Polo Ralph Lauren (RL) Tops Q3 EPS by 44c; Give Better Guidance
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Polo Ralph Lauren (NYSE: RL) reports Q3 EPS of $1.75, 44 cents avove the consensus of $1.31. Revenues came in at $1.37 billion, versus the consensus of $1.31 billion.
Due to the better-than-expected revenue performance for the first six months of the year, the Company now expects Fiscal 2010 net revenues to decline by a mid single digit rate, which compares to prior guidance of a high single digit decline in net revenues. In the third quarter of Fiscal 2010, the Company expects net revenues to decline at a low single digit rate, inclusive of flat to low single digit comparable store sales growth for its retail segment. The Company expects operating expenses for the third quarter of Fiscal 2010 to grow at a high single digit rate from the prior year period, primarily reflecting incremental spending related to its Asia-Pacific initiatives and higher incentive compensation accruals.
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