Ralph Lauren reported their second quarter fiscal 2012 results with revenues rise across the board. The company reported net income of $US233 million, or $US2.46 per diluted share, for the second quarter, compared to net income of $US205 million, or $US2.09 per diluted share for the second quarter of Fiscal 2011.
Net revenues for the second quarter of Fiscal 2012 were $US1.9 billion, 24 per cent greater than net revenues for the comparable period last year. The increase in net revenues reflect strong, double-digit gains in both wholesale and retail segment sales and favourable foreign currency effects.
Retail sales rose 31 per cent to $US861 million, up from $US659 million in the second quarter last year, reflecting the contribution from 11 net new stores and 221 net new concession shops, growth in comparable store sales and incremental revenues from newly transitioned South Korean operations.
The gross profit of $US1.1 billion for the second quarter was 21 per cent greater than the prior year period.
Whilst operating expenses rose 25 per cent in the second quarter to $US728 million, operating income also saw a rise of 14 per cent to $US351 million. Ralph Lauren ended the second quarter of Fiscal 2012 with 374 directly operated stores, comprised of 103 Ralph Lauren stores, 59 Club Monaco stores, 197 Polo factory stores and 15 Rugby stores.In the third quarter of Fiscal 2012, the company expects consolidated revenues to increase.
Wholesale revenues are expected to grow at a mid-single digit rate in the third quarter and retail sales are projected to increase by a high-teens rate. The company expects the operating margin from continuing operations for the third quarter of Fiscal 2012
“Our momentum in the first half of the year demonstrates the incredible vitality of our brand and the growing desirability of our products around the world,” said Ralph Lauren, Chairman and Chief Executive Officer.
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