Iconic fashion brand Ralph Lauren Corp. (RL) - Get Report    rose 8.4% to $124.16 by the close of trading on Tuesday after reporting a third-quarter profit that came in ahead of analysts' expectations.

The New York-based company reported third-quarter earnings of $2.32 a share on an adjusted basis, topping expectations of $2.15. Revenue increased 5.1% to $1.7 billion and beat analysts' expectations of $1.66 billion.

Earnings on a reported basis were $1.48 a share, a swing from a year-earlier loss. 

"Our passionate teams are focused on staying true to the authentic expression of the Ralph Lauren lifestyle while evolving with the changing consumer and global retail landscape around us," said Ralph Lauren, executive chairman and chief creative officer. "As we continue to strengthen the foundations of our business and elevate our iconic brand, I am pleased with the progress we are making."

The company said that its improved fortunes were a result of winning over a new generation of customers thanks to an 18% increase in marketing investment, "with a focus on driving brand awareness and engagement over the holiday season."

"These results give us confidence that our strategic investments in brand-building, product, digital, and global expansion are on the right track, while the strength of our balance sheet will continue to be a competitive advantage as we manage through an increasingly volatile global environment," CEO Patrice Louvet said.