Polo Ralph Lauren
beat estimates for its second-quarter earnings, posting a 49% gain.
The clothing maker said Wednesday it earned $80.4 million, or 78 cents a share, for the quarter, up from last year's $54 million, or 54 cents a share. Adjusted for foreign exchange gains and restructuring charges, earnings reached $79 million, or 76 cents a share, up from $52.9 million, or 52 cents a share, last year.
Wall Street analysts were expecting earnings of 73 cents a share, according to Thomson First Call. Shares of Ralph Lauren were recently up $1.04, or 2.8%, to $38.55.
"I am pleased with the excitement about our brand and the growing global demand for our products," the company's founder said in a statement. "Through our retail business, we have taken strong steps to expand our luxury position."
Looking forward, the company expects third-quarter revenue to rise in the low-30% range, and fourth-quarter revenue to grow by low single digits. For the year, Polo Ralph Lauren reiterated its guidance for earnings of $2.35 to $2.45 a share on revenue growth in the high teens.
Revenue for the quarter rose 25% to $883.7 million from $707.8 million.
Retail sales grew 7.4% to $319 million, compared to $297.1 million last year, with sales at stores open for at least a year adding 3.7%, primarily driven by business in the U.S. and Europe. Wholesale revenue jumped 49.5% to $502.6 million.