Polo Ralph Lauren has reported net income of US$88m for the first quarter of Fiscal 2008, compared to net income of $80m for the first quarter last year, reflecting 10% growth as the company makes further ground in Europe.

Polo's first quarter net revenues increased 12% to $1.07bn, while operating income grew 9% to $146m.

"It is especially gratifying to be celebrating our 40th anniversary as a company, and our 10th anniversary as a public company, at a time when our business is strong and we are positioned for even greater growth," said Ralph Lauren, chairman and chief executive officer.

"The momentum in our European business is especially encouraging, and we are excited by our new opportunities in Japan. We are fortunate to have the talent and financial strength to pursue multiple initiatives. We recently completed our first American Living line review and I came away even more convinced of the tremendous growth potential for our Global Brand Concepts business," he added.