Polo Ralph Lauren Corporation reported net income of $88 million, or $0.82 per diluted share, for the first quarter of Fiscal 2008, compared to net income of $80 million, or $0.74 per diluted share, for the first quarter of Fiscal 2007. The results reflect 10% growth in net income and 11% growth in diluted earnings per share for the first quarter of Fiscal 2008.
"It is especially gratifying to be celebrating our 40th anniversary as a company, and our 10th anniversary as a public company, at a time when our business is strong and we are positioned for even greater growth," said Ralph Lauren, Chairman and Chief Executive Officer.
"The momentum in our European business is especially encouraging, and we are excited by our new opportunities in Japan. We are fortunate to have the talent and financial strength to pursue multiple initiatives. We recently completed our first American Living line review and I came away even more convinced of the tremendous growth potential for our Global Brand Concepts business," Mr. Lauren added.
"We achieved substantial milestones during the first quarter of the year, all of which should strengthen the foundation of our business to support long-term growth," said Roger Farah, President and Chief Operating Officer.
"Fiscal 2008 is an investment year both financially and operationally as we integrate recent acquisitions into our existing infrastructure and prepare to launch entirely new businesses. As always, we remain focused on executing with excellence throughout the entire company."
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