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Ralph Lauren beats profit estimates as it reins in discounts
May 18, 2017 / 12:28 PM / 7 months ago

Ralph Lauren beats profit estimates as it reins in discounts

May 18 (Reuters) - Ralph Lauren Corp reported a better-than-expected quarterly profit on Thursday, as the luxury apparel maker reined in discounts and cut inventories in a bid to boost margins.

Shares of the company rose 5 percent in trading before the bell on Thursday.

Ralph Lauren reported a net loss of $204 million, or $2.48 per share in the fourth quarter ended April 1, reflecting a more than $300 million charge related to restructuring and severance pay.

The company posted a net income of $41.3 million, or 49 cents per share, a year earlier.

Excluding items, Ralph Lauren reported a profit of 89 cents per share, beating analysts’ average expectation by 11 cents, according to Thomson Reuters I/B/E/S.

Revenue fell 16.3 percent to $1.57 billion in the fourth quarter. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Sai Sachin Ravikumar)

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