Ralph Lauren lifts guidance, shares spike

(Sharecast News) - Fashion brand Ralph Lauren lifted annual revenue guidance after reporting better-than-expected third quarter earnings, as wealthy customers splashed out on its range of clothing, sending shares in the company 12% higher on Wall Street. Earnings per share rose 11% to $4.66 on a reported basis, beating estimates of $4.50.

Revenue was also up 11% rose to $2.1bn, better than the $2.01bn forecast. Ralph Lauren said it expected revenue to rise by 6% - 7%, compared with its prior guidance of an increase between 3% and 4%.

Reporting by Frank Prenesti for Sharecast.com