Ralph Lauren Profit, Revenue Top Estimates

Ralph Lauren Corp. said it had net income of $124 million, or $1.41 a share, in its fiscal fourth quarter, down from $153 million, or $1.68 a share, in the year-earlier quarter. Revenue rose 1% to $1.9 billion, the designer apparel company said in a statement. The FactSet consensus was for EPS of $1.32 and revenue of $1.88 billion. "While foreign exchange and global consumer spending remain unpredictable, we are taking decisive actions to offset some of these ongoing external pressures," Chief Operating Officer Jacki Nemerov said in a statement. The company is expecting foreign currency moves to shave 450 basis points off fiscal 2016 revenue growth and about 600 basis points off first-quarter revenue growth. The company expects to book $70 million to $100 million in restructuring charges in fiscal 2016. The board also approved a $500 million share buyback. Shares were lower in premarket trade and are down 28% in the year so far, while the S&P 500 has gained 2%.