Polo Ralph Lauren Corporation (NYSE: RL) today reported net income under Generally Accepted Accounting Principles (“GAAP”) of $35.4 million, or $0.35 per diluted share, for the third quarter of Fiscal 2004 ended December 27, 2003, compared to net income of $42.8 million, or $0.43 per diluted share, for the third quarter of Fiscal 2003.
Adjusted net income was $47.7 million, or $0.47 per diluted share, for the third quarter of Fiscal 2004 compared to adjusted net income of $47.1 million, or $0.47 per diluted share, for the third quarter of Fiscal 2003. The results are adjusted to exclude restructuring charges and foreign currency gains and losses resulting from certain balance sheet transactions. The Company believes that these adjusted results provide a meaningful comparison of its ongoing operational and financial results. For a full analysis of the adjustments, please refer to the table reconciliation of GAAP results to adjusted results.
''Our success continues to be driven by our own specialty stores and in better department stores, which have the right mix of products, strong customer service and a clear point of view. We know that at the core of our success is the ability to attract customers through exciting products, strong merchandising and dramatic advertising and marketing,'' said Ralph Lauren, Chairman and Chief Executive Officer.
Commenting on the outlook, Mr. Lauren said, ''We are very excited about the future of our Company and feel that the upcoming year is one where we are ready to deliver a higher profit level as a result of our past years' efforts.''
''We are very pleased to report such a strong quarter and believe that these results continue to demonstrate our ability to execute on our multi-year initiatives on many fronts. Our retail business had a terrific quarter and our year-to-date retail sales reflect improved performance in all our retail formats,'' said Roger Farah, President and Chief Operating Officer. ''In addition, the consolidation in Europe is on track for completion this year and we have initiated important new programs in our wholesale business to better control the distribution and presentation of the brands. During this pivotal year, we took on the direct responsibility for the operations of the Lauren brand, and in just eight months built an entire organization, designed, manufactured and brought to market two complete collections with improvements in fabric and details, created an advertising and marketing campaign, constructed a warehouse system that is currently shipping out the first season on schedule, and prepared our Fall collection for market in March.''