New York City Polo Ralph Lauren Corp. said Wednesday that its fiscal first-quarter profit rose 8%, despite the weak retail environment, as sales at its retail stores rose. It also raised its earnings outlook for the year.
The company earned $95.2 million in the three months ended June 28, up from $88.3 million last year. Revenue rose 4% to $1.11 billion from $1.07 billion.
Wholesale net sales were nearly flat at $574.5 million, as sales of American Living products, a new collection that started being shipped exclusively to J.C. Penney Co. earlier this year, and strength in Europe were offset by lower domestic shipments of men's, women's and childrens’ wear products. Retail sales rose 9% to $492.5 million. Licensing revenue rose 1% to $47 million.
Same-store sales rose 3.9%.