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Jamming product in the channel to drive revenue and save a floundering P&L does not work (just ask J Crew). Fortunately, RL is in far better control of its destiny.

Ralph Lauren remains near the top of my favorites list, and its promotional activity remains very much in check – especially to other parts of US retail (note recent J Crew results).

RL’s on-line promotional activity with ‘End of Summer 2’ and ‘Back to School’ remains about 5% above last year’s level, but that’s actually better than its ‘End of Summer 1’ sale, which was about 10% above last year.

Not a huge factor in the grand scheme of this story, but my view is that RL will print $4.50 this year vs. consensus at $4.13. These clearance checks along with my own sources give me more comfort that inventories are not getting out of control.
Note better yy delta between Summer 1 and Summer 2.