Ralph Lauren's 3Q profit up 27 pct.
NEW YORK – Ralph Lauren Corp. posted a 27 percent increase in its fiscal third-quarter profit as the designer clothing company enjoyed continued momentum in spending among its affluent shoppers in the U.S. and improving trends in Europe during the crucial winter holidays.
The news sent shares of the company up more than 7 percent in late morning trading.
The results, announced Wednesday, are an improvement from the first half of the year, when cotton costs soared and the company was bearing costs to eliminate some of its businesses to focus on the most profitable ones. But the company managed to navigate through the rough patches and delivered better-than-expected results.
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