By Anastasia Tomazhenkova: Luxury lifestyle company Polo Ralph Lauren Corp. announced its third-quarter net profit rose to 112.7 million dollars, or 1.08 dollar per share, beating the mean estimate of analysts polled by Thomson Financial of 77 cents per share.
A year ago, the company posted net income of 110.5 million dollars, or 1.03 dollar per share, in the quarter.
Revenue for the New York-based clothing company rose 11% to 1.27 billion dollars from 1.14 billion dollars a year earlier. Analysts, on average, had estimated revenue of 1.19 billion dollars.
For fiscal 2008, Polo Ralph Lauren expects revenue to increase by "a low double digit percentage" and earnings to be the 'lower end' of the 3.64 dollars to 3.74 dollars range. Previously, the company had forecasted 2008 earnings of 3.50 dollars to 3.60 dollars per share.
Analyst polled by Thomson Financial expect earnings of 3.47 dollars per share on revenue of 4.78 billion dollars.
For fiscal 2009, Polo Ralph Lauren sees earnings of 3.95 dollars to 4.05 dollars per share.
Analysts, on average, estimate 2009 earnings of 4.31 dollars per share.
Polo shares rose 3.50 dollars, or 6.1 percent, to 60.96 dollars after the opening bell.