Polo Ralph Lauren Corp. on Wednesday posted a first-quarter profit increase and raised its full-year earnings guidance.
For the three months ended June 28, income rose 7.8 percent to $95.2 million, or 93 cents a diluted share, from $88.3 million, or 82 cents, in the year-ago quarter. The company said the growth was from a higher gross margin rate and a lower tax rate.
Total revenues were up 4 percent to $1.11 billion from $1.07 billion. That included essentially flat wholesale sales of $574.5 million and a 0.1 percent gain in retail sales to $492.4 million.
Ralph Lauren, chairman and chief executive officer, said, ?Our lifestyle positioning is resonating with consumers worldwide, supported by our continued investment in advertising, marketing and public relations, including high profile events such as Wimbledon and the Olympics. Our status as one of the world?s few truly global luxury lifestyle brands is an incredible asset for our company.?
The company upped fiscal year 2009 earnings per share guidance to between $4 and $4.10 from a prior estimate of $3.95 to $4.05.
Meanwhile, Polo revealed plans to open its first freestanding Polo Ralph Lauren boutique this October in Istanbul. The 6,500-square-foot unit will be located in luxury shopping complex
Istinye Park and showcase what Polo bills as Turkey?s best assortment of Lauren?s apparel and accessories. Brands represented include Purple Label, Black Label and Polo for men, plus the women?s Collection, Black Label and Blue Label range












