CHICAGO – Luxury clothing maker and retailer Polo Ralph Lauren Corp. (RL) on Friday said quarterly profit rose 31 percent as it sold more products at full price.
The company, whose shares edged up slightly in trading before the market opened, said earnings increased to $104.2 million, or 97 cents per share, in the second quarter that ended October 1, from $79.3 million, or 77 cents per share, a year earlier.
Wall Street analysts on average forecast profit of 90 cents per share, according to Reuters Estimates.
Sales rose 15 percent to $1.03 billion, said the company, whose brands include Polo, Chaps and Club Monaco (search).
Wholesale sales rose 15 percent to $578 million, retail sales increased 17 percent to $387 million and licensing revenue was up slightly at $63 million, the company said.
Polo Ralph Lauren stood by its full-year earnings forecast of $2.85 to $2.92 a share. Analysts on average forecast $2.95, according to Reuters Estimates.
Shares of Polo Ralph Lauren rose 11 cents to $52.26 on the Inet electronic broker system from their $52.15 close Thursday on the New York Stock Exchange.