Polo Ralph Lauren Corporation reported net income of $111 million, or $1.10 per diluted share, for the third quarter of Fiscal 2010, compared to net income of $105 million, or $1.05 per diluted share, for the third quarter of Fiscal 2009.
Net income for the first nine months of Fiscal 2010 rose 1% to $365 million from $362 million in the comparable period last fiscal year. Net income per diluted share of $3.60 in the first nine months of Fiscal 2010 was also 1% greater than the $3.56 reported in the prior year period.
"The global momentum of our brands and products is evident in today's strong results," said Ralph Lauren, Chairman and Chief Executive Officer. "Customers appreciate our unwavering commitment to quality and innovation, which are defining characteristics of our Company. Our continued focus on our longer-term strategies has served us well. We've made excellent progress with our accessories efforts; our footwear business is growing nicely, we've opened several watch salons around the world and we've greatly enhanced our handbag and small leathergoods collections. We are also beginning an exciting new journey in Asia - an important part of our long-term vision - and we have a superb team and a track record of success to guide us," Mr. Lauren added.
"We had a strong holiday season and I am proud of the quality of our third quarter and year to date results," said Roger Farah, President and Chief Operating Officer. "Our exceptional merchandising strategies, which were complemented by disciplined operational and inventory management, enabled us to gain profitable market share worldwide. Having assumed direct control of our operations in key Asian markets on January 1, 2010, we are now focused on driving growth in this dynamic region, particularly as we expand distribution and introduce new product categories. While we are cautious regarding global consumer spending trends, we remain committed to our strategic investments in broadening our international presence and expanding our direct to consumer reach."
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Polo Ralph Lauren Corporation
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