Luxury clothing group Polo Ralph Lauren Corporation has posted a net income of $80.4 million, or $0.78 per diluted share for the second quarter of fiscal 2005, compared to a net income of $54.0m, or $0.54 per diluted share, for the second quarter of 2004.

Adjusted net income was $79.0m, or $0.76 per diluted share, for the second quarter of Fiscal 2005 compared to $52.9m, or $0.52 per diluted share, for the second quarter of Fiscal 2004.

For the first half of Fiscal 2005, reported net income increased 59 per cent to $93.8m, or $0.91 per diluted share, compared to $59.1m, or $0.59 per diluted share, in the first half of Fiscal 2004.

Adjusted net income was $93.0m, or $0.90 per diluted share in the first half of Fiscal 2005, compared to $56.5m, or $0.56 per diluted share in the first half of Fiscal 2004.

Second-quarter net revenues rose 24.9 per cent to $883.7m compared to $707.8m in the second quarter last year.

Retail sales grew 7.4 per cent to $319.0m compared to $297.1m last year, with comparable store sales up 3.7 per cent, primarily driven by good Ralph Lauren sales in the US and Europe. 

Wholesale revenues were $502.6m, up 49.5 per cent over last year, driven by the inclusion of the women's Lauren by Ralph Lauren line and childrenswear in the wholesale segment and increased sales in the European business.

Second-quarter gross profit totalled $437.8m, an increase of $87.2m, or 24.9 per cent, compared to $350.6m in the second quarter of Fiscal 2004.

Ralph Lauren, chairman and chief executive officer said: "I am pleased with the excitement about our brand and the growing global demand for our products. Through our retail business, we have taken strong steps to expand our luxury position."

The company launched its new brand Rugby, which aims at the trendier and younger market, in the US last week.

Its other brand names include Polo, Polo by Ralph Lauren, Ralph Lauren Purple Label, and Polo Sport.