Polo Posts Lower First-Quarter Results

Polo Ralph Lauren ( RL) posted lower first-quarter profits, but beat estimates with better-than-expected sales.

The company earned $6.5 million, or 7 cents a share, in the quarter, compared with net income of $31.1 million, or 32 cents a share, a year ago. Excluding foreign currency translations, Polo earned 9 cents a share, ahead of the consensus analyst estimate of 6 cents provided by Thomson Financial/First Call.

Revenue for the quarter fell 1.1% to $467 million from $472.2 million, led by a decrease in sales in the company's menswear business. Analysts had been expecting total revenue of $430.8 million for the quarter.

In a press release, Polo said that its results suffered in a difficult economic environment, but the company promised profitable growth in the coming year, reiterating its full-year forecast of earnings per share of $1.80 to $1.90. The forecast is in line with the consensus First Call analyst estimate of $1.86. For the second quarter, the company expects to earn 48 cents to 53 cents, also in line with estimates of 52 cents.

Shares of Polo Ralph Lauren closed at $19.90 Tuesday before the news.

More from Technology

FANG Stocks Get Swept Up in Broader Market Selloff

FANG Stocks Get Swept Up in Broader Market Selloff

Snap Shares Plunge After Cowen Cuts Price Target

Snap Shares Plunge After Cowen Cuts Price Target

3 Warren Buffett Stock Picks That Could Be Perfect for Your Retirement Portfolio

3 Warren Buffett Stock Picks That Could Be Perfect for Your Retirement Portfolio

It's Not Over Yet: Keep an Eye on FANG Stocks

It's Not Over Yet: Keep an Eye on FANG Stocks

Apple Buys Tesla? Amazon Buys Sears? 3 Dream Mergers That Just Make Sense

Apple Buys Tesla? Amazon Buys Sears? 3 Dream Mergers That Just Make Sense