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PVH experiences dramatic change in business trends during Q3
05 Feb '09
5 min read
Retail sales for the first nine months of Fiscal 2009 were up 4% to $1.57 billion from $1.51 billion in the comparable period of Fiscal 2008, as the contribution from new stores and growth at RalphLauren.com was partially offset by a decline in comparable store sales. Total comparable store sales for the first nine months of Fiscal 2009 declined 2.3%, comprised of a 6.7% reduction at Ralph Lauren stores, a 0.3% increase at factory stores and a 7.1% reduction at Club Monaco. RalphLauren.com sales grew 21% over the comparable nine-month period last year.
Licensing royalties declined 9% to $50 million from $55 million in the third quarter last year. A decline in Japanese product licensing revenues associated with the Company assuming direct control of certain product categories in Japan more than offset higher domestic product licensing revenues.
Licensing royalties for the first nine months of Fiscal 2009 were down 4% to $149 million from $154 million in the prior year period as the contribution from new product licenses was more than offset by a decline in Japanese product licensing royalties associated with the Company assuming direct control of certain product categories in Japan.
Gross profit for the third quarter of Fiscal 2009 declined 1% to $670 million from $677 million in the third quarter of Fiscal 2008. The gross profit rate increased 20 basis points to 53.5%, compared to 53.3% during the same period last year. The expansion in gross profit rate primarily reflects stronger international wholesale margins and the decline in purchase accounting amortization from last year's acquisitions that more than offset lower retail segment profitability. Disciplined inventory management and supply chain efficiency also contributed to gross margin expansion.
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Licensing royalties declined 9% to $50 million from $55 million in the third quarter last year. A decline in Japanese product licensing revenues associated with the Company assuming direct control of certain product categories in Japan more than offset higher domestic product licensing revenues.
Licensing royalties for the first nine months of Fiscal 2009 were down 4% to $149 million from $154 million in the prior year period as the contribution from new product licenses was more than offset by a decline in Japanese product licensing royalties associated with the Company assuming direct control of certain product categories in Japan.
Gross profit for the third quarter of Fiscal 2009 declined 1% to $670 million from $677 million in the third quarter of Fiscal 2008. The gross profit rate increased 20 basis points to 53.5%, compared to 53.3% during the same period last year. The expansion in gross profit rate primarily reflects stronger international wholesale margins and the decline in purchase accounting amortization from last year's acquisitions that more than offset lower retail segment profitability. Disciplined inventory management and supply chain efficiency also contributed to gross margin expansion.
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Polo Ralph Lauren Corporation
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