Polo Ralph Lauren Corporation (NYSE: RL) today reported adjusted net income of $52.9 million, or $0.52 per diluted share, for the second quarter of Fiscal 2004 ended September 27, 2003, compared to adjusted net income of $51.9 million, or $0.52 per diluted share, for the comparable year-ago quarter. Second quarter Fiscal 2004 net income under Generally Accepted Accounting Principles (GAAP) was $54.0 million, or $0.54 per diluted share, compared to net income of $51.7 million, or $0.52 per diluted share, for the second quarter of Fiscal 2003.
For the Fiscal 2004 and Fiscal 2003 quarters, the results are adjusted to exclude 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.
#'We are pleased with our second quarter results, particularly with our strong retail performance. Our powerful combination of exciting products and advertising and targeted marketing is generating more profitable growth from our stores,'' said Ralph Lauren, Chairman and Chief Executive Officer.
#'We have significantly strengthened our management team with several additions both domestically and internationally. Our organization has never been stronger and we have the right team in place to continue to drive our long-term growth strategies.''
#'Looking toward the second half of our year, we are well positioned for the holiday season and are expecting another strong performance for the balance of the year,'' Mr. Lauren added.
#'The increased efficiencies realized from our multi-year operating initiatives enabled us to deliver a 10% sales increase in the quarter while controlling inventory levels and increasing our profits. We made great progress on many fronts that position us well for continued global growth and expansion,'' said Roger Farah, President and Chief Operating Officer. #'The new Lauren line is on-track with more than 850 doors scheduled to take delivery of the Spring 2004 line that we will begin shipping in January. Internationally, our European operations integration continues on plan which is resulting in a stronger infrastructure to support our anticipated growth there. In addition, we are pleased with our performance in Japan and our ongoing direct involvement as we look to substantially increase our business throughout Asia.''