Ralph Lauren Reports Better-Than-Expected Fourth Quarter and Full Year Fiscal 2013 Profits

  Ralph Lauren Reports Better-Than-Expected Fourth Quarter and Full Year
  Fiscal 2013 Profits

  *Fourth Quarter Net Revenues were $1.6 Billion, Reflecting Strong Retail
    Segment Growth
  *Consolidated Operating Income Rose 33% in the Fourth Quarter and Operating
    Margin Expanded 270 Basis Points to 11.1%
  *Earnings Per Diluted Share Increased 38% to $1.37 in the Fourth Quarter
  *Full Year Fiscal 2013 Net Revenues were $6.9 Billion and Diluted EPS
    Increased 12% to $8.00

Business Wire

NEW YORK -- May 23, 2013

Ralph Lauren Corporation (NYSE:RL) today reported net income of $127 million,
or $1.37 per diluted share, for the fourth quarter of Fiscal 2013, compared to
net income of $94 million, or $0.99 per diluted share, for the fourth quarter
of Fiscal 2012. In the fourth quarter of Fiscal 2013, the Company recorded
approximately $6 million in pre-tax impairment and restructuring charges
associated with winding down its Rugby operations. Excluding the Rugby-related
charges, net income rose 39% to $131 million and net income per diluted share
increased 42% to $1.41 in the fourth quarter of Fiscal 2013. Net income for
the full year Fiscal 2013 period was $750 million, or $8.00 per diluted share,
compared to net income of $681 million, or $7.13 per diluted share, for Fiscal
2012. Excluding $19 million in Rugby-related charges, net income for Fiscal
2013 rose 12% to $762 million and net income per diluted share increased 14%
to $8.13.

"We achieved record sales and profit levels in Fiscal 2013," said Ralph
Lauren, Chairman and Chief Executive Officer. "Our relentless focus on
innovation and our commitment to superior craftsmanship continued to build our
global customer base. We have an exciting next few years ahead of us,
especially as we grow our global store network and e-commerce platforms to
showcase the full scope of our brand portfolio and lifestyle sensibilities.”

“Our better-than-expected profitability in the fourth quarter and full year
Fiscal 2013 periods is a direct result of the strong operational management of
our global teams," said Roger Farah, President and Chief Operating Officer.
"Enhanced profit flow-through was achieved despite sustained macroeconomic
challenges and strategic decisions that mitigated revenue growth during the
year. We are excited about the Company's diverse and compelling opportunities
for future growth, and have planned Fiscal 2014 as a year of accelerated
investment in our highest priority strategic initiatives.”

Fourth Quarter and Full Year Fiscal 2013 Income Statement Review

Net Revenues. Net revenues for the fourth quarter of Fiscal 2013 rose 1% to
$1.6 billion, reflecting strong retail segment expansion that was partially
offset by lower wholesale segment sales. 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 4% in the fourth quarter.

Net revenues for the full year Fiscal 2013 period increased 1% to $6.9
billion, as strong retail segment growth was partially offset by a decline in
wholesale segment sales and net unfavorable foreign currency effects.
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 Fiscal 2013.

  *Wholesale Sales. Wholesale segment sales of $796 million in the fourth
    quarter were 4% below the prior year period, primarily due to the
    discontinuation of American Living in Fiscal 2013 and a proactive
    reduction in shipments to certain European customers.

    For Fiscal 2013, wholesale revenues were $3.1 billion, 3% below Fiscal
    2012. The decline in wholesale sales was a result of a proactive reduction
    in shipments to certain European specialty stores, the discontinuation of
    American Living and the net negative impact of foreign currency
    translation, all of which was partially offset by continued growth for
    core merchandise categories in the Americas.

  *Retail Sales. Retail sales rose 7% to $804 million from $752 million in
    the fourth quarter last year, reflecting the incremental contribution from
    new stores and e-commerce operations and comparable store sales growth.
    Consolidated comparable store sales rose 3% on a reported basis and were
    up 4% in constant currency during the fourth quarter.

    Retail sales for Fiscal 2013 were up 6% to $3.6 billion from $3.4 billion
    in Fiscal 2012, driven by the contribution from new stores and e-commerce
    platforms and comparable store sales growth. During Fiscal 2013,
    consolidated comparable store sales rose 3% on a reported basis and were
    up 4% in constant currency basis.

  *Licensing. Licensing revenues of $43 million in the fourth quarter were in
    line with the prior year period, as higher apparel product licensing
    revenues were offset by lower home product licensing royalties.

    Licensing royalties of $182 million in Fiscal 2013 were 1% above Fiscal
    2012’s level. Higher apparel and fragrance licensing royalties more than
    offset lower home product licensing royalties due to the transition of
    certain formerly licensed operations to directly controlled operations and
    the discontinuance of certain American Living licensing arrangements.

Gross Profit. Gross profit for the fourth quarter of Fiscal 2013 increased 5%
to $974 million and gross profit margin improved 220 basis points to 59.3%.
The higher gross profit margin was primarily driven by lower input costs,
beneficial channel and product mix and operational discipline.

Gross profit for Fiscal 2013 increased 4% to $4.2 billion compared to $4.0
billion in Fiscal 2012. Gross profit margin for Fiscal 2013 was 59.8%, 150
basis points greater than the prior year, primarily due to lower input costs,
beneficial channel and product mix and operational discipline.

Operating Expenses. Operating expenses of $792 million in the fourth quarter
were in line with the prior year period and were 48.2% of sales, 50 basis
points below the fourth quarter of Fiscal 2012. The improvement in operating
expense rate primarily reflects disciplined operational management and was
achieved despite increased costs associated with overall business expansion,
continued investment in the Company’s long-term strategic growth initiatives
and impairment charges.

Operating expenses for Fiscal 2013 were $3.0 billion, 2% greater than Fiscal
2012. Operating expense rate was 43.6%, 50 basis points higher than Fiscal
2012, largely due to costs associated with overall business expansion,
continued investment in the Company’s long-term strategic growth initiatives
and infrastructure and increased impairment charges, principally as a result
of the Rugby closure.

Operating Income. Operating income for the fourth quarter of Fiscal 2013 was
$182 million, 33% greater than the prior year. Operating margin was 11.1% of
sales, 270 basis points stronger than the fourth quarter of Fiscal 2012,
reflecting the higher gross profit margin and operating expense leverage
discussed above.

Fiscal 2013’s operating income of $1.1 billion was 8% greater than Fiscal 2012
and the operating margin increased 100 basis points to 16.2%. The growth in
operating income and higher operating margin were a result of improved gross
margins that were partially offset by a higher operating expense rate.

  *Wholesale Operating Income. Wholesale operating income increased 16% in
    the fourth quarter of Fiscal 2013 to $175 million from $150 million last
    year, and wholesale operating margin expanded 380 basis points to 22.0%.
    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.

    Wholesale operating income rose 8% in Fiscal 2013 to $706 million from
    $654 million in Fiscal 2012. Wholesale operating margin for Fiscal 2013
    was 22.5% compared to 20.2% in Fiscal 2012. 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 of $74 million was 73%
    greater than the $43 million achieved in the fourth quarter of Fiscal
    2012, and retail operating margin expanded 350 basis points to 9.2%. The
    improvement in retail operating margin was principally a result of
    operational discipline that supported stronger profitability in all major
    geographies, particularly in international markets.

    Retail operating income increased 11% in Fiscal 2013 to $611 million from
    $553 million in Fiscal 2012, and retail operating margin improved 80 basis
    points to 16.9%. Excluding the Rugby-related charges, retail operating
    margin was 17.1%, 100 basis points greater than the prior year period, a
    result of comparable store sales growth and disciplined operational
    management that more than offset continued investment in global e-commerce
    and the impact of the Company’s Greater China network repositioning
    efforts.

  *Licensing Operating Income. Licensing operating income declined 3% to $29
    million from $30 million in the fourth quarter of Fiscal 2012. Fiscal 2013
    licensing operating income increased 1% to $130 million from $129 million
    in Fiscal 2012.

Net Income and Diluted EPS. Net income for the fourth quarter of Fiscal 2013
was $127 million, 35% greater than the $94 million achieved in the comparable
period of Fiscal 2012, and net income per diluted share rose 38% to $1.37 from
$0.99 for the same time period. The increases in net income and net income per
diluted share were principally the result of the growth in operating income
discussed above. The lower effective tax rate of 25% in the fourth quarter
compared to 28% in the prior year period was primarily related to a favorable
discrete tax item during the quarter and to favorable geographic mix.
Excluding Rugby-related impairment and restructuring charges, net income for
the fourth quarter of Fiscal 2013 rose 39% to $131 million and net income per
diluted share increased 42% to $1.41.

Net income for the full year Fiscal 2013 period increased 10% to $750 million
from $681 million in Fiscal 2012. Net income per diluted share for Fiscal 2013
was $8.00, 12% greater than the $7.13 earned in Fiscal 2012. The growth in net
income and net income per diluted share was principally due to the higher
operating income discussed above. The effective tax rate for Fiscal 2013 was
31% compared to 33% in Fiscal 2012. Excluding Rugby-related impairment and
restructuring charges, net income for Fiscal 2013 rose 12% to $762 million and
net income per diluted share increased 14% to $8.13.

Fourth Quarter and Full Year Fiscal 2013 Balance Sheet and Cash Flow Review

The Company ended the fourth 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 fourth quarter of Fiscal 2012. The fourth quarter ended with
inventory up 6% to $896 million from $842 million in the fourth quarter of
last year.

The Company had $276 million in capital expenditures in Fiscal 2013, compared
to $272 million in the prior year period. The Company repurchased
approximately three million shares of Class A Common Stock at an average cost
of $149 during Fiscal 2013. In aggregate, the Company utilized $500 million of
its authorized share repurchase programs during the year and approximately
$577 million remained available under authorized share repurchase programs at
the end of the fourth quarter.

Global Retail Store Network

The Company ended the fourth quarter of Fiscal 2013 with 388 directly operated
stores, comprised of 116 Ralph Lauren stores, 59 Club Monaco stores and 213
Polo factory stores. The Company also operated 494 concession shop locations
worldwide at the end of the fourth quarter. In addition to Company-operated
locations, international licensing partners operated 62 Ralph Lauren stores
and 32 dedicated shops, as well as 64 Club Monaco stores and shops at the end
of the fourth quarter.

Fiscal 2014 Outlook

The Company currently expects consolidated net revenues for Fiscal 2014 to
increase by 4%-7%, including a 150 basis point net negative impact from
foreign currency translation. Operating margin for Fiscal 2014 is currently
expected to be 25-75 basis points below the prior year’s record level due to
the integration of certain formerly licensed merchandise categories and
geographic regions to directly controlled operations, accelerated investment
in the Company’s long-term growth initiatives and unfavorable foreign currency
effects. The full year Fiscal 2014 tax rate is estimated at 31%. Capital
expenditures are planned at approximately $350-$450 million in Fiscal 2014.

In the first quarter of Fiscal 2014, the Company expects consolidated net
revenues to increase by a low-single-digit percentage, including a 150 basis
point net negative impact from foreign currency translation. Wholesale sales
are expected to grow slightly faster than retail sales due to the transition
of certain formerly licensed merchandise categories to directly controlled
operations. Operating margin for the first quarter of Fiscal 2014 is expected
to be approximately 200-250 basis points below the comparable prior year
period due to the integration of newly assumed operations, the timing of
investments to support the Company’s strategic growth objectives and
unfavorable foreign currency effects. The first quarter tax rate is estimated
at 32%.

Conference Call

As previously announced, the Company will host a conference call and live
online webcast today, Thursday, May 23, 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
719-325-2499. To access the conference call, listeners should dial in by 8:45
a.m. Eastern and request to be connected to the Ralph Lauren Fourth Quarter
and Full Year Fiscal 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,
Thursday, May 23, 2013 through 1:00 P.M. Eastern, Wednesday, May 29, 2013 by
dialing 719-457-0820 and entering passcode 9627830.

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 46 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; 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; 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 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;
our ability to continue to maintain our brand image and reputation and protect
our trademarks; the impact of the challenging state of the global economy on
consumer purchases of premium lifestyle products that we sell and our ability
to forecast consumer demand; 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);
changes in our effective tax rates or credit profile and ratings within the
financial community; our ability to continue to expand our business
internationally; changes in our relationships with department store customers
and licensing partners; risks associated with our international operations,
such as compliance with the Foreign Corrupt Practices Act or violations of
other anti-bribery and corruption laws prohibiting improper payments and the
burdens of complying with a variety of foreign laws and regulations, including
tax laws; 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)
(Audited)
                                                                  
                                               March 30,          March 31,
                                               2013               2012
                                                                  
ASSETS
Current assets:
Cash and cash equivalents                      $ 973.7            $ 671.6
Short-term investments                           324.7              515.7
Accounts receivable, net of allowances           458.1              547.2
Inventories                                      896.1              841.6
Income tax receivable                            28.6               17.2
Deferred tax assets                              119.7              125.6
Prepaid expenses and other current              161.9            181.0    
assets
                                                                  
Total current assets                             2,962.8            2,899.9
                                                                  
Non-current investments                          81.0               99.9
Property and equipment, net                      932.2              884.1
Deferred tax assets                              21.6               39.8
Goodwill                                         968.0              1,004.0
Intangible assets, net                           327.9              359.0
Other non-current assets                        124.7            129.7    
                                                                  
Total assets                                   $ 5,418.2         $ 5,416.4  
                                                                  
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt              $ 266.6            $ -
Accounts payable                                 146.9              180.6
Income tax payable                               43.2               71.9
Accrued expenses and other current              664.6            693.7    
liabilities
                                                                  
Total current liabilities                        1,121.3            946.2
                                                                  
Long-term debt                                   -                  274.4
Non-current liability for unrecognized           150.2              168.0
tax benefits
Other non-current liabilities                   362.1            375.3    
                                                                  
Total liabilities                               1,633.6          1,763.9  
                                                                  
Equity:
Common stock                                     1.2                1.2
Additional paid-in-capital                       1,752.0            1,624.0
Retained earnings                                4,646.8            4,042.4
Treasury stock, Class A, at cost                 (2,709.0 )         (2,211.7 )
Accumulated other comprehensive income          93.6             196.6    
                                                                  
Total equity                                    3,784.6          3,652.5  
                                                                  
Total liabilities and equity                   $ 5,418.2         $ 5,416.4  
                                                                  

                                                               
RALPH LAUREN CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
Prepared in accordance with Generally Accepted Accounting Principles
(in millions, except per share data)
(Unaudited)
                                             
                                                 Three Months Ended
                                                 March 30,         March 31,
                                                 2013              2012
                                                                   
                                                                   
Wholesale net sales                              $ 795.8           $ 828.0
Retail net sales                                  804.4           751.5   
                                                                   
Net sales                                          1,600.2           1,579.5
                                                                   
Licensing revenue                                 43.1            43.4    
                                                                   
Net revenues                                       1,643.3           1,622.9
                                                                   
Cost of goods sold^(a)                            (669.0  )        (696.5  )
                                                                   
Gross profit                                       974.3             926.4
                                                                   
Selling, general, and administrative               (770.9  )         (772.8  )
expenses^(a)
Amortization of intangible assets                  (6.5    )         (7.1    )
Impairment of assets                               (6.6    )         -
Restructuring charges                             (8.3    )        (10.1   )
Total other costs and expenses                     (792.3  )         (790.0  )
                                                                   
Operating income                                   182.0             136.4
                                                                   
Foreign currency gains (losses)                    (4.5    )         2.7
                                                                   
Interest expense                                   (5.6    )         (5.7    )
                                                                   
Interest and other income, net                     1.6               1.7
                                                                   
Equity in loss of equity-method investees         (4.9    )        (4.1    )
                                                                   
Income before provision for income taxes           168.6             131.0
                                                                   
Provision for income taxes                        (41.4   )        (36.6   )
                                                                   
Net income                                       $ 127.2          $ 94.4    
                                                                   
Net income per share - Basic                     $ 1.40           $ 1.02    
                                                                   
Net income per share - Diluted                   $ 1.37           $ 0.99    
                                                                   
Weighted average shares outstanding -             90.8            92.5    
Basic
                                                                   
Weighted average shares outstanding -             93.1            95.3    
Diluted
                                                                   
Dividends declared per share                     $ 0.40           $ 0.20    
                                                                   
^(a) Includes total depreciation expense         $ (51.8   )       $ (49.9   )
of:
                                                                   


RALPH LAUREN CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
Prepared in accordance with Generally Accepted Accounting Principles
(in millions, except per share data)
(Audited)
                                                           
                                               Twelve Months Ended
                                               March 30,          March 31,
                                               2013               2012
                                                                  
Wholesale net sales                            $ 3,138.3          $ 3,246.5
Retail net sales                                3,624.6          3,432.3  
                                                                  
Net sales                                        6,762.9            6,678.8
                                                                  
Licensing revenue                               181.9            180.7    
                                                                  
Net revenues                                     6,944.8            6,859.5
                                                                  
Cost of goods sold^(a)                          (2,789.0 )        (2,861.4 )
                                                                  
Gross profit                                     4,155.8            3,998.1
                                                                  
Selling, general, and administrative             (2,971.6 )         (2,915.2 )
expenses^(a)
Amortization of intangible assets                (26.8    )         (28.9    )
Impairment of assets                             (19.0    )         (2.2     )
Restructuring charges                           (11.7    )        (12.4    )
Total other costs and expenses                   (3,029.1 )         (2,958.7 )
                                                                  
Operating income                                 1,126.7            1,039.4
                                                                  
Foreign currency gains (losses)                  (11.5    )         (1.5     )
                                                                  
Interest expense                                 (22.1    )         (24.5    )
                                                                  
Interest and other income, net                   5.7                11.0
                                                                  
Equity in loss of equity-method                 (9.5     )        (9.3     )
investees
                                                                  
Income before provision for income taxes         1,089.3            1,015.1
                                                                  
Provision for income taxes                      (339.3   )        (334.1   )
                                                                  
Net income                                     $ 750.0           $ 681.0    
                                                                  
Net income per share - Basic                   $ 8.21            $ 7.35     
                                                                  
Net income per share - Diluted                 $ 8.00            $ 7.13     
                                                                  
Weighted average shares outstanding -           91.3             92.7     
Basic
                                                                  
Weighted average shares outstanding -           93.7             95.5     
Diluted
                                                                  
Dividends declared per share                   $ 1.60            $ 0.80     
                                                                  
^(a) Includes total depreciation expense       $ (205.5   )       $ (196.3   )
of:
                                                                  

                 
RALPH LAUREN CORPORATION
OTHER INFORMATION
(in millions)
(Unaudited)
                                                               
SEGMENT INFORMATION
Net revenues and operating income for the periods ended March 30, 2013 and
March 31, 2012 for each segment were as follows:
                                                                   
                     Three Months Ended              Twelve Months Ended
                     March 30,         March 31,     March 30,     March 31,
                     2013              2012          2013          2012
                                                                   
Net revenues:
Wholesale            $  795.8          $ 828.0       $ 3,138.3     $ 3,246.5
Retail                  804.4            751.5         3,624.6       3,432.3
Licensing              43.1           43.4        181.9       180.7   
Total net            $  1,643.3       $ 1,622.9    $ 6,944.8    $ 6,859.5 
revenues
                                                                   
Operating
income:
Wholesale            $  174.8          $ 150.4       $ 706.1       $ 654.3
Retail                  74.1             42.8          611.3         553.1
Licensing              28.8           29.8        130.1       129.0   
                        277.7            223.0         1,447.5       1,336.4
Less:
Unallocated
corporate               (87.4    )       (76.5   )     (309.1  )     (284.6  )
expenses
Unallocated
restructuring          (8.3     )      (10.1   )    (11.7   )    (12.4   )
charges, net
Total
operating            $  182.0         $ 136.4      $ 1,126.7    $ 1,039.4 
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 March 30, 2013
                                                                             Excluding
                                                                             Rugby
                                        Rugby            Rugby               Asset
                                        Asset                                Impairment
                                        Impairment       Restructuring       &
                                                                             Restructuring
                     As Reported        Charges          Charges             Charges
Total other
costs and            $ (792.3   )       $  0.2           $   5.4             $  (786.7   )
expenses
Operating              48.2     %                                               47.9     %
expense margin
                                                                             
Operating            $ 182.0            $  0.2           $   5.4             $  187.6
income
Operating              11.1     %                                               11.4     %
margin
                                                                             
Provision for        $ (41.4    )       $  (0.1  )       $   (1.8   )        $  (43.3    )
income taxes
                                                                             
Net income           $ 127.2            $  0.1           $   3.6             $  130.9
Net income per       $ 1.37             $  -             $   0.04            $  1.41
diluted share
                                                                             
SEGMENT
INFORMATION -
OPERATING
INCOME/(LOSS):
Wholesale            $ 174.8            $  -             $   -               $  174.8
Retail                 74.1                0.2               -                  74.3
Licensing              28.8                -                 -                  28.8
Unallocated
corporate
expenses and          (95.7    )         -               5.4              (90.3    )
restructuring
charges, net
Total
operating            $ 182.0           $  0.2          $   5.4            $  187.6    
income
                                                                             
Retail
operating              9.2      %                                               9.2      %
margin
                                                                             
                                                                             
                     Twelve Months Ended March 30, 2013
                                                                           Excluding
                                                                             Rugby
                                        Rugby            Rugby               Asset
                                        Asset                                Impairment
                                        Impairment       Restructuring       &
                                                                             Restructuring
                     As Reported        Charges          Charges             Charges
Total other
costs and            $ (3,029.1 )       $  11.4          $   7.1             $  (3,010.6 )
expenses
Operating              43.6     %                                               43.4     %
expense margin
                                                                             
Operating            $ 1,126.7          $  11.4          $   7.1             $  1,145.2
income
Operating              16.2     %                                               16.5     %
margin
                                                                             
Provision for        $ (339.3   )       $  (4.0  )       $   (2.5   )        $  (345.8   )
income taxes
                                                                             
Net income           $ 750.0            $  7.4           $   4.6             $  762.0
Net income per       $ 8.00             $  0.08          $   0.05            $  8.13
diluted share
                                                                             
SEGMENT
INFORMATION -
OPERATING
INCOME/(LOSS):
Wholesale            $ 706.1            $  -             $   -               $  706.1
Retail                 611.3               9.7               -                  621.0
Licensing              130.1               1.7               -                  131.8
Unallocated
corporate
expenses and          (320.8   )         -               7.1              (313.7   )
restructuring
charges, net
Total
operating            $ 1,126.7         $  11.4         $   7.1            $  1,145.2  
income
                                                                             
Retail
operating              16.9     %                                               17.1     %
margin
                                                                             

                
RALPH LAUREN CORPORATION
Constant Currency Financial Measures
(in millions)
(Unaudited)
                                                                
Same -
Store
Sales
Data
                                                                                
                        Three Months Ended                  Twelve Months Ended
                        March 30, 2013                      March 30, 2013
                        % Change                            % Change
                        As Reported       Constant          As           Constant
                                          Currency          Reported     Currency
Total
Ralph                     3       %         4       %       3%           4%
Lauren
                                                                                
                                                                                
Operating
Segment
Data
                                                                                
                        Three Months Ended                  % Change
                        March 30,         March 31,         As           Constant
                        2013              2012              Reported     Currency
Wholesale               $ 795.8           $ 828.0           (3.9%  )     (3.9%  )
net sales
Retail                   804.4           751.5          7.0%        8.4%   
net sales
Net sales                 1,600.2           1,579.5         1.3%         1.9%
Licensing                43.1            43.4           (0.7%  )     0.5%   
revenue
Net                     $ 1,643.3        $ 1,622.9        1.3%        1.9%   
revenues
                                                                                
                        Twelve Months Ended                 % Change
                        March 30,         March 31,         As           Constant
                        2013              2012              Reported     Currency
Wholesale               $ 3,138.3         $ 3,246.5         (3.3%  )     (1.8%  )
net sales
Retail                   3,624.6         3,432.3        5.6%        7.0%   
net sales
Net sales                 6,762.9           6,678.8         1.3%         2.7%
Licensing                181.9           180.7          0.7%        1.1%   
revenue
Net                     $ 6,944.8        $ 6,859.5        1.2%        2.7%   
revenues
                                                                                

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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