Solid quarter from Ralph Lauren lifts shares

Ralph Lauren (RL) says retail sales grew 6% to $1.1B in FQ3 while wholesales segment sale were up 14% to $840M.

Gross profit rate fell 110 bps to 58.2% due in part to product mix factors and foreign currency swings.

Guidance for FY14 is lifted to the top of its previously-announced range.

The company authorized another $500M in buybacks to take its allowance to $730M.

RL +8.3% premarket

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