"Over the course of the year we achieved record financial results and generated substantial profits by expanding the breadth and reach of our brands and retail concepts," said Roger Farah, President and Chief Operating Officer.
"We performed extremely well on a number of our initiatives which has enabled us to strengthen our operational foundation and to build a stronger, more financially robust company."
Net Revenues. Net revenues for the fourth quarter of Fiscal 2007 increased 6%, or 5% excluding the effects of the Polo Jeans acquisition, to $1.03 billion, compared to $972 million for the fourth quarter last year.
The gains were driven by a 10% increase in wholesale sales and a 3% increase in retail sales partially offset by an 11% decrease in licensing revenues due to the loss of royalties from Polo Jeans which is now owned, as well as the transition to a new eyewear licensee in the fourth quarter of Fiscal 2007.
Net revenues for the year increased 15% to $4.30 billion, compared to $3.75 billion last year, driven by a 19% increase in wholesale sales as a result of the Polo Jeans acquisition, increased sales in Europe as well as domestic sales gains in Lauren, Chaps for women and children, and in the men's business.
The increase in net revenues was also driven by a 12% increase in our retail segment as a result of 7.9% comp store sales and a 29% increase in sales at Polo.
Excluding the effects of the Polo Jeans and footwear acquisitions, consolidated revenues increased 10% compared to the same period last year.
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Polo Ralph Lauren Corporation
marketing@alchempro.com
