Former Best Buy CEO Bought the Ralph Lauren Stock Dip

 Former Best Buy CEO Bought the Ralph Lauren Stock Dip

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Former Best Buy CEO Hubert Joly


JP Yim/Getty Images for Women’s Forum of New York


Ralph Lauren

stock has fallen from its highs in May, and director and former

Best Buy

CEO Hubert Joly bought the dip.

Ralph Lauren stock (ticker: RL) rallied as high as $142.06 on May 6 before selling off in the weeks that followed. After dropping as low as $103.79 in July, shares are back up to $119.80. The high-end apparel retailer’s stock has returned about 13% year to date, trailing the 21% return of the

S&P 500

index.

The initial drop followed Ralph Lauren’s May 20 earnings report, which included a full-year sales forecast that disappointed analysts at the time.

Shares rebounded after its fiscal first quarter report on Aug. 3, which showed earnings per share more than doubled analyst estimates.

Joly paid about $990,360 on Aug. 18 for 8,400 Ralph Lauren shares, at an average price of $117.90 each. The shares were purchased through a personal account, according to a form he filed with the Securities and Exchange Commission.

Joly, who was Best Buy’s chief executive officer from 2012 to 2019 and oversaw its successful turnaround efforts, declined to comment through a representative. The open-market purchase by Joly, who has been a director at the apparel company since it was called Polo Ralph Lauren back in 2009, is the largest by an insider since November 2008.

It’s Joly’s largest insider open-market purchase since joining the board, and his first of Ralph Lauren stock since he paid $154,700 for 2,000 Ralph Lauren shares on Feb. 4, 2010.

Corrections & Amplifications

Joly paid about $990,360 on Aug. 18 for 8,400 Ralph Lauren shares, at an average price of $117.90 each. A previous version of this article incorrectly stated the amount paid.

Write to Connor Smith at connor.smith@barrons.com

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