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Polo Ralph reports Q4 & full year fiscal 2008 results

28
May '08
Polo Ralph Lauren Corporation reported net income of $104 million, or $1.00 per diluted share, for the fourth quarter of Fiscal 2008, compared to net income of $73 million, or $0.68 per diluted share, for the fourth quarter of Fiscal 2007. The fourth quarter results include the net dilutive impact associated with recent acquisitions, including non-cash amortization of $8 million, as well as a lower effective tax rate.

For the fiscal year, net income grew to $420 million, or $3.99 per diluted share, compared to net income of $401 million, or $3.73 per diluted share for Fiscal 2007. The full year Fiscal 2008 results also reflect the net dilutive impact related to the recent acquisitions, including non-cash amortization of $53 million, as well as a lower effective tax rate.

The lower effective tax rate for both the fourth quarter and full year Fiscal 2008 periods was primarily due to the resolution of discrete tax items that were partially offset by higher tax expense associated with the adoption of Financial Accounting Standards Board Interpretation No. 48 ("FIN 48"), as well as a greater portion of earnings generated in lower taxed foreign jurisdictions as compared with the United States.

"As I reflect on being in business for the last forty years, what strikes me the most is that our brands continue to get stronger. Innovation lies at the heart of our Company. It is the spirit of entrepreneurship that keeps us nimble, allowing us to develop exciting products, retail formats and even entirely new brands on a global platform," said Ralph Lauren, Chairman and Chief Executive Officer.


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