Polo Ralph Lauren Corporation has reported a net income of $91 million for the third quarter of fiscal 2006 compared to net income of $75 million for the third quarter of fiscal 2005.
The net revenues for the third quarter of fiscal 2006 increased 10 percent to $995 million compared to $902 million in the third quarter last year. Operating income rose 24 percent to $144 million compared to $116 million in the third quarter last year. Operating income as a percent of revenue improved 150 basis points to 14.4 percent.
For the first nine months of fiscal 2006, net income was $246 million compared to net income of $167 million for the comparable period last year. Net revenues for the first nine months increased 15 percent to $2.775 billion, compared to $2.403 billion for the same period last year.
Operating income for the first nine months increased 55 percent to $401 million compared to $258 million in the same period last year. Operating income as a percent of revenue improved 370 basis points to 14.4 percent.
Ralph Lauren, Chairman and CEO, said, "This is an exciting time for our company as we continue to introduce new product categories and take more direct control of our brand. The Ralph Lauren brand has never been stronger as the demand for our luxury products around the world is accelerating."
"We look forward to launching our footwear line this year and developing our denim business now that we have bought back Polo Jeans.We remain committed to opening new retail stores around the world and are excited about our newest flagship store opening in Tokyo next month. We believe the sound fundamentals of our business will allow us to take advantage of the growing global appeal of the Ralph Lauren brand," he said.
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