Ralph Lauren stock soars 7% after earnings beat

FAN Editor

Ralph Lauren shares soared 7.3% in Tuesday premarket trading after the fashion label reported fiscal third-quarter earnings and revenue that beat expectations.

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Net income totaled $334.1 million, or $4.41 per share, up from $120 million, or $1.48 per share, the prior year.

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Adjusted earnings per share were $2.86, excluding restructuring-related, tax reform, and other charges. Revenue of $1.75 billion was up from $1.73 billion the previous year. The FactSet consensus was for earnings of $2.45 and revenue of $1.72 billion.

Ralph Lauren has been undergoing a business transformation, Next Great Chapter, that includes digital initiatives, a focus on core product and other efforts.

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The company expects a “slight” revenue increase in the fourth quarter on a reported basis, and revenue growth on a constant-currency basis in fiscal 2020 despite disruptions in Hong Kong and the impact of tariffs, though forecasts don’t include any impact from the coronavirus outbreak “given the dynamic situation that we are monitoring closely.”

Ralph Lauren shares have slipped 1.1% over the past year while the S&P 500 index has gained 19.2% for the period.

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