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Polo Ralph Lauren Q2 revenues grow 10% to $1.43 bn
Nov '08
Polo Ralph Lauren Corporation reported net income of $161 million, or $1.58 per diluted share, for the second quarter of Fiscal 2009, compared to net income of $115 million, or $1.09 per diluted share, for the second quarter of Fiscal 2008. The second quarter results reflect a 10% increase in net revenues, operating income growth of 26% and a 40% increase in net income, which includes the benefit of a lower effective tax rate compared to the prior year period.

Net income for the first six months of Fiscal 2009 increased 26% to $256 million, compared to $204 million in the comparable period last fiscal year. The growth in net income for the year-to-date period reflects a 7% increase in net revenues, operating income that is 15% greater than the prior year period and a lower effective tax rate. Net income per diluted share increased 31% to $2.51 from $1.92 in the first six months last year.

"Our strong performance for the first six months of the year confirms that we are on the right strategic course," said Ralph Lauren, Chairman and Chief Executive Officer. "While global uncertainty is a reality that we will likely be living with for some time, the desirability of our brand and products continues to expand worldwide. Our business has endured through good times and bad over the last forty years and we've always emerged stronger from any challenge," Mr. Lauren added.

"I am proud of our year-to-date operating results, which have exceeded our expectations," said Roger Farah, President and Chief Operating Officer. "The domestic retail environment has been challenging for the last year. Those challenges have begun to materialize around the world and they have intensified recently, creating an environment of unprecedented volatility. Nevertheless, we remain committed to our long-term strategic growth initiatives, which are supported by the strength of our balance sheet and world-class global management capabilities."

Net revenues for the second quarter increased 10% to $1.43 billion, compared to $1.30 billion for the comparable period last year. The higher net revenues primarily reflect shipments of new products, growth in global retail sales and higher European wholesale revenues.

First half net revenues grew 7% to $2.54 billion from $2.37 billion in the comparable period of Fiscal 2008. The growth in net revenues is primarily attributable to shipments of new products, global retail sales growth and higher European wholesale sales.
Wholesale sales increased 10% to $846 million, compared to $772 million in the second quarter last year. Shipments of new products and higher European sales offset lower domestic shipments of our core men's, women's and childrenswear products.

For the first six months of the fiscal year, wholesale sales increased 6% to $1.42 billion from $1.35 billion in the first half of Fiscal 2008. The year-over-year increase in wholesale revenue is attributable to new product shipments and higher European sales that more than offset a decline in domestic shipments of our core men's, women's and childrenswear products.

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Fiscal 2009 Full Year Outlook - The Company expects a low single digit increase in net revenues during Fiscal 2009, which compares to prior guidance for low-to-mid single digit net revenue growth. The effective tax rate for Fiscal 2009 is expected to be approximately 35.5%. The Company's estimate for diluted earnings per share for Fiscal 2009 remains $4.00-$4.10.

Polo Ralph Lauren

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