Ralph Lauren's 3Q profit up 27 pct., offers upbeat outlook; shares rise

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Ralph Lauren Corp. is reporting a 27 percent increase in its fiscal third-quarter profit as the designer clothing company's affluent customers spent generously during the winter holidays.

The company also offered an upbeat outlook, sending shares up nearly 8 percent in premarket trading.

The New York-based company says Wednesday that it earned $215.7 million or $2.31 per share in the three months ended Dec. 29. That compares with $169 million, or $1.78 per share, a year earlier.

Revenue rose 2.2 percent to $1.79 billion.

Analysts had expected earnings of $2.20 per share on revenue of $1.85 billion, according to FactSet.

Shares of Ralph Lauren rose $12.97 to $177.88 in premarket trading.