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NEW YORK - Polo Ralph Lauren Corp. said Tuesday its fiscal second-quarter profit rose and topped Wall Street expectations, helped by increased market share and lower operating expenses.
The company, which makes Polo and Ralph Lauren clothing and is based in New York, earned $177.5 million, or $1.75 per share, compared with $161 million, or $1.58 per share, the year-ago period.
Analysts polled by Thomson Reuters expected profit of $1.31 cents per share.
Revenue declined to $1.37 billion from $1.43 billion, partly because of a 6 percent decline in retail sales at stores open more than a year. The retail segment includes RalphLauren.com, Ralph Lauren stores, factory stores and Club Monaco stores.
Operating expenses declined 1 percent in the second quarter to $539 million from $545 million.
In the fiscal third quarter, the company expects revenue to decline in the low single digits. The company now expects fiscal revenue to decline by a percentage in the mid single digits, compared to previous guidance of a decline in the high single digits.
Although the company raised sales expectations, it said it remains cautious with its outlook.
Shares rose $1.87, or 2.4 percent, to $78.58 in afternoon trading.
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