Q4FY'13 net income surges at Polo Ralph Lauren

In the fourth quarter of Fiscal 2013, the Company recorded approximately $6 million in pre-tax impairment and restructuring charges associated with winding down its Rugby operations. Excluding the Rugby-related charges, net income rose 39% to $131 million and net income per diluted share increased 42% to $1.41 in the fourth quarter of Fiscal 2013.

Net income for the full year Fiscal 2013 period was $750 million, or $8.00 per diluted share, compared to net income of $681 million, or $7.13 per diluted share, for Fiscal 2012. Excluding $19 million in Rugby-related charges, net income for Fiscal 2013 rose 12% to $762 million and net income per diluted share increased 14% to $8.13.

"We achieved record sales and profit levels in Fiscal 2013," said Ralph Lauren, Chairman and Chief Executive Officer. "Our relentless focus on innovation and our commitment to superior craftsmanship continued to build our global customer base. We have an exciting next few years ahead of us, especially as we grow our global store network and e-commerce platforms to showcase the full scope of our brand portfolio and lifestyle sensibilities.”

“Our better-than-expected profitability in the fourth quarter and full year Fiscal 2013 periods is a direct result of the strong operational management of our global teams," said Roger Farah, President and Chief Operating Officer.

"Enhanced profit flow-through was achieved despite sustained macroeconomic challenges and strategic decisions that mitigated revenue growth during the year. We are excited about the Company's diverse and compelling opportunities for future growth, and have planned Fiscal 2014 as a year of accelerated investment in our highest priority strategic initiatives.”

Polo Ralph Lauren