Posted on 11/05/2003 9:38:31 AM PST by Tumbleweed_Connection
NEW YORK (Dow Jones/AP) - Polo Ralph Lauren Corp. on Wednesday said profit for its latest quarter edged up 4.4 percent, helped by a 13 percent increase in retail sales. For the second quarter ended Sept. 27, the upscale apparel designer and retailer had net income of $54 million, or 54 cents a share, compared with $51.7 million, or 52 cents a share, a year earlier. The latest quarter included a gain of $1.8 million on favorable foreign exchange rates. Excluding that item, the company earned $52.9 million, or 52 cents a share. Analysts surveyed by Thomson First Call had expected earnings excluding items of 51 cents a share. Increases in retail sales and international licensing royalties pushed net revenue up 10 percent to $707.8 million from $640.8 million. Polo Ralph Lauren said it expects adjusted earnings of 44 cents to 49 cents a share in the third quarter, and 75 cents to 80 cents a share in the fourth quarter. Analysts are calling for earnings, excluding items, of 45 cents a share for the third quarter and 80 cents a share for the fourth quarter. In morning trading, shares of Polo Ralph Lauren rose 98 cents, or 3.3 percent, to $31.03 on the New York Stock Exchange.
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