Ralph Lauren Earnings Misses Estimates; Adjusts Full Year Revenue Forecast (RL)
On Friday fashion retail giant Ralph Lauren Corp ( RL ) reported mixed earnings, as profit missed estimates but revenue beat expectations.
The New York based compared reported second quarter net income of $213.7 million, or $2.29 per share, down 8.5% from $233.5 million, or $2.46 per share, a year earlier. Excluding on time items, RL reported $2.45 earnings per share, above Wall Street analysts estimate of $2.15 earnings per share.
Revenue for Ralph Lauren fell 2.2% to $1.86 billion in the quarter, exceeding analysts estimates of $1.84 billion.
Looking forward the company lowered its forecast, now expecting revenue to rise between 2% and 3% for the fiscal year ending in March, compared with its previous forecast of mid single digit growth.
Ralph Lauren shares were up $3.46, or +2.18%, in premarket trading on Friday.
Ralph Lauren Corp ( RL ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.