marco polo life Profit Increase on European Sales
The Polo Ralph Lauren Corporation, the maker of Ralph Lauren and Club Monaco clothes, said yesterday that fourth quarter profit surged 52 percent, led by lower costs and higher sales in Europe.
The company said it would begin paying a dividend in July.
Net income rose to $73.2 million, or 74 cents a share, from $48 million, or 48 cents a share, a year earlier,
the company said. Sales, including licensing revenue, increased 9.4 percent to $692.3 million in the quarter ended March 29.
European sales to department and other stores rose at least 10 percent, while worldwide sales at the company’s own stores open at least a year rose 5.8 percent. Polo Ralph Lauren, which has repurchased licenses in Europe, is consolidating regional headquarters to reduce costs.
Excluding costs to consolidate operations in Europe and some foreign currency gains, the company said it would have earned $76.1 million, or 77 cents a share. On that basis,
profit met the average estimate of nine analysts surveyed by Thomson First Call.