Ralph Lauren Reports Net Income Rise

US fashion conglomerate Polo Ralph Lauren Corp. have reported a net income rise of 4.5 percent in the latest quarter, boosted by improved sales and the re-launch of a product line. The New York-based company said it agreed to buy certain assets of RL Childrenswear Co. for about USD230 million. RL Childrenswear, of Cumberland, Md., is Polo's North American licensee for childrenswear.

Polo stated its net income for its fiscal fourth quarter ended April 3 climbed to USD76.5 million, or 75 cents a share, from USD73.2 million, or 74 cents a share, in the same quarter a year ago. Excluding restructuring charges and foreign exchange, the company said it would have reported fourth-quarter earnings of USD80.4 million, or 79 cents a share, compared with USD76.1 million, or 77 cents a share, a year ago. Revenue for the latest quarter rose to USD818.8 million from USD692.3 million, driven by the re-launch of the Lauren by Ralph Lauren Line and by a 10 percent improvement in sales at stores open at least a year, also known as same-store sales.