Ralph Lauren Q3 Profit Tops View; Boosts 2014 Revenue Outlook - Quick Facts

(RTTNews) - Apparel maker Ralph Lauren Corp. (RL) announced third-quarter net income of $237 million or $2.57 per share, higher than $216 million or $2.31 per share in the prior-year quarter.

On average, 14 analysts polled by Thomson Reuters expected the company to report earnings of $2.51 per share for the quarter. Analysts' estimates typically exclude one-time items.

Net revenues for the quarter grew 9.1 percent to $2.15 billion from $1.85 billion in the same quarter last year. Fourteen Wall Street analysts had a consensus revenue estimate of $2.03 billion for the quarter.

Excluding the net negative impact from foreign currency translation and discontinued businesses, net revenues increased about 11 percent.

Net sales grew 9.7 percent to $1.97 billion from last year. Consolidated comparable-store sales increased 1 percent or 2 percent on a constant currency basis.

Looking ahead, the company expects consolidated net revenues for the fourth quarter to increase by 10 to 12 percent. The company also raised its full-year 2014 revenue growth outlook to 7 percent, which is the high end of the previous forecast range of 5 to 7 percent.

Street is currently looking for fourth-quarter revenues of $1.81 billion and full-year 2014 revenues of $7.39 billion.

Additionally, the company's board of directors authorized an additional $500 million stock repurchase program, in addition to the $230 million available at the end of the third quarter as part of a previously authorized stock repurchase program, bringing the total current authorizations to $730 million.