Upscale New York apparel designer and retailer Polo Ralph Lauren Corp today said its fourth-quarter earnings were little changed from a year earlier.

The company had, however, managed to meet some of its financial goals such as reducing its long-term debt, lowering its inventories and focusing on capital spending.

Revenue improved 3.3 per cent in the fourth quarter and 2.7 per cent in the latest fiscal year, driven by increases in wholesale European sales, and strong sales growth in the European retail and domestic outlet units.

The company - which is behind the Polo and Ralph Lauren brands and the Club Monaco retail chain - said net income was $48.0 million, or 48 per share, versus $47.5 million, or 48 cents a share, in the prior year's quarter.