NEW YORK — Ralph Lauren reported better-than-expected earnings for its fiscal first quarter, even as clothing company's sales slipped.
Shares of Ralph Lauren Corp. rose more than 2 percent in morning trading Wednesday.
The New York-based company is in the midst of reorganizing its business to cut $100 million in annual expenses to combat weaker sales and the stronger U.S. dollar.
Ralph Lauren reported first-quarter profit of $64 million, or of 73 cents per share, compared with $162 million, or $1.80 per share, in the same quarter a year ago.
Earnings, adjusted for restructuring costs, were $1.09 per share, surpassing Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1 per share.
Revenue fell 5 percent to $1.62 billion in the period.
Its shares rose $3.33, or 2.7 percent, to $126.64 in morning trading. Its shares are down 19 percent over the past year.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on RL at http://www.zacks.com/ap/RL
Keywords: Ralph Lauren, Earnings Report