Polo Ralph Lauren (RL) reported a stronger-than-expected 10% increase in fiscal second-quarter net income, pushing its stock higher in the pre-market trading Tuesday.
The company earned $177.5 million, or $1.75 a share, in the just-ended quarter, compared to $161 million, or $1.58 a share, in the same period a year earlier.
Ralph Lauren’s revenue fell 4% to $1.4 billion, beating analysts’ projections for $1.31 billion.
Ralph Lauren also upped its fiscal 2010 net revenues guidance, now projecting a decline in the mid-single digits. Earlier the company forecasted a high-single-digit decline.
Shares of Ralph Lauren climbed to $78.47 ahead of the opening bell after closing at $76.71 on Monday. The company’s stock has soared nearly 70% year-to-date.
The company said its better-than-expected results reflect increased market share and disciplined operational management
“Today’s results confirm the resilience and vitality of our strategy and demonstrate the superb execution of our management team," Ralph Lauren, the company’s CEO, said in a statement. “We are operating today as a leaner, stronger organization than ever before, even as our long-term growth prospects remain compelling."
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