by Brian Lipton

Ralph Lauren CorporationRalph Lauren Corporation is pleased with its attempts reshape its business and restore growth with its company “Way Forward” plan, according a report on its second quarter financial results. So is the stock market, as shares of the company rose approximately 5.5 percent in early Thursday trading.

“We are changing with the consumer, as we demonstrated in September with our first-ever ‘see-now-buy-now’ runway show at our flagship store on Madison Avenue,” said Ralph Lauren, executive chairman and chief creative officer. “I am confident that this industry leading endeavor. in combination with our other elements of the Way Forward plan, are strengthening our brand to support future profitable growth.”

Added Stefan Larsson, president and CEO: “Our team is intensely focused on driving the execution of the Way Forward plan,” said. “While it is still the early stages of our plan, we made meaningful progress and we are on track to deliver against Fiscal 2017 guidance.”

However, the New York-based retailer/manufacturer’s numbers still declined over 2016. Earnings per diluted share of $0.55 on a reported basis and $1.90 on an adjusted basis, as compared to earnings per diluted share of $1.86 on a reported basis and $2.13 on an adjusted basis for the second quarter of Fiscal 2016.

Net revenues were $1.8 billion. Overall, revenues declined 8 percent compared to the prior year period on both a reported and constant currency basis, including a 12 percent decline in North America. Wholesale segment revenue decreased 10 percent on both a reported and constant currency basis to $831 million, driven by a decline in North America, as shipments were strategically reduced as part of the Way Forward plan. Meanwhile, retail segment revenue decreased 5 percent on a reported basis to $942 million in the second quarter, and was down 6 percent on a constant currency basis, both driven by a comparable store sales decline.

For Fiscal 2017, the company is maintaining its guidance, stating that consolidated net revenue is expected to decrease at a low-double digit rate consistent with the Way Forward plan.