Ralph Lauren Corporation (NYSE:RL) Q4 2019 Earnings Conference Call Transcript
May 14, 2019 • 09:00 am ET
constant currency. Foreign currency is expected to negatively impact revenue growth by about 190 basis points to 200 basis points in the quarter. The timing of Easter shift from the fourth quarter of fiscal '19 is expected to benefit North America retail comps by about three points in the first quarter. Operating margin for the first quarter is expected to be up about 30 basis points to 50 basis points to last year in constant currency.
Foreign currency is expected to have roughly 10 basis points of negative impact on operating margin in the quarter. We expect capital expenditures of approximately $300 million in fiscal '20, focused on consumer facing initiatives that have demonstrated a proof of concept and healthy rates of return, including stores, and digital, as well as our corporate office consolidation project. We expect our effective tax rate for fiscal '20 to be approximately 22% above our fiscal '19 adjusted rate of 21%, driven primarily by our expected mix shift of international earnings into some higher tax jurisdictions. First quarter of fiscal '20 tax rate is estimated at about 19%.
In closing, as we continue on our next great chapter journey we have a clear sense of purpose and are guided by Ralph's timeless vision. We are applying the insights we gained as we accelerate wins and navigate challenges. While we recognize the progress is not always linear, our teams are passionate, highly engaged and focused on delivering across all our strategic priorities and creating value for the long term. With that, let's open up the call for your questions.