February 7, 2008
Polo Ralph Lauren Corporation reported net income of $113 million, or $1.08 per diluted share, for the third quarter of Fiscal 2008, compared to net income of $111 million, or $1.03 per diluted share, for the third quarter of Fiscal 2007.
The reported results include the net dilutive impact associated with recent acquisitions, including non-cash amortization of $16 million, as well as a lower effective tax rate. The lower effective tax rate for the quarter was primarily due to the resolution of discrete tax items that occurred within the quarter.
Net income for the first nine months of Fiscal 2008 declined 3% to $316 million, compared to $328 million in the comparable period last fiscal year. Net income per diluted share decreased 2% to $2.99 per share from $3.04 per share in the first nine months last year. These results also reflect the net dilutive impact related to the recent acquisitions, including non-cash amortization of $45 million, as well as a lower effective tax rate.
"Our Company offers the highest quality, aspirational merchandise across the entire consumer spectrum, from the pinnacle of luxury with Ralph Lauren Collection and Purple Label to the American Living brand in our Global Brand Concepts group.
The diversity of our brand portfolio, the strength of our lifestyle positioning, the talent of our creative and managerial teams and our increasingly global reach are enviable assets that position us well for long-term growth," said Ralph Lauren, Chairman and Chief Executive Officer.
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Polo Ralph Lauren Corporation
Source @ Fibre2fashion
