Ralph Lauren RL shares soared 3.5% in the last trading session to close at $230.28. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 7.4% gain over the past four weeks.

Ralph Lauren’s stock movement stems from investors’ confidence in its prospects. The company is benefiting from strong brand recognition, and expansion across channels and regions. RL has been experiencing growth in its digital and omnichannel business, significantly increasing customer acquisition and loyalty. Such positives, along with "Drive the Core and Expand for More" initiative, strategically position it for success.

This upscale clothing company is expected to post quarterly earnings of $4.46 per share in its upcoming report, which represents a year-over-year change of +7%. Revenues are expected to be $2.01 billion, up 4.1% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For Ralph Lauren, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on RL going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Ralph Lauren is a member of the Zacks Textile - Apparel industry. One other stock in the same industry, Under Armour UAA, finished the last trading session 2.4% higher at $8.62. UAA has returned -8.9% over the past month.

For Under Armour , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.04. This represents a change of -79% from what the company reported a year ago. Under Armour currently has a Zacks Rank of #2.

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 Corporation (RL) : Free Stock Analysis Report

Under Armour, Inc. (UAA) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research