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Full year results much better than we expected, Polo Ralph
26
May '11
Polo Ralph Lauren Corporation reported net income of $73 million, or $0.74 per diluted share, for the fourth quarter of Fiscal 2011, compared to net income of $114 million, or $1.13 per diluted share, for the fourth quarter of Fiscal 2010. Net income for Fiscal 2011 was $568 million, or $5.75 per diluted share, compared to net income of $480 million, or $4.73 per diluted share, for Fiscal 2010.

Results for the fourth quarter and full year Fiscal 2011 periods included 13 and 52 weeks, respectively, while the same periods in Fiscal 2010 included 14 and 53 weeks, respectively. The 53rd week contributed approximately $70 million to fourth quarter and full year Fiscal 2010 net revenues and approximately $0.13 in earnings per diluted share for the same periods. As expected, other calendar shifts, including the timing of Easter and the week between Christmas and the New Year, impact the comparability of reported sales and profit results with the prior year period.

"We reported record sales and earnings in Fiscal 2011 while strengthening our foundation for powerful long-term growth," said Ralph Lauren, Chairman and Chief Executive Officer.

"During the year, we opened important flagship stores in some of the world's premier cities. These stores showcase our luxury lifestyle sensibility and reinforce the clarity and consistency of our brand expression to the most discerning customers. We also completed the last stage of acquiring our Asian operations, and we are redefining how our brand is presented in this important region of the world. Assuming more direct control of our operations around the world and extending our brands into exciting new merchandise categories has enabled us to generate strong, consistent returns for our shareholders. As we look to the future, the scope of our opportunities across products, channels and geographies is incredibly invigorating," Mr. Lauren added.

"Our full year results were much better than we expected, reflecting the incredible momentum of the Ralph Lauren brand around the world," said Roger Farah, President and Chief Operating Officer. "Strong underlying trends continued in the fourth quarter, although several calendar shifts distort comparability with the prior year period. We enter Fiscal 2012 with excellent momentum in our core operations and a unique opportunity to accelerate investment in our most compelling long-term growth initiatives, particularly in international markets.

"Even though we face real sourcing cost pressure during the year and the impact of impending inflationary pressure on the consumer is unknown, our brands are strong and we have a culture of tremendous operational discipline. We remain steadfast with our proven strategy of consistent investment in our growth initiatives to support long-term shareholder value creation."

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Polo Ralph Lauren Corporation

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