Ralph Lauren Leads Retail Stocks Higher in Midday Trade
Investing.com - Ralph Lauren (NYSE:RL) jumped 12% in midday trading Tuesday after its third-quarter earnings and revenue beat analysts’ expectations.
The luxury retail brand reported adjusted earnings per share of $2.32, beating the $2.14 Investing.com estimate. Revenue totaled $1.73 billion, up from $1.64 billion last year and ahead of the $1.66 billion consensus.
“These results give us confidence that our strategic investments in brand-building, product, digital, and global expansion are on the right track, while the strength of our balance sheet will continue to be a competitive advantage as we manage through an increasingly volatile global environment,” President and CEO Patrice Louvet said in the earnings release.
Ralph Lauren helped lead consumer stocks higher, with the S&P 500 Consumer Discretionary sector rising 1%.
Elsewhere, Leggett & Platt (NYSE:LEG) jumped 9.8%, while Estee Lauder (NYSE:EL) gained 13%. Nordstrom (NYSE:JWN) was up 1.7% and Tiffany (NYSE:TIF) inched up 1.1%.
Related Articles
Fifty years on, Boeing's 747 clings to life as cargo carrier
World share index set for weekly loss as 'economic skies darken'
