Polo Ralph Lauren 1Q Profit Up
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%.
Smart Balance names marketing vp
PARAMUS, N.J. Smart Balance announced that Richard McWilliams has been named to the position of vp and general manager, core brands, reporting to Gregory Venner, evp and chief consumer officer. McWilliams will be responsible for leading the marketing efforts for the company’s core brands.
Before joining Smart Balance, McWilliams served as chief marketing officer for Trex Company, the country’s leading manufacturer of composite decking.
RealNetworks names new board member
SEATTLE Digital entertainment services company RealNetworks announced that Pradeep Jotwani has been appointed to the company’s board of directors.
“Pradeep is a great addition to our board,” said Rob Glaser, chairman and ceo of RealNetworks. “He brings a rare combination of breadth and depth that will serve RealNetworks well. I’m looking forward to working closely with Pradeep as we continue in our mission to enable consumers to enjoy digital entertainment whenever and wherever they are.”
Jotwani served as a senior executive at Hewlett-Packard for 17 years from 1990 to 2007. Most recently he was the senior vp and general manager responsible for the $16 billion printing supplies business. Prior to that, he founded and served as president for HP’s $15 billion consumer business.