News Summary: Ralph Lauren's 2Q net income falls

Associated Press

NEW YORK (AP) — SECOND QUARTER: Ralph Lauren says net income for the three months ended Sept. 29 fell to $213.7 million, or $2.29 per share, from $233.5 million, or $2.46 per share, last year. Analysts expected $2.15 per share.

Revenue fell 2 percent to $1.86 billion.

BEHIND THE FIGURES: A planned reduction in wholesale shipments to some European stores hurt revenue.

WHAT'S NEXT: Ralph Lauren lowered sales expectations for fiscal 2013 to 2 percent to 3 percent growth, from a prior forecast of mid-single digit growth.