• Q3 profit soared by 52% to $168m
  • Revenues climbed 24% to $1.5bn
  • Raises full-year profit outlook

Luxury clothing seller Polo Ralph Lauren Corporation has raised its full-year profit outlook after third-quarter profit rose by more than half, helped by higher wholesale and retail sales around the world.

"Our exceptional third quarter and year to date results confirm we are gaining substantial and profitable market share around the world," said president and COO Roger Farah.

"Our teams are effectively executing against bold long-term growth strategies across products, channels and regions while managing the day-to-day with incredible precision.

"Having assumed direct control of our South Korean distribution on 1 January 2011, we have completed an important initial phase of a broader Asian strategy that is expected to transform our company over the long term."

Net income soared by 52% to $168m, or $1.72 per share, from $111m, or $1.10 per share a year earlier.

Revenues, meanwhile, climbed 24% to $1.5bn. Higher domestic and European shipments in core apparel products helped lift wholesale sales to department stores by 21% to $676m. And retail sales rose 29% to $822m, reflecting same-store sales growth, the addition of new stores, revenues from newly transitioned Asian operations.

Comparable store sales, which include reclassified Japanese concession shops, increased 15%, reflecting 7% growth at Ralph Lauren stores, 15% expansion at factory stores and 12% growth at Club Monaco stores. Online sales increased 33% in the third quarter.

Licensing royalties increased 4% to $50m, with higher domestic royalties partially offset by lower international licensing royalties.

Looking ahead, the company expects full-year revenues to increase by a low double-digit percentage, helped by the addition of its South Korean retail operations from the fourth quarter.

It has also raised its profit outlook for the year, with operating margin to be flat with the previous year and not down by 50 basis points, which it had originally expected.