Ralph Lauren stock tanks on profit miss

Ralph Lauren's shares are down in early trading after it announced a drop in first-quarter profits.

First-quarter profits dropped to $181 million, or $1.94 per share, this year, down from $193 million, or $2.04 per share, in the same quarter last year.

Shares were down 6.3% in morning trading.

Revenue rose to $1.65 billion from $1.59 billion.