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Ralph Lauren profit misses consensus by 22.5% in fiscal Q3

Ralph Lauren Corp. said its normalized net income for the fiscal third quarter ended Dec. 26, 2015, came to $1.64 per share, compared with the S&P Capital IQ consensus estimate of $2.11 per share.

EPS declined 22.8% year over year from $2.12.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $140.0 million, a decline of 25.8% from $188.8 million in the year-earlier period.

The normalized profit margin dropped to 7.2% from 9.3% in the year-earlier period.

Total revenue fell on an annual basis to $1.95 billion from $2.03 billion, and total operating expenses totaled $1.71 billion, compared with $1.72 billion in the prior-year period.

Reported net income decreased 38.6% from the prior-year period to $131.7 million, or $1.54 per share, from $214.5 million, or $2.41 per share.