Apparel company Polo Ralph Lauren Corporation reported net income of $63 million for the fourth quarter of fiscal 2006 compared to net income of $23 million for the fourth quarter of Fiscal 2005.
Fiscal Year 2006 net income was $308 million compared to net income of $190 million for fiscal Year 2005.
"This has been another record-breaking year for Polo Ralph Lauren, with numerous accomplishments," said Ralph Lauren, Chairman and CEO. "Our strategy is sound and the worldwide appeal of our brand continues to strengthen. I am extremely pleased with our position and eager to take advantage of the many opportunities that lie ahead."
"We entered this year with a number of goals including expanding specialty stores, growing internationally, capitalizing on new merchandise opportunities and continuing to invest in our global infrastructure. During the year, we executed well on this strategy. We expanded our direct to customer presence by opening Ralph Lauren and Rugby stores in key markets and growing Polo.com. We entered into a new global eyewear license with Luxottica and assumed direct ownership of two key product categories with our footwear and denim acquisitions," said Roger Farah, President and COO.
"I feel very good about our progress in each of these initiatives and look forward to even more success in Fiscal 2007," he added.
The net revenues for the fourth quarter of fiscal 2006 increased 8 percent to $972 million compared to $902 million in the fourth quarter last year, driven by a 15 percent increase in retail and a 6 percent increase in wholesale sales.
The net revenues for the full Fiscal Year increased 13 percent to $3.75 billion compared to $3.31 billion in Fiscal 2005, driven by strong increases in retail sales and wholesale sales. Fiscal 2006 revenues reflect the acquisition of Polo Jeans in the fourth quarter and footwear in the second quarter.
Net income for the fourth quarter was $63 million compared to net income of $23 million for the fourth quarter of Fiscal 2005. Fiscal Year 2006 net income was $308 million compared to net income of $190 million for Fiscal Year 2005.
Wholesale sales in the fourth quarter were $574 million, up 6 percent, compared to $543 million in the fourth quarter last year. The increase came primarily from the inclusion of Polo Jeans and footwear, the launch of Chaps for women and boys, and increased sales in Lauren and in our full-price menswear business.
Retail sales were $335 million in the fourth quarter, up 15 percent, compared to $292 million in the fourth quarter last year, reflecting increases in all of our retail formats.
Total company comparable store sales increased 3.0 percent, reflecting an increase of 1.2 percent at Ralph Lauren stores, 10.6 percent at Club Monaco stores and 2.8 percent in our factory stores. Polo.com revenues increased 73 percent.
Polo Ralph Lauren Corporation is a leader in the design, marketing and distribution of premium lifestyle products in four categories: apparel, home, accessories and fragrances.
