Ralph Lauren to buy back up to $500M in shares

NEW YORK (AP) — Clothing and housewares maker Ralph Lauren Corp. said Thursday it will add $500 million in shares to its buyback program.

That's in addition to the $277 million still available at the end of the first quarter of fiscal 2013 as part of a previously authorized share repurchase program for a total of $777 million.

When companies buy back stock, it tends to increase the value of remaining shares.

The news follows Ralph Lauren's second-quarter earnings report on Wednesday.

Ralph Lauren Corp. said Wednesday that its fiscal first-quarter net income rose 5 percent, but the company forecast a revenue decline in the current quarter and sounded a note of caution about the weak global economy hurting consumer spending.

Shares fell $2.92 to close at $148.43 on Thursday. They rose 89 cents to $149.32 after hours following the announcement.