Polo Ralph Lauren Corporation, reported net income of $137 million, or $1.28 per diluted share, for the second quarter of Fiscal 2007 compared to net income of $104 million, or $0.97 per diluted share, for the second quarter of Fiscal 2006, an approximate 32 percent increase in net income and earnings per share.
Net revenues for the second quarter of Fiscal 2007 increased 14 percent to $1.17 billion, compared to $1.03 billion in the second quarter last year. Excluding the impact of the Polo Jeans acquisition, net revenues increased 9 percent.
Operating income, reflecting higher revenues and higher gross profit, increased 21 percent to $215 million compared to $177 million last year. Operating income as a percent of revenue improved 120 basis points to 18.4 percent from 17.2 percent last year.
First half net revenues increased 19 percent to $2.12 billion, compared to $1.78 billion last year. Excluding the impact of the Polo Jeans and footwear acquisitions, net revenues increased 13 percent.
Operating income for the first half, reflecting higher revenues and higher gross profit, increased 35 percent to $348 million compared to $257 million in the same period last year.
Operating income as a percent of revenue improved 190 basis points to 16.4 percent from 14.5 percent. For the first half of Fiscal 2007, net income was $217 million, or $2.02 per diluted share, compared to net income of $155 million, or $1.46 per diluted share forthe comparable period last year, a 40 percent increase in net income and a 38 percent increase in earnings per share.
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