Ralph Lauren Shares Jump After Earnings Beat Estimates

Ralph Lauren Corp. shares are up 4.2% in Wednesday premarket trading after the luxury retail brand reported fiscal first quarter 2017 earnings and revenue that beat estimates. Ralph Lauren reported a loss of $22 million, or 27 cents per share, after net income of $64 million, or 73 cents per share for the same period last year. Adjusted earnings, excluding restructuring, impairment and inventory-related charges, totaled $1.06 per share, beating the 89 cents per share FactSet consensus. Revenue was $1.55 billion for the quarter, down from $1.62 billion for the same period last year, but beating the $1.53 billion FactSet consensus. Same-store sales declined 6%, below the FactSet estimate of 0.9%. Ralph Lauren sees second-quarter revenue down mid-to-high single digits. Restructuring initiatives are expected to have a greater impact in the second-half of the fiscal year than in the second quarter. Ralph Lauren shares are down 21.1% for the past year while the S&P 500 Index is up 3.7% for the same period.