NEW YORK ( TheStreet) -- Polo Ralph Lauren ( RL) reported a 10% jump in second-quarter profit on Tuesday, boosted by cost cuts and leaner inventory.

During the quarter, the company earned $177.5 million, or $1.75 a share, compared with $161 million, or $1.58, in the year-ago period. Analysts expected the company to earn $1.31 a share.

But revenue still slipped 4% to $1.37 billion from $1.43 billion.

"Our results have exceeded our expectations for the first half of the year, reflecting market-share gains across products and regions and disciplined operational management," Roger Farah, president and chief operating officer, said in a statement.

Looking ahead, the company expects full-year revenue to decline by mid-single-digits, better than its prior guidance of a high-single digit drop. But management said it remains cautious for the remainder of the year.

-- Reported by Jeanine Poggi in New York

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