The company has been working to transform its business and now has big third-quarter profit to show for the effort.
Corp.’s net income bounced back 82 percent to $217.7 million, or $2.93 a diluted share, from $119.8 million, or $1.61, a year ago, when the pandemic was hitting the consumer world hard. Adjusted earnings of $2.94 came in well ahead of the $2.17 analysts projected. Lauren boosted its annual revenues outlook to constant currency growth of 39 percent to 41 percent, up from the 34 percent to 36 percent growth projected in November.
Investors applauded the bullishness, pushing shares of the company up 9 percent to $123.85 in premarket trading on Thursday. Patrice Louvet, president and chief executive officer, said: “Our better-than-expected results across all three regions are a testament to the outstanding work our teams have done to fundamentally reposition our business, elevate our brand and pivot to offense — including in North America, where our turnaround is well underway.
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