 Polo Ralph Lauren Corporation reported net income of $178 million, or $1.75 per diluted share, for the second quarter of Fiscal 2010, compared to net income of $161 million, or $1.58 per diluted share, for the second quarter of Fiscal 2009.
Net income for the first six months of Fiscal 2010 declined 1% to $254 million from $256 million in the comparable period last fiscal year. Net income per diluted share of $2.51 in the first six months of Fiscal 2010 was equivalent to the prior year period.
"Results confirm the resilience and vitality of our strategy and demonstrate the superb execution of our management team," said Ralph Lauren, Chairman and Chief Executive Officer. "We continue to invest in our competitive advantages in design and marketing and to grow our presence around the world, which is helping to mitigate sustained market challenges. We are operating today as a leaner, stronger organization than ever before, even as our long-term growth prospects remain compelling," Mr. Lauren added.
"Our results have exceeded our expectations for the first half of the year, reflecting market share gains across products and regions and disciplined operational management," said Roger Farah, President and Chief Operating Officer. "In the back half of Fiscal 2010, we will continue to invest in high growth international markets and exciting new product categories, both critical components of our long-term strategic objectives. We are raising our sales expectations for the remainder of the year, but we continue to be cautious with our outlook and are planning accordingly. Nevertheless, our global teams are engaged to read and react to evolving market trends as we have done successfully in the first half of the year."
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