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Polo Ralph Lauren posts better-than-expected quarterly results
28 May '09
5 min read
Fourth Quarter and Full Year Fiscal 2009 Income Statement Review
Net Revenues
Net revenues for the fourth quarter declined 1% to $1.22 billion, compared to $1.24 billion for the comparable prior year period. The lower net revenues primarily reflect a reduction in same-store sales at the Company's retail segment and the net unfavorable effect of foreign currency translation that were partially offset by higher wholesale revenues as a result of assuming direct control of formerly licensed childrenswear and golf apparel products in Japan and double-digit constant currency growth in Europe.
Net revenues for the year grew 3% to $5.02 billion from $4.88 billion in Fiscal 2008. The growth in net revenues is primarily attributable to higher global wholesale revenues, global retail sales growth and the net favorable effect of foreign currency translation.
• Wholesale Sales. Wholesale sales increased 3% to $812 million, compared to $786 million in the fourth quarter of Fiscal 2008. Higher international wholesale revenues, primarily related to childrenswear and golf apparel in Japan, and double-digit constant currency growth in Europe were the primary drivers of wholesale revenue growth. Lower shipments of American Living products relative to the volumes to support the brand's launch in the fourth quarter of Fiscal 2008 and the net unfavorable effect of foreign currency translation partially offset revenue growth during the fourth quarter of Fiscal 2009.
For Fiscal 2009, wholesale sales increased 5% to $2.89 billion from $2.76 billion in Fiscal 2008. The year-over-year increase in wholesale revenue is attributable to new product shipments (primarily related to American Living) and higher international sales (including the net favorable effect of foreign currency translation) that more than offset a decline in domestic shipments of the Company's core men's, women's and childrenswear products.
• Retail Sales. Retail sales declined 8% to $366 million, compared to $400 million in the fourth quarter of Fiscal 2008,... For more details click here.
Net Revenues
Net revenues for the fourth quarter declined 1% to $1.22 billion, compared to $1.24 billion for the comparable prior year period. The lower net revenues primarily reflect a reduction in same-store sales at the Company's retail segment and the net unfavorable effect of foreign currency translation that were partially offset by higher wholesale revenues as a result of assuming direct control of formerly licensed childrenswear and golf apparel products in Japan and double-digit constant currency growth in Europe.
Net revenues for the year grew 3% to $5.02 billion from $4.88 billion in Fiscal 2008. The growth in net revenues is primarily attributable to higher global wholesale revenues, global retail sales growth and the net favorable effect of foreign currency translation.
• Wholesale Sales. Wholesale sales increased 3% to $812 million, compared to $786 million in the fourth quarter of Fiscal 2008. Higher international wholesale revenues, primarily related to childrenswear and golf apparel in Japan, and double-digit constant currency growth in Europe were the primary drivers of wholesale revenue growth. Lower shipments of American Living products relative to the volumes to support the brand's launch in the fourth quarter of Fiscal 2008 and the net unfavorable effect of foreign currency translation partially offset revenue growth during the fourth quarter of Fiscal 2009.
For Fiscal 2009, wholesale sales increased 5% to $2.89 billion from $2.76 billion in Fiscal 2008. The year-over-year increase in wholesale revenue is attributable to new product shipments (primarily related to American Living) and higher international sales (including the net favorable effect of foreign currency translation) that more than offset a decline in domestic shipments of the Company's core men's, women's and childrenswear products.
• Retail Sales. Retail sales declined 8% to $366 million, compared to $400 million in the fourth quarter of Fiscal 2008,... For more details click here.
Polo Ralph Lauren Corporation
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