NEW YORK (AP) — Ralph Lauren Corp. is reporting a 27 percent increase in its fiscal third-quarter profit as the designer clothing company's affluent customers spent generously during the winter holidays.
The company also offered an upbeat outlook, sending shares up nearly 8 percent in premarket trading.
The New York-based company says Wednesday that it earned $215.7 million or $2.31 per share in the three months ended Dec. 29. That compares with $169 million, or $1.78 per share, a year earlier.
Revenue rose 2.2 percent to $1.79 billion.
Analysts had expected earnings of $2.20 per share on revenue of $1.85 billion, according to FactSet.
Shares of Ralph Lauren rose $12.97 to $177.88 in premarket trading.