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Wholesale revenues will grow at mid teens rate in Q3, Polo Ralph

11
Nov '10
Polo Ralph Lauren Corporation reported net income of $205 million, or $2.09 per diluted share, for the second quarter of Fiscal 2011, compared to net income of $178 million, or $1.75 per diluted share, for the second quarter of Fiscal 2010.

Net income for the first six months of Fiscal 2011 rose 28% to $326 million from $254 million in the comparable period last fiscal year. Net income per diluted share of $3.30 in the first six months of Fiscal 2011 was 31% greater than the $2.51 achieved in the prior year period.

"We are extremely pleased with our second quarter and first half performance," said Ralph Lauren, Chairman and Chief Executive Officer.

"The customer is responding to the strength of our product offerings, our innovative and unique marketing and advertising platforms and the exceptional experience and service we provide. We achieved several milestones over the past few months, from opening our two, stunning flagship stores on Madison Avenue, launching our first international digital flagship in the United Kingdom and introducing our first line of Lauren handbags. We also made important progress integrating our Asian operations. All of these activities herald an exciting new era of opportunity for our Company."

"With sales growing 12% and operating profits increasing 33% during the first half of the year, we are proud of our ability to deliver strong results even as we make substantial investments in our long-term strategic objectives," said Roger Farah, President and Chief Operating Officer.

"Our targeted merchandising strategies and operational discipline drove better than expected performance, and we experienced well-balanced contributions from all products, channels and regions. While we are still operating in the context of considerable macroeconomic and geopolitical uncertainty, and we expect to encounter more intense sourcing cost and exchange rate headwinds in the back half of the year, we are encouraged by our current business momentum heading into the holiday season."

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Polo Ralph Lauren Corporation


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