Polo's Profits Rise
Like Giorgio Armani, Ralph Lauren is a white-haired gent with a reason to smile. Today, Polo Ralph Lauren Corp announced a first-quarter profit increase of and raised its full-year earnings guidance. For the past three months, , income rose 7.8 percent to $95.2 million and total revenues were up 4 percent to $1.11 billion from $1.07 billion. Lauren himself is bullish on the future and mentioned recent partnerships with high profile events such as Wimbledon and the Olympics as part of the secret to their success. Based on the strong numbers 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. Up next for Polo, a launch into one of the world's rising shopping destinations, Istanbul. The first freestanding Polo Ralph Lauren boutique opens there this October.
Gallery: Ralph Lauren for the Olympics