Upscale New York-based apparel designer and chain Polo Ralph Lauren Corp on Wednesday posted a steep fall in first quarter net profits amid a spending slowdown but reaffirmed its full-year profit forecast. The company said adjusted income was $8.7 million, or nine cents per share, compared to pro forma adjusted income of $13.6m, or 14 cents a share in 2001. The adjusted results exclude gains and losses on foreign currency translations.