Ralph Lauren Halves Profit on Hefty Charges

Polo Ralph Lauren(RL Quote) more than halved its profit in the fourth quarter, weighed down by hefty charges.

Still, excluding restructuring costs and an impairment charge associated with store-related assets, the high-end apparel maker actually far surpassed analysts' expectations, sending shares climbing 8% in morning trading.

During the quarter, the company's profit plunged to $45 million, or 44 cents a share, from $104 million, or $1 a share, in the year-earlier quarter.

Excluding charges, earnings would have been 86 cents a share, surpassing analysts' forecast of 42 cents. The charges partially related to the company's elimination of 500 positions.

Revenue slipped to $1.22 billion from $1.24 billion.

Ralph Lauren said it is accelerating its investment in international markets, specifically in Southeast Asia.

The company would not provide guidance, citing continued economic uncertainty, but said it expects revenue to decline by a high-single-digit rate.