Ralph Lauren Corporation RL, a designer, marketer and distributor of lifestyle products, released fourth-quarter fiscal 2016 results, wherein adjusted earnings of 88 cents a share beat Zacks Consensus Estimate of 83 cents, but declined 37.6% from $1.41 earned in the year-ago quarter. Reported earnings came in at 49 cents per share.Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2016 and 2017 has been unchanged in the last 30 days. However, Ralph Lauren’s performance over the trailing four quarters, including the quarter under review, remains encouraging with an average beat of 7.5%.Revenues: Ralph Lauren’s net revenues inched down about 1% to $1,871 million, while it missed the Zacks Consensus Estimate of $1,905 million. On a currency-neutral basis, net revenues remained flat, as increase in international revenues was offset by a decline in American revenue.Key Events: During the fourth quarter, Ralph Lauren repurchased nearly 1.2 million shares worth $100 million, bringing its total year-to-date buybacks to roughly $480 million. Also, management authorized additional buybacks worth $200 million, taking the company’s standing authorization to $300 million.Management stated that it will issue fiscal 2017 outlook at its Investor Day event, which is slated to be held on Jun 7, 2016.Zacks Rank: Currently, Ralph Lauren carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement.Stock Movement: Ralph Lauren’s shares jumped 3.6% during pre-market trading hours following the earnings release. Investors developed a positive sentiment based on the better-than-expected earnings.Check back later for our full write up on Ralph Lauren’s earnings report!Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report RALPH LAUREN CP (RL): Free Stock Analysis Report To read this article on Zacks.com click here.