Home / Knowledge / News / Fashion / 'We continue to navigate well through uncertain times' – Polo Ralph
'We continue to navigate well through uncertain times' – Polo Ralph
10
Aug '09
Polo Ralph Lauren Corporation reported net income of $77 million, or $0.76 per diluted share, for the first quarter of Fiscal 2010, compared to net income of $95 million, or $0.93 per diluted share, for the first quarter of Fiscal 2009.

“We continue to navigate well through uncertain times,” said Ralph Lauren, Chairman and Chief Executive Officer. “Each of our brands has a unique channel of distribution and is focused on a specific customer, enabling us to gain market share. Regardless of the near-term economic challenges, we continue to have a clear, compelling growth trajectory ahead of us and our Company has a longstanding track record of success,” Mr. Lauren added.

“The resilience of our first quarter profit margins demonstrates that we are executing sharply on matters within our control. We planned our business carefully and we maintain a disciplined approach to managing our operations around the world,” said Roger Farah, President and Chief Operating Officer. “The outlook for global consumer spending remains unpredictable and we are planning our business accordingly. While we remain cautious with our outlook, our brands are highly desired, we are in excellent financial condition and we remain committed to investing in our strategic growth objectives to support the long-term success of our Company.”

First Quarter Fiscal 2010 Income Statement Review
Net Revenues. Net revenues for the first quarter of Fiscal 2010 were $1.0 billion, 8% below net revenues for the comparable period last year. The decline in net revenues primarily reflects lower domestic wholesale sales, a reduction in same-store sales at the Company's retail segment and an approximate 2% net unfavorable effect of foreign currency translation that more than offset the wholesale contribution of formerly licensed childrenswear and golf apparel products in Japan and high single digit constant currency growth in Europe.

• Wholesale Sales. Wholesale sales of $520 million were 10% below the prior year period. Lower domestic shipment volumes and the net unfavorable effect of foreign currency translation more than offset the incremental benefit of formerly licensed childrenswear and golf apparel products in Japan.

• Retail Sales. Retail sales declined 6% to $463 million, compared to $492 million in the first quarter of Fiscal 2009, reflecting a net reduction in comparable store sales and the net unfavorable effect of foreign currency translation. Comparable store sales, which now include RalphLauren.com, declined 9%, reflecting reductions of 25% at Ralph Lauren stores, 4% at factory stores and 15% at Club Monaco stores. RalphLauren.com sales increased 14% in the first quarter of Fiscal 2010.

• Licensing. First quarter licensing royalties were $41 million, 12% below the comparable period in Fiscal 2009. A decline in Japanese product licensing revenues associated with the Company assuming direct control of childrenswear and golf apparel in Japan and lower fragrance licensing revenues were the primary causes of the year-over-year decline in licensing revenues.


Must ReadView All

Plan under way to revive Egypt's state-run textile firms

Textiles | On 20th Oct 2018

Plan under way to revive Egypt's state-run textile firms

Egyptian minister for the public enterprise sector Hisham Tawfiq...

Myanmar asks garment units to set up skill testing centres

Apparel/Garments | On 20th Oct 2018

Myanmar asks garment units to set up skill testing centres

Myanmar’s ministry of labour, immigration and population has asked...

Results of Cameroon transgenic cotton trials by 2018 end

Textiles | On 20th Oct 2018

Results of Cameroon transgenic cotton trials by 2018 end

Cameroon’s national cotton development company Sodecoton will...

Interviews View All

Angelina Francesca Cheang, MY ANJE

Angelina Francesca Cheang
MY ANJE

'Consumers in the age-group 21 to 38 are driving the activewear trend'

Vidhyaa Shankar. S, A Ganapathi Chettiar

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Stefan Warnaar, Peak to Plateau

Stefan Warnaar
Peak to Plateau

People are willing to pay for quality and performance

Apurva Kothari,

Apurva Kothari

No Nasties was the first fashion brand in India to make 100 per cent...

Pratik Agarwal,

Pratik Agarwal

Breya is a brand of Indo-Western clothes for women owned by ABP Apparels...

Sandip Bhojani, Manthan Patel,

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Paolo Ocleppo, Sandvik Hyperion

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Dave Rousse, INDA

Dave Rousse
INDA

INDA, the Association of the Nonwoven Fabrics Industry, serves hundreds of ...

Kerem Durdag, Biovation II LLC

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Prathyusha Garimella, Prathyusha Garimella

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Hemant & Nandita, Hemant & Nandita

Hemant & Nandita
Hemant & Nandita

The designer duo of Hemant &amp; Nandita are known for being inspired by...

Akta Adani, India Boulevard

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


October 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search