NEW YORK (TheStreet) -- Shares of Ralph Lauren (RL) are sliding, down 1.73% to $130.90 in early market trading Wednesday, after the retailer reported its fiscal fourth quarter earnings results this morning.
Ralph Lauren earned $1.69 per share for the fourth quarter, topping the $1.32 per share analysts polled by Thomson Reuters were expecting.
Revenue for the quarter came in at $1.9 billion, topping Wall Street expectation for revenue of $1.88 billion.
But, Ralph posted a wider-than-expected margin in comparable store sales. The figure fell by 4% in the quarter, compared to the 1% drop analysts were expecting.
The company also announced an additional $500 million stock repurchase program for shares of its class A common stock.
In addition to the $80 million available at the end of the fourth quarter of fiscal 2015 from the previously authorized stock repurchase program, the company's total current authorization now amounts to $580 million.
New York City-based Ralph Lauren is engaged in the design, marketing and distribution of products, including men's, women's and children's apparel, accessories, fragrances and home furnishings.
Insight from TheStreet's Research Team:
Michael Khouw commented on Ralph Lauren in a recent post on ActionAlertsOPTIONS.com. During the most recent weekly roundup, this is what Khouw had to say about the stock: