Ralph Lauren swings to a profit, shares jump 7.5%
Ralph Lauren Corp. shares jumped 7.5% in Tuesday premarket trading after the luxury lifestyle brand reported fiscal third-quarter earnings and revenue that beat expectations. Net income totaled $120 million, or $1.48 per share, after a loss of $81.8, or $1 per share, last year. Adjusted EPS was $2.32, beating the $2.15 FactSet estimate. Revenue totaled $1.73 billion, up from $1.64 billion last year and ahead of the $1.66 billion FactSet consensus. North American revenue rose 3% while Europe and Asia grew 10%. Ralph Lauren shares have gained 8.6% in the past year while the S&P 500 index is up nearly 3% for the period. 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.