US: Ralph Lauren Q3 earnings leap 21%
Upmarket goods group Polo Ralph Lauren has topped Wall Street estimates with a 21% jump in third-quarter earnings, boosted by good European demand for clothing lines.
Quarterly net income totalled US$90.7m compared with $75m in the same period last year as net sales grew 10% to $995m from $902m a year ago.
For the first nine months of financial 2006, net income was $246m compared to $167m last year, as revenues rose 15% to $2.78bn from $2.40bn a year ago.
Chairman and chief executive Ralph Lauren said: "This is an exciting time for our company as we continue to introduce new product categories and take more direct control of our brand.
"The Ralph Lauren brand has never been stronger as the demand for our luxury products around the world is accelerating.
"We look forward to launching our footwear line this year and developing our denim business now that we have bought back Polo Jeans.
"We remain committed to opening new retail stores around the world and are excited about our newest flagship store opening in Tokyo next month. We believe the sound fundamentals of our business will allow us to take advantage of the growing global appeal of the Ralph Lauren brand."
Ralph Lauren completed the purchase of the Polo Jeans business for men's and women's casual apparel and sportswear in the US on Friday (3 February).
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