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Separately, hansen said that the securities and exchange commission ralph lauren italia concluded its informal inquiry into the company’s historical stock option granting practices.Hansen said the regulator does not plan to recommend any enforcement action.Shares closed up $5.34 to $46.92.
Polo ralph lauren(Rl)Tumbled 11.8% after the apparel maker posted disappointing first quarter results and lowered its full year outlook.The company earned $88.3 million, or 82 cents a share, on revenue of $1.07 billion.Analysts had expected earnings of 85 cents a share on revenue of $1.1 billion.During the year earlier quarter, the company earned $80.2 million, or 74 cents a share, on revenue of $953.6 million.
Looking ahead, the company now sees full year earnings of $3.64 to $3.74 a share, down from an earlier forecast of $3.70 to $3.80 a share.The company sees revenue growing by a mid teen percentage rate.Analysts project earnings of $3.82 a share on revenue of $4.94 billion.Shares closed down $10.98 to $81.80.