NEW YORK — Ralph Lauren Corp. (RL) on Wednesday reported net income that decreased by 10 percent in its fiscal first quarter, and beat analysts' expectations.
The New York-based company said profit decreased to $162 million, or $1.80 per share, from $181 million, or $1.94 per share, in the same quarter a year ago. The average estimate of analysts surveyed by Zacks Investment Research was for profit of $1.75 per share.
The upscale clothing company said revenue climbed 3.3 percent to $1.71 billion from $1.65 billion in the same quarter a year ago, and missed Wall Street forecasts. Analysts expected $1.73 billion, according to Zacks.
Ralph Lauren shares have dropped $20, or 11 percent, to $156.57 since the beginning of the year, while the Standard & Poor's 500 index has climbed 3.9 percent. The stock has decreased $31.46, or 17 percent, in the last 12 months.
Keywords:Ralph Lauren,Earnings Report