New York – Ralph Lauren Corp. reported a 35% jump in fourth-quarter profit as the retailer benefited from lower cotton prices.
The company reported net income of $127.2 million for the three months that ended March 30, compared with $94.4 million, or 99 cents per share, a year earlier.
Total net revenue rose 1.3% to $1.64 billion. Retail sales improved 7%, while wholesale sales declined 3.9%
Meanwhile, net income for the fiscal year rose 1% to $1.6 billion, which the retailer said resulted from strong retail segment growth that was partially offset by decline in wholesale segment sales and net unfavorable foreign currency effects. During the fourth quarter, net income grew 35% from $94 million to $127 million.
Ralph Lauren attributed both the quarterly and full year retail sales improvement to incremental contribution from new stores and e-commerce operations, as well as consolidated comparable store sales growth of 3%.
"We achieved record sales and profit levels in fiscal 2013," said Ralph Lauren, chairman and CEO. "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.”