Ralph Lauren Shares Climb After Earnings Beat Expectations

Ralph Lauren Corp. shares were up 3% in Thursday premarket trading after the luxury apparel and accessories company reported fourth-quarter earnings that beat estimates. Ralph Lauren reported net income of $41 million, or 49 cents per share, down from $124 million, or $1.41 per share, for the same period last year. Adjusted earnings were 88 cents per share, exceeding the FactSet consensus of 83 cents. Revenue for the quarter totaled $1.87 billion, down from $1.89 billion last year, but above the FactSet consensus of $1.86 billion. The company's board authorized an additional $200 million stock repurchase program, in addition to the remaining $100 million available at the end of the fourth quarter from the previous program. Ralph Lauren will provide first-quarter and full-year fiscal 2017 guidance at its investor day event on June 7. Company shares are down 36.6% for the past year while the S&P 500 is down 1.7% for the same period.