Polo Profits Rise

New York City, Polo Ralph Lauren Corp. said Wednesday that quarterly profits rose on the wings of higher wholesale and retail apparel sales.

The company said net income for the fiscal first quarter was $88.3 million, or $0.82 per share, up from $80.2 million, or $0.74 per share, a year earlier.

Revenue was $1.07 billion, up from $954 million a year ago. Increases in wholesale and retail sales offset a decline in licensing revenues. The company also predicted that its full-year revenue will increase by a mid-teens percentage rate.