Ralph Lauren shares rise after earnings and revenue beat expectations
Ralph Lauren Corp. shares rose 3% in Wednesday premarket trading after the luxury brand reported fourth-quarter earnings and revenue that beat expectations. Net income for the quarter totaled $41.3 million, or 50 cents per share, after a loss of $204 million, or $2.48, for the same period last year. Adjusted EPS was 90 cents. Revenue was $1.53 billion, down from $1.57 billion last year. The FactSet consensus was for EPS of 83 cents and revenue of $1.49 billion. North American revenue declined 14% to $759 million due to a pullback in the wholesale channel and in promotions. Ralph Lauren stock is up more than 72% for the past year while the S&P 500 index is up 13.6% for the period.