Ralph Lauren earnings beat expectations, share buybacks expected to resume

Ralph Lauren Corp. RL, +2.03% reported fiscal second-quarter net income of $193.3 million, or $2.57 per share, after a loss of $39.1 million, or 53 cents per share, last year. Adjusted EPS of $2.62 beat the FactSet consensus for $2.00. Revenue of $1.504 billion was up from $1.194 billion and also ahead of the FactSet consensus for $1.468 billion. Ralph Lauren expects to resume share repurchases in the second half of fiscal 2022, with about $580 million remaining under its buyback program. Ralph Lauren shares edged up 0.2% in Tuesday premarket trading. For the year to date the luxury lifestyle company has seen shares rally 25%. The S&P 500 index SPX, +0.18% has gained 22.8% for 2021 so far.