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Ralph Lauren Reports Better-Than-Expected Third Quarter Fiscal 2013 Results and Raises Its Full Year Fiscal 2013 Profit Outlook



  Ralph Lauren Reports Better-Than-Expected Third Quarter Fiscal 2013 Results
  and Raises Its Full Year Fiscal 2013 Profit Outlook

  * Third Quarter Revenues Rose 2% to $1.8 billion, Led by Retail Segment
    Growth
  * Consolidated Comparable Store Sales Increased 4% in the Third Quarter
  * Third Quarter Operating Income Rose 13% and Operating Income Margin
    Expanded 150 basis points to 16.5%
  * Earnings Per Diluted Share Increased 30% to $2.31 in the Third Quarter

Business Wire

NEW YORK -- February 6, 2013

Ralph Lauren Corporation (NYSE:RL) today reported net income of $216 million,
or $2.31 per diluted share, for the third quarter of Fiscal 2013, compared to
net income of $169 million, or $1.78 per diluted share, for the third quarter
of Fiscal 2012. In the third quarter of Fiscal 2013, the Company recorded
approximately $13 million in pre-tax impairment and restructuring charges
associated with the discontinuation of its Rugby operations. Excluding the
Rugby-related charges, net income rose 33% to $224 million and net income per
diluted share increased 35% to $2.40 in the third quarter of Fiscal 2013.

“Our third quarter performance is a testament to the enduring appeal of our
brand and the dedication of our passionate team,” said Ralph Lauren, Chairman
and Chief Executive Officer. “Our orientation as a design-led, marketing and
merchandising organization has enabled us to deepen our connection with our
customers, particularly as we expand our portfolio of products and lifestyle
sensibilities. I am inspired by how our Company continues to evolve in
compelling new ways, and the progress we are making with our global e-commerce
and store development efforts is especially exciting. We have a successful
track record of investing for growth and we remain committed to nurturing the
incredible vitality of our long-term initiatives.”

“The robust profit growth we achieved in the third quarter demonstrates the
strength of our operating model,” said Roger Farah, President and Chief
Operating Officer. “The relevance of our brand, product and merchandising
strategies resulted in a strong holiday season for us, one that was
characterized by continued momentum in the Americas and improved trends in
Europe. The consistent investment in our long-term growth initiatives has
created a steadily improving, highly resilient profit margin structure for our
organization.”

Third Quarter Fiscal 2013 Income Statement Review

Net Revenues. Net revenues for the third quarter of Fiscal 2013 rose 2% to
$1.8 billion. The increase in net revenues primarily reflects strong retail
segment expansion that was partially offset by a planned contraction in
wholesale shipments. Excluding the impact of strategic decisions to
discontinue American Living and store closures associated with the Company’s
Greater China network repositioning efforts, in addition to the net negative
impact from foreign currency translation, net revenues increased approximately
5% in the third quarter.

  * Wholesale Sales. Wholesale segment sales of $734 million in the third
    quarter were 2% below the prior year period, as the discontinuation of
    American Living in Fiscal 2013, a proactive reduction in shipments to
    certain European customers and the net negative impact of foreign currency
    translation more than offset continued growth in core and emerging
    merchandise categories in the Americas.
  * Retail Sales. Retail sales rose 6% to $1.1 billion from $1.0 billion in
    the third quarter last year, reflecting growth in comparable store sales
    and the incremental contribution from new stores and e-commerce operations
    that were partially offset by lower sales at Asian concession shops and
    store closures associated with the Company’s Greater China network
    repositioning efforts. Consolidated comparable store sales rose 4% on both
    a reported and constant currency basis during the third quarter. The
    Company estimates that disruption caused by Super Storm Sandy negatively
    impacted third quarter comparable store sales growth by 1%-2%.
  * Licensing. Licensing revenues of $50 million in the third quarter were 1%
    greater than the prior year period. The increase in licensing revenues is
    principally due to higher domestic product licensing revenues that were
    partially offset by the transition of certain formerly licensed
    international regions to directly controlled operations.

Gross Profit. Gross profit for the third quarter of Fiscal 2013 increased 6%
to $1.1 billion and gross profit margin improved 220 basis points to 59.3%.
The higher gross profit margin was primarily driven by lower input costs,
favorable product mix and operational discipline.

Operating Expenses. Operating expenses rose 4% in the third quarter to $790
million from $761 million in the third quarter of Fiscal 2012 and were 42.8%
of sales, 60 basis points greater than the prior year period. The growth in
operating expenses and the higher operating expense margin primarily reflect
costs associated with overall business expansion, continued investment in the
Company’s long-term strategic growth initiatives and increased restructuring
and impairment charges, principally as a result of the discontinuation of
Rugby. The increase in operating expenses was partially offset by a shift in
the timing of certain expenses out of the third quarter and into the fourth
quarter of Fiscal 2013.

Operating Income. Operating income for the third quarter of Fiscal 2013 was
$304 million, 13% greater than the prior year. Operating margin was 16.5% of
sales, 150 basis points stronger than the third quarter of Fiscal 2012. The
improvement in operating margin primarily reflects the higher gross profit
margin discussed above.

  * Wholesale Operating Income. Wholesale operating income increased 29% in
    the third quarter of Fiscal 2013 to $145 million from $113 million last
    year. Wholesale operating margin was 19.7% in the third quarter, 470 basis
    points stronger than the prior year. The improvement in wholesale
    operating margin was primarily due to higher gross margins as a result of
    lower input costs, favorable product mix and operational discipline.
  * Retail Operating Income. Retail operating income was $201 million, 4%
    greater than the $193 million achieved in the third quarter of Fiscal
    2012, and retail operating margin was 18.9%, 30 basis points below the
    prior year period. The decline in retail operating margin was principally
    a result of impairment and restructuring charges associated with the
    discontinuation of Rugby. Excluding the Rugby-related charges, retail
    operating margin was 19.8%, 60 basis points greater than the prior year
    period, as a result of improved profitability in the Americas and Europe
    that was partially offset by a less favorable geographic mix due to lower
    Asian sales and continued investment in global retail expansion, including
    e-commerce.
  * Licensing Operating Income. Licensing operating income increased 3% to $37
    million from $36 million in the third quarter of Fiscal 2012, primarily
    due to higher licensing revenues and lower net costs.

Net Income and Diluted EPS. Net income for the third quarter of Fiscal 2013
was $216 million, 28% greater than the $169 million achieved in the comparable
period of Fiscal 2012, and net income per diluted share rose 30% to $2.31 from
$1.78 for the same time period. The increases in net income and net income per
diluted share were the result of the growth in operating income discussed
above in addition to a lower effective tax rate of 27% compared to 36% in the
prior year period. The lower effective tax rate is primarily related to the
favorable resolution of an approximate $15 million discrete tax item and to a
greater proportion of earnings generated in lower-taxed jurisdictions.
Excluding Rugby-related impairment and restructuring charges, net income for
the third quarter of Fiscal 2013 rose 33% to $224 million and net income per
diluted share increased 35% to $2.40.

Third Quarter Fiscal 2013 Balance Sheet Review

The Company ended the third quarter with $1.4 billion in cash and investments,
or $1.1 billion in cash and investments net of debt ("net cash"), compared to
$1.3 billion in cash and investments and $1.0 billion in net cash at the end
of the third quarter of Fiscal 2012.

The Company repurchased approximately 971,000 shares of Class A Common Stock
during the third quarter of Fiscal 2013, utilizing $150 million of its
authorized share repurchase programs. In the first nine months of Fiscal 2013,
the Company repurchased $450 million of its Class A Common Stock and
approximately $627 million remained available under authorized share
repurchase programs at the end of the third quarter. The Company had $78
million in capital expenditures in the third quarter, compared to $68 million
in the prior year period. The third quarter ended with inventory up 10% to
$981 million from $895 million in the third quarter of last year.

Global Retail Store Network

The Company ended the third quarter of Fiscal 2013 with 399 directly operated
stores, comprised of 114 Ralph Lauren stores, 58 Club Monaco stores, 213 Polo
factory stores and 14 Rugby stores. The Company also operated 508 concession
shop locations worldwide at the end of the third quarter. In addition to
Company-operated locations, international licensing partners operated 63 Ralph
Lauren stores and 32 dedicated shops, as well as 64 Club Monaco stores and
shops at the end of the third quarter.

Fiscal 2013 Outlook

Based on its year-to-date results, the Company expects consolidated net
revenues for Fiscal 2013 to increase by approximately 2%. Included in the
Fiscal 2013 net revenue expectation is an approximate 400-500 basis point net
negative impact associated with strategic decisions regarding certain
operations, including store closures associated with the Company’s Greater
China network repositioning efforts and the discontinuation of American
Living, in addition to unfavorable foreign currency effects. As a result of
the better-than-expected profitability achieved in the first nine months of
the year, the Company now expects operating margin from continuing operations
for Fiscal 2013 to be approximately 75-100 basis points above the prior year
period, which compares to its prior expectation of an approximately 50 basis
point improvement. The full year Fiscal 2013 sales and operating margin
expectations outlined in this press release do not include approximately
$20-$25 million in anticipated pretax charges related to the previously
announced closure of the Rugby brand. The Company currently estimates the full
year Fiscal 2013 tax rate at approximately 32%.

In the fourth quarter of Fiscal 2013, the Company expects consolidated net
revenues to increase by a mid-single-digit percentage, reflecting an 8%-11%
increase in retail revenues and wholesale revenues that are flat to the prior
year period. Included in the fourth quarter net revenue expectation is an
approximate 300 basis point net negative impact from strategic decisions
regarding certain operations, including store closures associated with the
Company’s Greater China network repositioning efforts and the discontinuation
of American Living, in addition to unfavorable foreign currency effects.
Operating margin from continuing operations for the fourth quarter of Fiscal
2013 is expected to be approximately 125-150 basis points above the comparable
prior year period. The fourth quarter sales and operating margin expectations
outlined in this press release do not include anticipated pretax charges
related to the previously announced closure of the Rugby brand. The Company
currently estimates the fourth quarter tax rate at approximately 29%.

Conference Call

As previously announced, the Company will host a conference call and live
online webcast today, Wednesday, February 6, 2013, at 9:00 a.m. Eastern.
Listeners may access a live broadcast of the conference call on the Company's
investor relations website at http://investor.ralphlauren.com or by dialing
719-457-2652. To access the conference call, listeners should dial in by 8:45
a.m. Eastern and request to be connected to the Ralph Lauren Third Quarter
Fiscal Year 2013 conference call.

An online archive of the broadcast will be available by accessing the
Company's investor relations website at http://investor.ralphlauren.com. A
telephone replay of the call will be available from 1:00 P.M. Eastern,
Wednesday, February 6, 2013 through 1:00 P.M. Eastern, Tuesday, February 12,
2013 by dialing 719-457-0820 and entering passcode 5147093.

ABOUT RALPH LAUREN

Ralph Lauren Corporation (NYSE: RL) is a leader in the design, marketing and
distribution of premium lifestyle products in four categories: apparel, home,
accessories and fragrances. For more than 45 years, Ralph Lauren's reputation
and distinctive image have been consistently developed across an expanding
number of products, brands and international markets. The Company's brand
names, which include Polo by Ralph Lauren, Ralph Lauren Purple Label, Ralph
Lauren Collection, Black Label, Blue Label, Lauren by Ralph Lauren, RRL, RLX,
Ralph Lauren Childrenswear, Denim & Supply Ralph Lauren, Chaps and Club
Monaco, constitute one of the world's most widely recognized families of
consumer brands. For more information, go to http://investor.ralphlauren.com.

This press release and oral statements made from time to time by
representatives of the Company contain certain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements regarding, among other things,
our current expectations about the Company's future results and financial
condition, revenues, store openings, margins, expenses and earnings and are
indicated by words or phrases such as "anticipate," "estimate," "expect,"
"project," "we believe" and similar words or phrases. These forward-looking
statements involve known and unknown risks, uncertainties and other factors
which may cause actual results, performance or achievements to be materially
different from the future results, performance or achievements expressed in or
implied by such forward-looking statements. Forward-looking statements are
based largely on the Company's expectations and judgments and are subject to a
number of risks and uncertainties, many of which are unforeseeable and beyond
our control. The factors that could cause actual results to materially differ
include, among others: the loss of key personnel; the impact of global
economic conditions and domestic and foreign currency fluctuations on the
Company, the global economy and the consumer marketplace and our ability to
access sources of liquidity; our ability to successfully implement our
anticipated growth strategies, to continue to expand or grow our business and
capitalize on our repositioning initiatives in certain merchandise categories;
changes in our effective tax rates or credit profile and ratings within the
financial community; our ability to secure the technology facilities and
systems used by the Company and those of third party service providers from,
among other things, cybersecurity breaches, acts of vandalism, computer
viruses or similar events; changes in the competitive marketplace and in our
commercial relationships; risks associated with changes in social, political,
economic and other conditions affecting foreign operations or sourcing
(including tariffs and trade controls, raw materials prices and labor costs);
risks associated with our international operations, such as violations of laws
prohibiting improper payments and the burdens of complying with a variety of
foreign laws and regulations, including tax laws; risks arising out of
litigation or trademark conflicts; our ability to continue to maintain our
brand image and reputation; the potential impact on our operations and
customers resulting from natural or man-made disasters; and other risk factors
identified in the Company's Annual Report on Form 10-K, Form 10-Q and Form 8-K
reports filed with the Securities and Exchange Commission. The Company
undertakes no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise.

                                                                 
RALPH LAUREN CORPORATION
CONSOLIDATED BALANCE SHEETS
Prepared in accordance with Generally Accepted Accounting Principles
(in millions)
(Unaudited)
                                                                   
                                                                   
                            December 29,       March 31,          December 31,
                            2012               2012               2011
                                                                   
ASSETS
Current assets:
Cash and cash               $ 999.1            $ 671.6            $ 815.8
equivalents
Short-term                    313.2              515.7              386.3
investments
Accounts receivable,          383.9              547.2              440.2
net of allowances
Inventories                   981.1              841.6              894.7
Income tax receivable         18.9               17.2               9.8
Deferred tax assets           125.9              125.6              101.9
Prepaid expenses and          179.9              181.0              177.8     
other
                                                                   
Total current assets          3,002.0            2,899.9            2,826.5
                                                                   
Non-current                   89.0               99.9               72.5
investments
Property and                  926.4              884.1              826.5
equipment, net
Deferred tax assets           16.2               39.8               72.2
Goodwill                      993.1              1,004.0            1,013.4
Intangible assets,            339.8              359.0              370.2
net
Other assets                  122.7              129.7              145.2     
                                                                   
Total assets                $ 5,489.2          $ 5,416.4          $ 5,326.5   
                                                                   
LIABILITIES AND
EQUITY
Current liabilities:
Current portion of          $ 274.1            $ -                $ -
long-term debt
Accounts payable              146.2              180.6              169.7
Income tax payable            89.3               71.9               142.8
Accrued expenses and          682.0              693.7              666.7     
other
                                                                   
Total current                 1,191.6            946.2              979.2
liabilities
                                                                   
Long-term debt                -                  274.4              265.6
Non-current liability
for unrecognized tax          155.6              168.0              162.8
benefits
Other non-current             372.3              375.3              389.2     
liabilities
                                                                   
Total liabilities             1,719.5            1,763.9            1,796.8   
                                                                   
Equity:
Common stock                  1.2                1.2                1.2
Additional                    1,760.2            1,624.0            1,567.0
paid-in-capital
Retained earnings             4,555.9            4,042.4            3,966.5
Treasury stock, Class         (2,708.4 )         (2,211.7 )         (2,211.7 )
A, at cost
Accumulated other             160.8              196.6              206.7     
comprehensive income
                                                                   
Total equity                  3,769.7            3,652.5            3,529.7   
                                                                   
Total liabilities and       $ 5,489.2          $ 5,416.4          $ 5,326.5   
equity
                                                                   

                                                                 
RALPH LAUREN CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
Prepared in accordance with Generally Accepted Accounting Principles
(in millions, except per share data)
(Unaudited)
                                                                   
                                                                   
                                               Three Months Ended
                                               December 29,       December 31,
                                               2012               2011
                                                                   
                                                                   
Wholesale Net Sales                            $  733.9           $  750.0
Retail Net Sales                                  1,062.0            1,006.0  
                                                                   
Net Sales                                         1,795.9            1,756.0
                                                                   
Licensing Revenue                                 50.2               49.6     
                                                                   
Net Revenues                                      1,846.1            1,805.6
                                                                   
Cost of Goods Sold (a)                            (752.0  )          (774.0  )
                                                                   
Gross Profit                                      1,094.1            1,031.6
                                                                   
Selling, General & Administrative                 (768.9  )          (750.7  )
Expenses (a)
Amortization of Intangible Assets                 (6.8    )          (7.2    )
Impairment of Assets                              (11.4   )          (2.0    )
Restructuring Charges                             (2.6    )          (1.6    )
Total Operating Expenses                          (789.7  )          (761.5  )
                                                                   
Operating Income                                  304.4              270.1
                                                                   
Foreign Currency Gains (Losses)                   (3.9    )          (2.2    )
                                                                   
Interest Expense                                  (5.6    )          (6.3    )
                                                                   
Interest and Other Income, Net                    1.5                2.7
                                                                   
Equity in Income (Loss) of                        (1.8    )          (2.2    )
Equity-Method Investees
                                                                   
Income Before Provision for Income                294.6              262.1
Taxes
                                                                   
Provision for Income Taxes                        (78.9   )          (93.1   )
                                                                   
Net Income Attributable to RLC                 $  215.7           $  169.0    
                                                                   
Net Income Per Share - Basic                   $  2.37            $  1.83     
                                                                   
Net Income Per Share - Diluted                 $  2.31            $  1.78     
                                                                   
Weighted Average Shares                           91.1               92.2     
Outstanding - Basic
                                                                   
Weighted Average Shares                           93.3               94.9     
Outstanding - Diluted
                                                                   
Dividends declared per share                   $  0.40            $  0.20     
                                                                   
(a) Includes total depreciation                $  (53.8   )       $  (49.6   )
expense of:
                                                                   

                                                                 
RALPH LAUREN CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
Prepared in accordance with Generally Accepted Accounting Principles
(in millions, except per share data)
(Unaudited)
                                                                   
                                                                   
                                               Nine Months Ended
                                               December 29,       December 31,
                                               2012               2011
                                                                   
                                                                   
Wholesale Net Sales                            $ 2,342.5          $ 2,418.5
Retail Net Sales                                 2,820.2            2,680.8   
                                                                   
Net Sales                                        5,162.7            5,099.3
                                                                   
Licensing Revenue                                138.8              137.3     
                                                                   
Net Revenues                                     5,301.5            5,236.6
                                                                   
Cost of Goods Sold (a)                           (2,120.0 )         (2,164.9 )
                                                                   
Gross Profit                                     3,181.5            3,071.7
                                                                   
Selling, General & Administrative                (2,200.7 )         (2,142.4 )
Expenses (a)
Amortization of Intangible Assets                (20.3    )         (21.8    )
Impairment of Assets                             (12.4    )         (2.2     )
Restructuring Charges                            (3.4     )         (2.3     )
Total Operating Expenses                         (2,236.8 )         (2,168.7 )
                                                                   
Operating Income                                 944.7              903.0
                                                                   
Foreign Currency Gains (Losses)                  (7.0     )         (4.2     )
                                                                   
Interest Expense                                 (16.5    )         (18.8    )
                                                                   
Interest and Other Income, Net                   4.1                9.3
                                                                   
Equity in Income (Loss) of                       (4.6     )         (5.2     )
Equity-Method Investees
                                                                   
Income Before Provision for Income               920.7              884.1
Taxes
                                                                   
Provision for Income Taxes                       (297.9   )         (297.5   )
                                                                   
Net Income Attributable to RLC                 $ 622.8            $ 586.6     
                                                                   
Net Income Per Share - Basic                   $ 6.80             $ 6.32      
                                                                   
Net Income Per Share - Diluted                 $ 6.63             $ 6.14      
                                                                   
Weighted Average Shares                          91.6               92.8      
Outstanding - Basic
                                                                   
Weighted Average Shares                          93.9               95.6      
Outstanding - Diluted
                                                                   
Dividends declared per share                   $ 1.20             $ 0.60      
                                                                   
(a) Includes total depreciation                $ (153.7   )       $ (146.4   )
expense of:
                                                                   

                                                                  
RALPH LAUREN CORPORATION
OTHER INFORMATION
(in millions)
(Unaudited)
                                                                    
SEGMENT INFORMATION
Net revenues and operating income for the periods ended December 29, 2012 and
December 31, 2011 for each segment were as follows:
                                                                    
                  Three Months Ended                 Nine Months Ended
                  December 29,      December 31,     December      December
                                                     29,           31,
                  2012              2011             2012          2011
                                                                    
Net Revenues:
Wholesale         $  733.9          $  750.0         $ 2,342.5     $ 2,418.5
Retail               1,062.0           1,006.0         2,820.2       2,680.8
Licensing            50.2              49.6            138.8         137.3    
Total Net         $  1,846.1        $  1,805.6       $ 5,301.5     $ 5,236.6  
Revenues
                                                                    
Operating
Income:
Wholesale         $  144.9          $  112.6         $ 531.3       $ 503.9
Retail               201.2             193.3           537.2         510.3
Licensing            37.0              35.9            101.3         99.2     
                     383.1             341.8           1,169.8       1,113.4
Less:
Unallocated
corporate            (76.1    )        (70.1    )      (221.7  )     (208.1  )
expenses
Unallocated
restructuring        (2.6     )        (1.6     )      (3.4    )     (2.3    )
charges, net
Total
Operating         $  304.4          $  270.1         $ 944.7       $ 903.0    
Income
                                                                    

SUPPLEMENTAL FINANCIAL INFORMATION

This earnings release includes certain non-GAAP financial measures relating to
impairment and restructuring charges associated with the discontinuation of
Rugby. The following is a reconciliation between the non-GAAP financial
measures and the most directly comparable GAAP measures before and after these
charges. The related tax effects were calculated using the respective
statutory tax rates for each applicable jurisdiction. The Company uses
non-GAAP financial measures, among other things, to evaluate its operating
performance and in order to represent the manner in which the Company conducts
and views its business. The Company believes that excluding items that are not
comparable from period to period helps investors and others compare operating
performance between two periods. While the Company considers the non-GAAP
measures useful in analyzing its results, they are not intended to replace,
nor act as a substitute for, any presentation included in the consolidated
financial statements prepared in conformity with GAAP and may be different
from non-GAAP measures reported by other companies.

                                                                               
RALPH LAUREN CORPORATION
Reconciliation of Certain Non-GAAP Financial Measures
(in millions, except per share data)
(Unaudited)
                                                                                               
                            Three Months Ended December 29, 2012                               
                                                                                Excluding
                                                                                Asset
                                                                                Impairment &
                                           Asset            Restructuring       Restructuring
                                           Impairment
                            As             Charges          Charges             Charges        
                            Reported
Total Operating             $  789.7       $   (11.3  )     $     (1.6    )     $     776.8
Expenses
Operating Expense              42.8  %                                                42.1    %
Margin
                                                                                               
Operating Income            $  304.4       $   11.3         $     1.6           $     317.3
Operating Margin               16.5  %                                                17.2    %
                                                                                               
Provision/(Benefit)         $  78.9        $   (4.0   )     $     (0.6    )     $     74.3
for Income Taxes
                                                                                               
Net Income                  $  215.7       $   7.3          $     1.0           $     224.0
Net Income per              $  2.31        $   0.08         $     0.01          $     2.40
Diluted Share
                                                                                               
SEGMENT INFORMATION
-
OPERATING
INCOME/(LOSS):
Wholesale                   $  144.9       $   -            $     -             $     144.9
Retail                         201.2           9.6                -                   210.8
Licensing                      37.0            1.7                -                   38.7
Unallocated
Corporate Expenses             (78.7 )         -                  1.6                 (77.1   )
and Restructuring
Charges
Total Operating             $  304.4       $   11.3         $     1.6           $     317.3    
Income
                                                                                               
Retail Operating               18.9  %                                                19.8    %
Margin
                                                                                               

                                                                  
RALPH LAUREN CORPORATION
Constant Currency Financial Measures
(in millions)
(Unaudited)
                                                                             
Same - Store Sales Data
                                                                             
                Three Months Ended                  Nine Months Ended
                December 29, 2012                   December 29, 2012
                % Change                            % Change
                As Reported       Constant          As             Constant
                                  Currency          Reported       Currency
Total
Ralph             4       %         4       %       3     %        4        %
Lauren
                                                                             
                                                                             
Operating
Segment
Data
                                                                             
                Three Months Ended                  % Change
                December          December          As             Constant
                29, 2012          31, 2011          Reported       Currency
Wholesale       $ 733.9           $ 750.0           (2.1  %)       (1.2     %)
Net Sales
Retail            1,062.0           1,006.0         5.6   %        5.9      %
Net Sales
Net Sales         1,795.9           1,756.0         2.3   %        2.9      %
Licensing         50.2              49.6            1.2   %        1.6      %
Revenue
Net             $ 1,846.1         $ 1,805.6         2.2   %        2.8      %
Revenue
                                                                             
                Nine Months Ended                   % Change
                December          December          As             Constant  
                29, 2012          31, 2011          Reported       Currency
Wholesale       $ 2,342.5         $ 2,418.5         (3.1  %)       (1.1     %)
Net Sales
Retail            2,820.2           2,680.8         5.2   %        6.6      %
Net Sales
Net Sales         5,162.7           5,099.3         1.2   %        3.0      %
Licensing         138.8             137.3           1.1   %        1.3      %
Revenue
Net             $ 5,301.5         $ 5,236.6         1.2   %        2.9      %
Revenue
                                                                             

Ralph Lauren is a global company that reports its financial information in
U.S. dollars, in accordance with U.S. GAAP (“GAAP”). Foreign currency exchange
rate fluctuations affect the amounts reported by the Company in U.S. dollars
because the underlying currencies in which the Company transacts change in
value over time compared to the U.S. dollar. These rate fluctuations can have
a significant effect on reported operating results. As a supplement to its
reported operating results, the Company presents constant currency financial
information, which is a non-GAAP financial measure. The Company uses constant
currency information to provide a framework to assess how its businesses
performed excluding the effects of foreign currency exchange rate
fluctuations. The Company believes this information is useful to investors to
facilitate comparisons of operating results and better identify trends in its
businesses. These constant currency performance measures should be viewed in
addition to, and not in lieu of or superior to, the Company's operating
performance measures calculated in accordance with GAAP.

Contact:

Ralph Lauren Corporation
Investor Relations
James Hurley, 212-813-7862
or
Corporate Communications
Winnie Lerner, 212-583-2262
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