Ralph Lauren earnings and sales beat expectations but shares fall 6%
Ralph Lauren Corp. reported fiscal second-quarter net income of $170.3 million, or $2.07 per share, up from $143.8 million, or $1.75 per share, last year. Excluding restructuring-related and other charges, EPS was $2.26. Sales totaled $1.69 billion, up from $1.66 billion. The FactSet consensus was for EPS of $2.16 and sales of $1.65 billion. Sales in North America rose 1% and sales in Asia jumped 13% for the quarter. However European sales fell 1% for the quarter. Ralph Lauren shares sank 6.4% in Tuesday premarket trading, but have rallied 32% for the year to date. The S&P 500 index is up 2.4% for 2018 so far. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.