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Polo Ralph Q1 profit jumps 58%, ups FY guidance

Aug '06
Polo Ralph Lauren Corporation has reported net income of $80 million, or $0.74 per diluted share, for the first quarter of Fiscal 2007 compared to net income of $51 million, or $0.48 per diluted share, for the first quarter of Fiscal 2006.

Net revenues for the first quarter of Fiscal 2007 increased 27% to $954 million, compared to $752 million in the first quarter last year. Excluding the impact of the footwear and Polo Jeans Co. acquisitions, net revenues increased 19%.

Operating income, reflecting higher revenues and margin improvement, increased 66% to $133 million compared to $80 million last year. Operating income as a percent of revenue improved 330 basis points to 14% from 10.7% last year.

"We are extremely pleased by the continuing demand for our brand and its worldwide growth as evidenced by these strong results. One of the keys to our success is that we convey our passion and our clear point of view in all we do. That vision is represented in all of our brands and in every product category whether it is menswear, womenswear, childrenswear, accessories or home," said Ralph Lauren, Chairman and CEO.

"We have enjoyed tremendous success in the US, and we are carrying the best of what we do to Europe and Asia. In addition, we continue to grow our business on many different levels - from expanding our retail presence to extending our brands."

Lauren added, "We have a powerful organization that is focused on the success of our brand long-term. I have never been more excited about our company and its future. I believe this will be another outstanding year as we continue to expand globally."

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