Polo Ralph Lauren 2Q Profit Up
New York City Polo Ralph Lauren Corp. said Wednesday that its fiscal second-quarter profit jumped a better-than-expected 40%, after gains in Europe and its discount outlets helped to make up for lower U.S. department store demand.
Net income in the quarter rose to $161 million from $115 million a year earlier, said the company, which owns its namesake chain as well as Rugby and Club Monaco locations. Revenue in the quarter ended Sept. 27 rose 10% to $1.43 billion from $1.30 billion.
Polo Ralph Lauren, which has bought back its European and Japanese licensees to take control over its business overseas, said it will stick to its strategy of expanding globally.
Second-quarter wholesale sales, or sales to department stores and other retailers, rose 10% to $846 million, after new product shipment and higher European sales helped make up for lower U.S. shipment of men’s, women’s and children’s products.
Retail sales rose 12% to $531 million, with sales at stores open at least a year rising 5.1%. Ralph Lauren same-store sales edged up 0.3%. Factory discount outlets saw same-store sales climb by 8.2%. At Club Monaco, sales dropped 3.7%. The company had 328 stores at the end of the quarter.
New cfo named at Proctor & Gamble
CINCINNATI Jon Moeller, currently vp and treasurer of Proctor & Gamble, has been elected cfo, effective Jan. 1, 2009. Clayton Daley, Jr., vice chairman and cfo, will retire effective Sept. 16, 2009, after 35 years of service. He will step down as cfo on Jan. 1, 2009.
Moeller most recently served as treasurer of Proctor & Gamble where he established the capital structure, cash management and AA- credit rating that have put P&G in a strong financial position for the near and long term, the company reported.
Bacardi names new cfo
MIAMI Bacardi U.S.A. has named Michael Misiorski senior vp and cfo.
Misiorski joins Bacardi U.S.A. from Absolut Spirits Co. where he was vp of finance and cfo. While at Absolut, Misiorski led a number of departments including human resources and operations, and oversaw tax reporting, budgeting and a range of other responsibilities in addition to his financial role.