US: Polo Ralph Lauren boosts full-year profit
By just-style.com | 25 May 2011
- Fiscal 2011 profit up 18%
- Sales increase 14% to US$5.7bn
- Acquires remainder of Asian operations
US fashion firm Polo Ralph Lauren Corporation has posted increased full-year profits, as it continued to gain more control of global operations.
However, the company saw net income during the fourth quarter dip to US$73m, compared to net income of $114m in the prior year period. Net revenues for the fourth quarter increased 7% to $1.4bn, from $1.3bn in the fourth quarter of fiscal 2010.
Ralph Lauren, chairman and CEO of Polo Ralph Lauren, said: "During the year, we opened important flagship stores in some of the world's premier cities. These stores showcase our luxury lifestyle sensibility and reinforce the clarity and consistency of our brand expression to the most discerning customers.
"We also completed the last stage of acquiring our Asian operations, and we are redefining how our brand is presented in this important region of the world. Assuming more direct control of our operations around the world and extending our brands into exciting new merchandise categories has enabled us to generate strong, consistent returns for our shareholders. As we look to the future, the scope of our opportunities across products, channels and geographies is incredibly invigorating."
In the first quarter of Fiscal 2012, the company expects consolidated revenues to increase in the mid 20% range, while 2012 sales are forecast to increase by a mid teens percentage.
Polo Ralph Lauren added in its outlook that based on the anticipated impact of cost of goods inflation, increased investment in strategic growth initiatives and business disruption in Japan, it expects operating margin from continuing operations to be 100 - 150 basis points below the prior year.
Click here to view the company's financial report in full.
Companies: Polo Ralph Lauren
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