Polo Ralph Lauren posts positive results
US apparel and luxury goods company Polo Ralph Lauren Corporation has posted net income of $104 million for the fourth quarter of 2008 compared with $73 million in the fourth quarter of 2007. For the full year, net income grew to $420 million compared with 401 million in the previous year. Net revenues for the fourth quarter increased 20% to $1.24 billion compared with $1.03 billion in the prior-year period. Net revenues for the year grew 14% to $4.88 billion from $4.30 billion in 2007. Excluding the effect of recent acquisitions, net revenues for 2008 increased 9%.
Chairman and chief executive officer, Ralph Lauren, said: “I am proud of the progress our company made during the year considering the significant challenges that emerged in the second half.”For the first quarter of 2009, the company anticipates consolidated revenues to grow at a low to mid-single digit rate. Consolidated revenues for 2009 are expected to increase by a low-to-mid single digit percentage.
