NEW YORK (AP) _ Ralph Lauren Corp. (RL) on Wednesday reported fiscal first-quarter profit of $64 million.
The New York-based company said it had profit of 73 cents per share. Earnings, adjusted for restructuring costs, were $1.09 per share.
The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1 per share.
The upscale clothing company posted revenue of $1.62 billion in the period.
Ralph Lauren shares have declined 33 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed roughly 2 percent. The stock has dropped 21 percent in the last 12 months.