Ralph Lauren Corp. said it had net income of $160 million, or $1.86 per share, in its fiscal second quarter, down from $201 million, or $2.25 per share, the previous year. Adjusted earnings total $184 million, or $2.13 per share. The FactSet consensus was EPS of $1.73. Second-quarter revenue totaled $1.97 billion, down from $1.99 billion the previous year. The FactSet revenue consensus was $1.95 billion. The company expects to incur a one-time charge totaling between $120 million and $150 million, associated with a management reorganization. The company expects to achieve $110 million in annual expense savings as a result of the restructuring. Ralph Lauren shares are down 38.7% for the year-to-date while the S&P is up 2.1% for the same period. See also: Is Ralph Lauren's new CEO upmarket enough?
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