On Tuesday, Ralph Lauren Corporation (NYSE: RL) announced its financial results for the first quarter of fiscal 2019. Shares of the company increased 1.6% premarket trading today after the company reported better-than-expected results.
“I continue to be inspired and energized by the passion our teams have for our brand and our Company,” Ralph Lauren, the Executive Chairman and Chief Creative Officer of the company, said in the statement on Tuesday.
“This passion along with Patrice’s partnership over the last year, the clear plan he and the team laid out in June, and the initial progress in this quarter, give me confidence in our future as we celebrate 50 years in business,” he continued.
According to the company, revenue for the first quarter increased from $1.35 billion to $1.39 billion, beating analysts’ estimates of $1.36 billion.
Net income for the first quarter increased from $59.5 million, or 72 cents per share, for the same period last year, to $109.0 million, or $1.31 per share. In addition, adjusted earnings per share was reported to be $1.54 per share, beating analysts’ estimates of $1.36 per share.
“Guided by our three core principles of putting the consumer at the center of all we do, elevating and energizing our brand and balancing productivity and growth, we are on track to return the Company to long-term, sustainable growth and value creation,” Patrice Louvet, the President and Chief Executive Officer of the company, said in the statement today.