9.4)	$	4.1	$	15.2	$	4.6


	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 April 2, 2022	$	(189.7)	$	9.0	$	0.4	$	(180.3)
Other comprehensive income (loss), net of tax:
OCI before reclassifications	(28.8)		19.4		—		(9.4)
Amounts reclassified from AOCI to earnings	—		(13.0)		(0.1)		(13.1)
Other comprehensive income (loss), net of tax	(28.8)		6.4		(0.1)		(22.5)
Balance at December 31, 2022	$	(218.5)	$	15.4	$	0.3	$	(202.8)

Balance at March 27, 2021	$	(123.2)	$	4.6	$	(2.2)	$	(120.8)
Other comprehensive income (loss), net of tax:
OCI before reclassifications	(29.8)		1.6		0.1		(28.1)
Amounts reclassified from AOCI to earnings	—		(1.2)		(0.1)		(1.3)
Other comprehensive income (loss), net of tax	(29.8)		0.4		—		(29.4)
Balance at December 25, 2021	$	(153.0)	$	5.0	$	(2.2)	$	(150.2)


	Three Months Ended				Nine Months Ended				Location of Gains (Losses) Reclassified from AOCI to Earnings
	December 31, 2022		December 25, 2021		December 31, 2022		December 25, 2021
	(millions)
Gains (losses) on cash flow hedges(a):
FC — Cash flow hedges	$	8.6	$	1.4	$	15.1	$	1.5	Cost of goods sold

Tax effect	(1.3)		(0.3)		(2.1)		(0.3)		Income tax provision
Net of tax	$	7.3	$	1.1	$	13.0	$	1.2


						Number of Service-based RSUs
						(thousands)
Unvested at April 2, 2022						1,566
Granted						668
Vested						(564)
Forfeited						(45)
Unvested at December 31, 2022						1,625


						Number of Performance-based RSUs
						(thousands)
Unvested at April 2, 2022						542
Granted						261
Change due to performance and/or market condition achievement						(58)
Vested						(269)
Forfeited						(3)
Unvested at December 31, 2022						473


	% Change
Digital commerce	11	%
Brick and mortar	4	%
Total comparable store sales	5	%


	December 31, 2022	December 25, 2021
Freestanding Stores:
North America	236	239
Europe	104	97
Asia	209	169
Total freestanding stores	549	505

Concession Shops:
North America	1	1
Europe	29	29
Asia	698	646
Total concession shops	728	676
Total stores	1,277	1,181


	Three Months Ended				$ Change		Foreign Exchange Impact		$ Change		% Change
	December 31, 2022		December 25, 2021		As Reported				Constant Currency		As Reported		Constant Currency
	(millions)
Net Revenues:
North America	$	937.6	$	928.7	$	8.9	$	(2.5)	$	11.4	1.0	%	1.2	%
Europe	469.3		462.9		6.4		(54.8)		61.2		1.4	%	13.2	%
Asia	386.2		382.6		3.6		(56.4)		60.0		0.9	%	15.7	%
Other non-reportable segments	39.2		41.2		(2.0)		—		(2.0)		(5.0	%)	(5.0	%)
Total net revenues	$	1,832.3	$	1,815.4	$	16.9	$	(113.7)	$	130.6	0.9	%	7.2	%


	Three Months Ended December 31, 2022 Compared to Three Months Ended December 25, 2021
	(millions)
SG&A expense category:
Marketing and advertising expenses	$	(11.7)
Rent and occupancy expenses	(5.6)
Compensation-related expenses	(5.6)
Non-income tax expenses	(4.8)
Selling-related expenses	(4.2)
Shipping and handling costs	9.7
Consulting and professional fees	4.6
Staff-related expenses	4.5
Other	5.1
Total decrease in SG&A expenses	$	(8.0)


	Nine Months Ended December 31, 2022 Compared to Nine Months Ended December 25, 2021
	(millions)
SG&A expense category:
Marketing and advertising expenses	$	36.6
Compensation-related expenses	29.1
Shipping and handling costs	22.4
Staff-related expenses	20.5
Consulting and professional fees	15.4
Selling-related expenses	13.4
Non-income tax expenses	(11.4)
Other	12.8
Total increase in SG&A expenses	$	138.8


	December 31, 2022		April 2, 2022		$ Change
	(millions)
Cash and cash equivalents	$	1,566.1	$	1,863.8	$	(297.7)
Short-term investments	131.4		734.6		(603.2)


Current portion of long-term debt(a)	—		(499.8)		499.8
Long-term debt(a)	(1,138.0)		(1,136.5)		(1.5)
Net cash and short-term investments	$	559.5	$	962.1	$	(402.6)
Equity	$	2,467.8	$	2,536.0	$	(68.2)


	December 31, 2022
Description(a)	Total Availability		Borrowings Outstanding			Remaining Availability
	(millions)
Global Credit Facility and Commercial Paper Program(b)	$	500	$	9	(c)	$	491
Pan-Asia Credit Facilities	37		—			37
Pan-Asia Overdraft Facilities	51		—			51


	Total Number of Shares Purchased		Average 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)
October 2, 2022 to October 29, 2022	321,151		$	87.06	321,151	$	1,217
October 30, 2022 to December 3, 2022	—		—		—	1,217
December 4, 2022 to December 31, 2022	4,689	(b)	105.45		—	1,217
	325,840				321,151


3.1			Amended and Restated Certificate of Incorporation of the Company (filed as Exhibit 3.1 to the Company's Registration Statement on Form S-1/A (File No. 333-24733) filed June 10, 1997)
3.2			Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Company (filed as Exhibit 3.1 to the Form 8-K filed August 16, 2011)
3.3			Fourth Amended and Restated By-Laws of the Company (filed as Exhibit 3.3 to the Form 10-Q filed August 10, 2017)
31.1*			Certification of Principal Executive Officer pursuant to 17 CFR 240.13a-14(a)
31.2*			Certification of Principal Financial Officer pursuant to 17 CFR 240.13a-14(a)
32.1*			Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*			Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*			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*			XBRL Taxonomy Extension Schema Document
101.CAL*			XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*			XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*			XBRL Taxonomy Extension Label Linkbase Document
101.PRE*			XBRL Taxonomy Extension Presentation Linkbase Document


		RALPH LAUREN CORPORATION

	By:	/S/ JANE HAMILTON NIELSEN
		Jane Hamilton Nielsen
		Chief Operating Officer and Chief Financial Officer
		(Principal Financial and Accounting Officer)

Date: February 9, 2023


			/s/ PATRICE LOUVET
			Patrice Louvet
			President and Chief Executive Officer
			(Principal Executive Officer)

Date: February 9, 2023