Daily Journal masthead

Ralph Lauren posts 1Q profit of $64 million, result tops expectations

bug
Share/Save/Bookmark

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

Think your friends should see this? Share it with them!

Story copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Feedback, Corrections and Other Requests: AP welcomes feedback and comments from readers. Send an email to info@ap.org and it will be forwarded to the appropriate editor or reporter.


We also have more stories about:
(click the phrases to see a list)

Category:

Follow Daily Journal:

All content copyright ©2015 Daily Journal, a division of Home News Enterprises unless otherwise noted.
All rights reserved. Privacy policy.