Ralph Lauren Corporation reported net income of $214 million, or $2.29 per diluted share, for the second quarter of Fiscal 2013, compared to net income of $233 million, or $2.46 per diluted share, for the second quarter of Fiscal 2012. Net income and net income per diluted share for the second quarter of Fiscal 2013 include the net negative impact of an approximate $15 million one-time discrete tax item.
"Our year-to-date results affirm the tremendous resilience of our business," said Ralph Lauren, Chairman and Chief Executive Officer. "We continue to make excellent progress on our long-term growth objectives as we invest along many dimensions, including new stores and e-commerce platforms and emerging merchandise categories and regions. Our clarity of vision and purpose has us focused on the most compelling opportunities that we believe will create significant shareholder value over the long term."
"I am proud of our better-than-expected second quarter and first half results," said Roger Farah, President and Chief Operating Officer. "In the context of a more challenging operating environment, and on top of double-digit sales and profit gains in the prior two years, disciplined execution enabled us to strengthen the margin structure of our business once again. While we expect continued margin improvement in the back half of the year, macroeconomic conditions lead us to be incrementally more cautious on near-term customer demand trends worldwide. Notwithstanding these macroeconomic challenges, the desirability of the Ralph Lauren brand is undeniable and we are well positioned for the upcoming Holiday season."
