• Q2 net income up 10%
  • Revenues slip 4%
  • "Market share gains across products and regions"

US fashion company Polo Ralph Lauren Corporation saw second quarter net income rise 10%, and reported market share gains during the period.

The company reported net income of $178m for the second quarter of fiscal 2010, compared to $161m in the same period last year.

Net income for the first six months of Fiscal 2010 declined 1% to $254m, the company added.

"Our results have exceeded our expectations for the first half of the year, reflecting market share gains across products and regions and disciplined operational management," said Roger Farah, president and chief operating officer.

"In the back half of fiscal 2010, we will continue to invest in high growth international markets and exciting new product categories, both critical components of our long-term strategic objectives."

Net revenues for the second quarter were $1.4bn, 4% below the same period last year.

This reflected lower domestic wholesale sales, a reduction in same-store sales at the company's retail segment and an approximate 1% net unfavorable effect of foreign currency translation.

These more than offset the wholesale contribution of formerly licensed children's wear and golf apparel products in Japan and low single-digit constant currency growth in Europe.

First-half net revenues were $2.4bn, 6% below the comparable period of Fiscal 2009.

Wholesale sales of $815m were down 4% onlast year, with lower global shipment volumes and the unfavourable effect of foreign currency translation more than offsetting the incremental benefit of formerly licensed children's wear and golf apparel products in Japan.

The company said that due to the better-than-expected revenue performance for the first six months, it now expects fiscal 2010 net revenues to decline by a mid single digit rate - which compares to prior guidance of a high single digit decline in net revenues.

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