NEW YORK (AP) — THE RESULTS: Ralph Lauren Corp. reported net income of $127.2 million, or $1.37 per share, for the three months that ended March 30. Revenue rose a slim 1.2 percent to $1.64 billion. Analysts had expected earnings of $1.31 per share on revenue of $1.7 billion.
BEHIND THE RESULTS: The New York-based luxury company benefited from lower cotton prices. But economic challenges here and abroad and the move to eliminate some businesses to focus on the most profitable ones cut into sales.
WHAT'S NEXT: Ralph Lauren expects revenue to be up in the low single digits for the current quarter and anywhere from 4 percent to 7 percent for the full year.