Fashion Designer Company Polo Ralph Lauren Corporation reported net income of $23.4 million, or $0.22 per diluted share, for the fourth quarter of Fiscal 2005 compared to net income of $76.4 million, or $0.75 per diluted share, for the fourth quarter of Fiscal 2004.
For Fiscal Year 2005, net income was $190.4 million, or $1.83 per diluted share, compared to net income of $169.2 million, or $1.68 per diluted share, for Fiscal Year 2004. The Fiscal Year 2004 results presented above have been restated to reflect the accounting for leases as discussed below in greater detail.
Adjusted net income was $85.1 million, or $0.81 per diluted share, for the fourth quarter of Fiscal 2005 compared to $80.4 million, or $0.79 per diluted share, for the fourth quarter of Fiscal 2004. Adjusted net income was $257.2 million, or $2.47 per diluted share, for Fiscal Year 2005 compared to $184.7 million, or $1.83 per diluted share, for Fiscal Year 2004.
Adjusted results exclude a litigation reserve, a reserve associated with alleged breach of the company's retail computer systems, the foreign currency effect of certain transactions involving our European operations, an adjustment in accounting for leases, the results of Ralph Lauren Media, and restructuring charges.
The Company reports all financial results in accordance with U.S. Generally Accepted Accounting Principles (GAAP), but management believes that the supplemental presentation of results adjusted to exclude these items provides investors with useful information regarding the Company's core business results.
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