Apparel company Ralph Lauren Corp. (NYSE:RL) reported better-than-expected quarterly profit, as double-digit gains at its wholesale and retail segments drove revenue growth, and that it boosted its full-year sales forecast.
The New York-based company, formerly known as Polo Ralph Lauren Corp., said earnings were $233 million or $2.46 per share for the second quarter, up from $205 million or $2.09 per share in the year-ago quarter.
Revenue rose 24 percent to $1.9 billion.
Analysts, on average, polled by Thomson Reuters expected earnings of $2.24 per share on revenue of $1.84 billion.
Looking ahead for the third quarter, Ralph Lauren expects consolidated revenues to increase at a low-teens rate.
For fiscal 2012, the company now expects revenue to increase at a high-teens-to-low 20 percent rate from prior expectations of mid-to-high teens growth.
RL closed Tuesday's regular trading session at $159.05. The stock has been trading in the 52-week range between $99.38 and $164.55.