NEW YORK (AP) — Ralph Lauren Corp.’s profit plunged in its fiscal fourth-quarter on lower sales and higher costs, but still topped Wall Street expectations.
Shares of the upscale clothing company edged up 45 cents to $84.95 in morning trading Thursday.
The company’s profit fell 67 percent to $41 million, or 49 cents per share. Earnings, adjusted for restructuring costs, were 88 cents per share. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 83 cents per share.
Revenue fell just under 1 percent to $1.87 billion in the period as a stronger U.S. dollar cut into sales. The decline was also partly due to discounts to clear inventory.
Meanwhile, operating expenses rose 10.9 percent to $947 million.
For the year, the company reported profit of $396 million, or $4.62 per share. Revenue was reported as $7.41 billion.
Ralph Lauren shares are down about 36 percent in the last 12 months.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on RL at http://www.zacks.com/ap/RL
Keywords: Ralph Lauren, Earnings Report