Polo Ralph Lauren Reports Fourth Quarter and Full Year Fiscal 2009 Results

* Fourth Quarter Diluted EPS Was $0.44; Excluding Charges, Fourth Quarter
Diluted EPS Was $0.86
* Fiscal 2009 Diluted EPS Was $4.01; Excluding Charges, Fiscal 2009 Diluted EPS
Was $4.50, Exceeding the Company`s Guidance

NEW YORK--(Business Wire)--
Polo Ralph Lauren Corporation (NYSE: RL) today reported net income of $45
million, or $0.44 per diluted share, for the fourth quarter of Fiscal 2009,
compared to net income of $104 million, or $1.00 per diluted share, for the
fourth quarter of Fiscal 2008. Excluding impairment and restructuring charges
incurred during the fourth quarter of Fiscal 2009 (defined as "Adjusted" figures
in this press release), net income was $87 million and net income per diluted
share was $0.86.

During the fourth quarter of Fiscal 2009, the Company incurred a $48 million
pre-tax, non-cash asset impairment charge associated with store-related assets
and a $21 million pre-tax restructuring charge. The restructuring charge was
primarily related to approximately 500 headcount reductions throughout the
Company in order to better align expenses with the recent slowdown in consumer
spending, as well as to costs associated with store closures.

Net income for Fiscal 2009 was $406 million, or $4.01 per diluted share,
compared to net income of $420 million, or $3.99 per diluted share for Fiscal
2008. Excluding $55 million of pre-tax, non-cash impairment charges and $24
million of restructuring charges for the full year period, net income per
diluted share was $4.50 in Fiscal 2009, exceeding the Company`s guidance of
$3.85-$4.00.

A reconciliation between reported GAAP and adjusted non-GAAP financial measures
accompanies the financial tables at the end of this press release. The Company
uses non-GAAP financial measures, among other things, to evaluate its operating
performance and in order to represent the manner in which the Company conducts
and views its business. The Company believes that excluding items that are not
comparable from period to period helps investors and others compare operating
performance between two periods.

"Fiscal 2009 was one of the most challenging economic years the world has ever
faced, but our results demonstrate that we are operating from a position of
strength," said Ralph Lauren, Chairman and Chief Executive Officer. "The global
economy, and the United States in particular, is facing monumental challenges
and we are not immune from them. I am proud of our Company`s ability to take
fast, definitive action to offset some of the external pressures. We`ve had to
make difficult choices to react to the current environment, but we are managing
the business prudently and making decisions for sustained success over the long
term, like investing in international markets and continuing to develop
innovative products. We are doing all of this without compromising the integrity
of our brands," Mr. Lauren added.

"The desirability of our products, complemented by the proactive measures we
took during the year to protect our brands and profitability, enabled us to
deliver better than expected Fiscal 2009 earnings," said Roger Farah, President
and Chief Operating Officer. "Over the next year, we intend to leverage our
financial and managerial strengths to pursue compelling global market share
opportunities. Our efforts will include accelerated investment in the transition
of our business in Southeast Asia as well as an intensification of new product
development. These investments will be balanced with a continued focus on
operational and expense management. The restructuring actions taken in the
fourth quarter of Fiscal 2009 are expected to result in annualized pre-tax
savings of approximately $25 million, and we remain focused on identifying other
cost savings initiatives. While we expect the economic uncertainty that defined
Fiscal 2009 to continue throughout Fiscal 2010, our Company is prepared to
navigate through this difficult environment."

Fourth Quarter and Full Year Fiscal 2009 Income Statement Review

Net Revenues. Net revenues for the fourth quarter declined 1% to $1.22 billion,
compared to $1.24 billion for the comparable prior year period. The lower net
revenues primarily reflect a reduction in same-store sales at the Company`s
retail segment and the net unfavorable effect of foreign currency translation
that were partially offset by higher wholesale revenues as a result of assuming
direct control of formerly licensed childrenswear and golf apparel products in
Japan and double-digit constant currency growth in Europe.

Net revenues for the year grew 3% to $5.02 billion from $4.88 billion in Fiscal
2008. The growth in net revenues is primarily attributable to higher global
wholesale revenues, global retail sales growth and the net favorable effect of
foreign currency translation.

* Wholesale Sales. Wholesale sales increased 3% to $812 million, compared to
$786 million in the fourth quarter of Fiscal 2008. Higher international
wholesale revenues, primarily related to childrenswear and golf apparel in
Japan, and double-digit constant currency growth in Europe were the primary
drivers of wholesale revenue growth. Lower shipments of American Living products
relative to the volumes to support the brand`s launch in the fourth quarter of
Fiscal 2008 and the net unfavorable effect of foreign currency translation
partially offset revenue growth during the fourth quarter of Fiscal 2009.

For Fiscal 2009, wholesale sales increased 5% to $2.89 billion from $2.76
billion in Fiscal 2008. The year-over-year increase in wholesale revenue is
attributable to new product shipments (primarily related to American Living) and
higher international sales (including the net favorable effect of foreign
currency translation) that more than offset a decline in domestic shipments of
the Company`s core men`s, women`s and childrenswear products.

* Retail Sales. Retail sales declined 8% to $366 million, compared to $400
million in the fourth quarter of Fiscal 2008, reflecting a reduction in
comparable store sales and the net unfavorable effect of foreign currency
translation that were partially offset by revenues from new stores and growth at
RalphLauren.com. Comparable store sales declined 15.9%, reflecting a 29.3%
reduction at Ralph Lauren stores, an 8.8% reduction at factory stores and a
20.8% reduction at Club Monaco stores. RalphLauren.com sales increased 12% in
the fourth quarter of Fiscal 2009.

Retail sales for Fiscal 2009 were up 1% to $1.94 billion compared to $1.91
billion in Fiscal 2008, reflecting the contribution from new stores and strong
growth at RalphLauren.com that more than offset a reduction in comparable store
sales. Total comparable store sales for Fiscal 2009 declined 5.2%, comprised of
a 12.4% reduction at Ralph Lauren stores, a 1.5% reduction at factory stores and
a 9.7% reduction at Club Monaco stores. RalphLauren.com sales grew 19% in Fiscal
2009.

* Licensing. Fourth quarter licensing royalties declined 16% to $47 million from
$55 million in the comparable period in Fiscal 2008. A decline in Japanese
product licensing revenues associated with the Company assuming direct control
of childrenswear and golf apparel in Japan and lower fragrance licensing
revenues were the primary causes of the year-over-year decline in licensing
revenues.

Licensing royalties for Fiscal 2009 were down 7% to $195 million compared to
$209 million in Fiscal 2008. The contribution from new American Living product
licenses was more than offset by a decline in Japanese product licensing
royalties associated with the Company assuming direct control of certain product
categories in Japan and lower fragrance licensing revenues.

Gross Profit. Gross profit for the fourth quarter of Fiscal 2009 declined 6% to
$634 million from $674 million in the fourth quarter of Fiscal 2008. The gross
profit rate declined 250 basis points to 51.8%, compared to 54.3% during the
same period last year. The lower gross profit rate reflects a decline in
wholesale and retail segment margins and the net unfavorable effect of foreign
currency translation.

Gross profit for Fiscal 2009 increased 4% to $2.73 billion compared to $2.64
billion in Fiscal 2008. The gross profit rate for Fiscal 2009 was 54.4%, 30
basis points greater than the prior year, primarily due to higher international
wholesale sales and a decline in purchase accounting amortization that were
partially offset by lower retail segment profitability. Disciplined inventory
management and supply chain efficiency throughout the year also contributed to
gross margin expansion.

Operating Expenses. Operating expenses increased 12% in the fourth quarter of
Fiscal 2009 to $595 million from $530 million in the fourth quarter of Fiscal
2008. Adjusted operating expenses in the fourth quarter of Fiscal 2009 were flat
with the comparable period in the prior year and were 43.0% of sales, 70 basis
points greater than the fourth quarter of Fiscal 2008. The higher Adjusted
operating expense margin reflects the decline in retail segment revenues and
increased operating expenses for newly acquired and emerging businesses that
were partially offset by Company-wide expense savings initiatives and a decline
in purchase accounting amortization.

Operating expenses for Fiscal 2009 increased 8% to $2.14 billion from $1.98
billion in Fiscal 2008. Adjusted operating expenses were 4% greater than the
comparable period in the prior year and were 41.0% of sales, 40 basis points
higher than Fiscal 2008. The growth in Adjusted operating expenses and the
higher Adjusted operating expense margin are primarily due to a decline in
retail segment comparable store sales, increased operating expenses for newly
acquired and emerging businesses and the net unfavorable effect of foreign
currency translation that more than offset the benefit of reduced purchase
accounting amortization and lower advertising and public relations expense.

Operating Income. Operating income for the fourth quarter of Fiscal 2009
declined 73% to $40 million from $144 million in the fourth quarter of Fiscal
2008. Adjusted operating income declined 27% and was 8.9% of sales, 310 basis
points below Fiscal 2008. The decline in Adjusted operating income and Adjusted
operating margin rate was primarily due to lower retail segment profitability,
promotional activity in certain domestic product categories and the net
unfavorable effect of foreign currency translation that was partially offset by
Company-wide cost control initiatives.

Fiscal 2009`s operating income of $596 million was 9% below the year earlier
period. Adjusted operating income increased 2% and was 13.4% of sales, ten basis
points below Fiscal 2008`s operating margin rate. The growth in Adjusted
operating income and resilience of the Adjusted operating margin were primarily
due to the profit contribution from new products, lower purchase accounting
amortization compared to the prior year period and Company-wide cost control
initiatives that were partially offset by lower retail segment profitability.

* Wholesale Operating Income. Wholesale operating income declined 7% in the
fourth quarter of Fiscal 2009 to $165 million from $178 million in the prior
year period. The wholesale operating margin was 20.3% in the fourth quarter, 230
basis points below the prior year period. The lower wholesale operating income
and margin rate were primarily a result of promotional activity in certain
domestic product categories and expenses at newly acquired and emerging
businesses that more than offset a decline in purchase accounting amortization.

Wholesale operating income increased 8% in Fiscal 2009 to $613 million from $565
million in Fiscal 2008. Wholesale operating margin for Fiscal 2009 was 21.2%, 70
basis points greater than the 20.5% reported for Fiscal 2008. The higher
wholesale operating income and margin rate were primarily attributable to
international sales growth and lower purchase accounting amortization that were
partially offset by expenses at newly acquired and emerging businesses.

* Retail Operating Income. Retail operating loss was $74 million compared to a
loss of $6 million in the fourth quarter of Fiscal 2008. Adjusted retail
operating loss was $26 million compared to an Adjusted loss of $1 million in the
fourth quarter of Fiscal 2008, primarily due to the decline in comparable store
sales, increased markdown activity and occupancy costs associated with future
store openings.

Retail operating income declined 47% in Fiscal 2009 to $108 million from $204
million in Fiscal 2008. Adjusted retail operating income declined 23% in Fiscal
2009 and the Adjusted retail operating margin rate was 8.3% compared to 10.9% in
Fiscal 2008. The year-over-year declines in Adjusted retail operating income and
Adjusted margin rate were a function of negative comparable store sales,
increased markdown activity and occupancy costs associated with future store
openings that were partially offset by lower purchase accounting amortization
associated with Ralph Lauren Media.

* Licensing Operating Income. Licensing operating income declined 6% to $25
million from $27 million in the fourth quarter of 2008. The decline in licensing
operating income was due to lower Japanese product licensing royalties
associated with the Company assuming direct control of childrenswear and golf
apparel in Japan and to lower fragrance licensing revenues that offset the
benefit of lower purchase accounting amortization.

Fiscal 2009 licensing operating income increased 7% to $104 million from $97
million in Fiscal 2008. A decline in purchase accounting amortization and
stronger domestic product licensing revenues were partially offset by lower
Japanese product licensing royalties associated with the Company assuming direct
control childrenswear and golf apparel in Japan.

Net Income and Diluted EPS. Net income for the fourth quarter of Fiscal 2009
declined 57% to $45 million from $104 million in the comparable period of Fiscal
2008, and net income per diluted share declined 56% to $0.44 per share from
$1.00 for the same time period. Adjusted net income for the fourth quarter of
Fiscal 2009 declined 19% to $87 million and Adjusted net income per diluted
share declined 17% to $0.86. The declines in Adjusted net income and Adjusted
net income per diluted share principally relate to the lower operating income
discussed above that was partially offset by a net tax benefit in the fourth
quarter of Fiscal 2009.

Net income for Fiscal 2009 declined 3% to $406 million from $420 million in
Fiscal 2008. Net income per diluted share for Fiscal 2009 was $4.01, compared to
$3.99 in Fiscal 2008. Adjusted net income for Fiscal 2009 increased 8% to $456
million and Adjusted net income per diluted share rose 12% to $4.50. The growth
in Adjusted net income and Adjusted net income per diluted share principally
relates to a lower effective tax rate, the increased operating income as
discussed above and to lower average shares outstanding.

Fourth Quarter Fiscal 2009 Balance Sheet Review

The Company ended the fourth quarter with $820 million in cash, cash equivalents
and short-term investments, or $414 million in cash and short-term investments
net of debt ("net cash"), compared to $626 million cash, cash equivalents and
short-term investments and $53 million of debt net of cash and short-term
investments at the end of Fiscal 2008. The Company`s net cash position reflects
strong growth in operating cash flow that was partially offset by year-to-date
stock repurchases, capital expenditures and acquisition spending, including the
repayment of a short-term loan to finance last year`s Japanese acquisitions.

The fourth quarter ended with inventory up 2% to $525 million from $515 million
in the fourth quarter of Fiscal 2008, inclusive of the Japanese childrenswear
and golf apparel inventory assumed as a result of taking control of those
licenses during the second quarter. Excluding the Japanese childrenswear and
golf apparel inventory, consolidated inventory declined 2% compared to the
fourth quarter of Fiscal 2008. For Fiscal 2009, the Company had $185 million in
capital expenditures, compared to $217 million in the prior year.

Global Retail Store Network

During the fourth quarter, the Company did not open any directly operated stores
and closed six directly operated stores. During Fiscal 2009, the Company opened
24 directly operated stores and closed 11 directly operated stores.

At the end of the fourth quarter, the Company operated 326 stores with a total
of approximately 2.5 million square feet compared to 313 stores with
approximately 2.4 million square feet at the end of Fiscal 2008. The current
retail group consists of 86 Ralph Lauren stores, 66 Club Monaco stores, 163 Polo
factory stores and 11 Rugby stores. In addition, at the end of the fourth
quarter, international licensing partners operated 90 Ralph Lauren stores and 63
Club Monaco stores and dedicated shops.

Fiscal 2010 Outlook

For Fiscal 2010, the Company expects consolidated net revenues to decline by a
high single digit rate. In the first quarter of Fiscal 2010, the Company expects
wholesale revenues to decline by a low double digit rate and comparable store
sales to decline by a mid-teens rate, including a net unfavorable foreign
currency translation effect. The Company expects operating expenses for the
first quarter of Fiscal 2010 to be modestly above those in the comparable prior
year period. The full year Fiscal 2010 tax rate is estimated at 35%. Due to the
continuing uncertainty in the economic environment, the Company has determined
not to provide annual earnings per share guidance.

Conference Call

As previously announced, the Company will host a conference call and live online
webcast today, Wednesday, May 27, 2009, at 9:00 a.m. Eastern. Listeners may
access a live broadcast of the conference call on the Company`s investor
relations website at http://investor.ralphlauren.com or by dialing (719)
325-4786. To access the conference call, listeners should dial in by 8:45 a.m.
Eastern and request to be connected to the Polo Ralph Lauren Fourth Quarter and
Full Year 2009 conference call.

An online archive of the broadcast will be available by accessing the Company`s
investor relations website at http://investor.ralphlauren.com. A telephone
replay of the call will be available from 1:00 P.M. Eastern, Wednesday, May 27,
2009 through 1:00 P.M. Eastern, Tuesday, June 2, 2009 by dialing (719) 457-0820
and entering passcode 1754121.

ABOUT POLO RALPH LAUREN

Polo Ralph Lauren Corporation (NYSE: RL) is a leader in the design, marketing
and distribution of premium lifestyle products in four categories: apparel,
home, accessories and fragrances. For more than 40 years, Polo's reputation and
distinctive image have been consistently developed across an expanding number of
products, brands and international markets. The Company's brand names, which
include Polo by Ralph Lauren, Ralph Lauren Purple Label, Ralph Lauren
Collection, Black Label, Blue Label, Lauren by Ralph Lauren, RRL, RLX, Rugby,
Ralph Lauren Childrenswear, American Living, Chaps and Club Monaco, constitute
one of the world's most widely recognized families of consumer brands. For more
information, go to http://investor.ralphlauren.com.

This press release and oral statements made from time to time by representatives
of the Company contain certain "forward-looking statements" concerning current
expectations about the Company's future results and condition, including
revenues, store openings, gross margins, expenses and earnings. Actual results
might differ materially from those projected in the forward-looking statements.
Among the factors that could cause actual results to materially differ include,
among others, changes in the competitive marketplace, including the introduction
of new products or pricing changes by our competitors, changes in the economy
and other events leading to a reduction in discretionary consumer spending;
risks associated with the Company's dependence on sales to a limited number of
large department store customers, including risks related to extending credit to
customers; risks associated with the Company's dependence on its licensing
partners for a substantial portion of its net income and risks associated with a
lack of operational and financial control over licensed businesses; risks
associated with changes in social, political, economic and other conditions
affecting foreign operations or sourcing (including foreign exchange
fluctuations) and the possible adverse impact of changes in import restrictions;
risks associated with uncertainty relating to the Company's ability to implement
its growth strategies or its ability to successfully integrate acquired
businesses; risks arising out of litigation or trademark conflicts, and other
risk factors identified in the Company's Annual Report on Form 10-K, Form 10-Q
and Form 8-K reports filed with the Securities and Exchange Commission. The
Company undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.

POLO RALPH LAUREN CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)

March 28, March 29,
2009 2008

ASSETS
Current assets:
Cash and cash equivalents $ 481.2 $ 551.5
Short-term Investments 338.7 74.3
Accounts receivable, net of allowances 474.9 508.4
Inventories 525.1 514.9
Deferred tax assets 101.8 76.6
Prepaid expenses and other 135.0 167.8

Total current assets 2,056.7 1,893.5

Property and equipment, net 651.6 709.9
Deferred tax assets 102.8 116.9
Goodwill 966.4 975.1
Intangible assets, net 348.9 349.3
Other assets 230.1 320.8

Total assets $ 4,356.5 4,365.5

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 165.9 205.7
Income tax payable 35.9 28.8
Accrued expenses and other 472.3 467.7
Current maturities of debt - 206.4

Total current liabilities 674.1 908.6

Long-term debt 406.4 472.8
Non-current tax liabilities for unrecognized tax benefits 154.8 155.2
Other non-current liabilities 386.1 439.2

Total liabilities 1,621.4 1,975.8

Stockholders' equity:
Common stock 1.1 1.1
Additional paid-in-capital 1,108.4 1,017.6
Retained earnings 2,465.5 2,079.3
Treasury stock, Class A, at cost (966.7 ) (820.9 )
Accumulated other comprehensive income 126.8 112.6

Total stockholders' equity 2,735.1 2,389.7

Total liabilities and stockholders' equity $ 4,356.5 4,365.5

POLO RALPH LAUREN CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Prepared in accordance with Generally Accepted Accounting Principles (GAAP)
(In millions, except per share data)
(Unaudited)

Three Months Ended
March 28, March 29,
2009 2008

Wholesale Net Sales $ 811.5 $ 785.6
Retail Net Sales 366.4 400.0

Net Sales 1,177.9 1,185.6

Licensing Revenue 46.5 55.3

Net Revenues 1,224.4 1,240.9

Cost of Goods Sold (a) (590.0 ) (566.5 )

Gross Profit 634.4 674.4

Selling, General & Administrative Expenses (a) (520.7 ) (513.7 )
Amortization of Intangible Assets (5.2 ) (11.5 )
Impairment of Assets (48.2 ) (5.0 )
Restructuring Charges (20.8 ) -
Total SG&A Expenses (594.9 ) (530.2 )

Operating Income 39.5 144.2

Foreign Currency Gains (Losses) 4.2 (2.1 )

Interest Expense (6.2 ) (6.8 )

Interest and Other Income, Net 3.5 8.5

Equity in Income (Loss) of Equity-Method Investees (2.4 ) (0.6 )

Minority Interest Expense - -

Income Before Provision for Income Taxes 38.6 143.2

Provision for Income Taxes 5.9 (39.7 )

Net Income $ 44.5 $ 103.5

Net Income Per Share - Basic $ 0.45 $ 1.03

Net Income Per Share - Diluted $ 0.44 $ 1.00

Weighted Average Shares Outstanding - Basic 99.1 101.0

Weighted Average Shares Outstanding - Diluted 100.8 103.8

Dividends declared per share $ 0.05 $ 0.05

(a) Includes total depreciation expense of: $ (41.1 ) $ (42.2 )

POLO RALPH LAUREN CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Prepared in accordance with Generally Accepted Accounting Principles (GAAP)
(In millions, except per share data)
(Unaudited)

Twelve Months Ended
March 28, March 29,
2009 2008

Wholesale Net Sales $ 2,887.2 $ 2,758.1
Retail Net Sales 1,936.5 1,912.6

Net Sales 4,823.7 4,670.7

Licensing Revenue 195.2 209.4

Net Revenues 5,018.9 4,880.1

Cost of Goods Sold (a) (2,288.2 ) (2,242.0 )

Gross Profit 2,730.7 2,638.1

Selling, General & Administrative Expenses (a) (2,036.0 ) (1,932.5 )
Amortization of Intangible Assets (20.2 ) (47.2 )
Impairment of Assets (55.4 ) (5.0 )
Restructuring Charges (23.6 ) -
Total SG&A Expenses (2,135.2 ) (1,984.7 )

Operating Income 595.5 653.4

Foreign Currency Gains (Losses) 1.6 (6.4 )

Interest Expense (26.6 ) (25.7 )

Interest and Other Income, Net 22.0 24.7

Equity in Income (Loss) of Equity-Method Investees (5.0 ) (1.8 )

Minority Interest Expense - (2.1 )

Income Before Provision for Income Taxes 587.5 642.1

Provision for Income Taxes (181.5 ) (222.3 )

Net Income $ 406.0 $ 419.8

Net Income Per Share - Basic $ 4.09 $ 4.10

Net Income Per Share - Diluted $ 4.01 $ 3.99

Weighted Average Shares Outstanding - Basic 99.2 102.3

Weighted Average Shares Outstanding - Diluted 101.3 105.2

Dividends declared per share $ 0.20 $ 0.20

(a) Includes total depreciation expense of: $ (164.2 ) $ (154.1 )

POLO RALPH LAUREN CORPORATION AND SUBSIDIARIES
OTHER INFORMATION
(In millions)
(Unaudited)

SEGMENT INFORMATION
The net revenues and operating income for the periods ended March 28, 2009 and March 29, 2008 for each segment were as follows:

Three Months Ended Twelve Months Ended
March 28, March 29, March 28, March 29,
2009 2008 2009 2008

Net revenues:
Wholesale $ 811.5 $ 785.6 $ 2,887.2 $ 2,758.1
Retail 366.4 400.0 1,936.5 1,912.6
Licensing 46.5 55.3 195.2 209.4
Total Net Revenues $ 1,224.4 $ 1,240.9 $ 5,018.9 $ 4,880.1

Operating Income (Loss): (a)
Wholesale $ 164.5 $ 177.7 $ 613.3 $ 565.4
Retail (73.9 ) (6.1 ) 108.2 204.2
Licensing 25.1 26.6 103.6 96.7
115.7 198.2 825.1 866.3
Less:
Unallocated Corporate Expenses (55.9 ) (54.0 ) (206.5 ) (217.0 )
Unallocated Restructuring/Legal Charges (20.3 ) - (23.1 ) 4.1
Total Operating Income $ 39.5 $ 144.2 $ 595.5 $ 653.4

(a) - Fiscal 2009 and Fiscal 2008 included certain asset impairment charges. For
the three months ended March 28, 2009, a total of $48.2M of asset impairment
charges was included within Retail Operating Income. For the three months ended
March 29, 2008, a total of $5.0M of asset impairment charges was included within
Retail Operating Income.

For the twelve months ended March 28, 2009, total asset impairment charges were
$55.4M, of which $2.8M was included in Wholesale Operating Income, $52.0M was
included in Retail Operating Income, and $0.6M was included in Unallocated
Corporate Expenses. For the twelve months ended March 29, 2008, total asset
impairment charges were $5.0M, all of which was included within Retail Operating
Income.

SUPPLEMENTAL FINANCIAL INFORMATION

This earnings release includes certain non-GAAP financial measures relating to
impairment and restructuring charges. The following is a reconciliation between
the non-GAAP financial measures and the most directly comparable GAAP measures
before and after these charges. The Company uses non-GAAP financial measures,
among other things, to evaluate its operating performance and in order to
represent the manner in which the Company conducts and views its business. The
Company believes that excluding items that are not comparable from period to
period helps investors and others compare operating performance between two
periods. While the Company considers the non-GAAP measures useful in analyzing
its results, they are not intended to replace, nor act as a substitute for, any
presentation included in the consolidated financial statements prepared in
conformity with GAAP and may be different from non-GAAP measures reported by
other companies.

POLO RALPH LAUREN CORPORATION AND SUBSIDIARIES
Reconciliation of Certain Non-GAAP Financial Measures
(In millions, except per share data)
(Unaudited)

Three Months Ended March 28, 2009 Three Months Ended March 29, 2008
As Reported Asset Impairment & Restructuring Charges Excluding Asset Impairment & Restructuring Charges As Reported Asset Impairment & Restructuring Charges Excluding Asset Impairment & Restructuring Charges
Total Operating Expenses $ 594.9 $ (69.0 ) $ 525.9 $ 530.2 $ (5.0 ) $ 525.2
Operating Expense Margin 48.6 % 42.9 % 42.7 % 42.3 %

Operating Income $ 39.5 $ 69.0 $ 108.5 $ 144.2 $ 5.0 $ 149.2
Operating Margin 3.2 % 8.9 % 11.6 % 12.0 %

Provision/(Benefit) for Income Taxes $ (5.9 ) $ 26.9 $ 21.0 $ 39.7 $ 1.6 $ 41.3

Net Income $ 44.5 $ 42.1 $ 86.6 $ 103.5 $ 3.4 $ 106.9
Net Income per Diluted Share $ 0.44 $ 0.42 $ 0.86 $ 1.00 $ 0.03 $ 1.03

SEGMENT INFORMATION -
OPERATING INCOME/(LOSS):
Wholesale $ 164.5 $ - $ 164.5 $ 177.7 $ - $ 177.7
Retail (73.9 ) (48.2 ) (25.7 ) (6.1 ) (5.0 ) (1.1 )
Licensing 25.1 - 25.1 26.6 - 26.6
Unallocated Corporate Expenses and Restructuring/Legal Charges (76.2 ) (20.8 ) (55.4 ) (54.0 ) - (54.0 )
Total Operating Income/(Loss) $ 39.5 $ (69.0 ) $ 108.5 $ 144.2 $ (5.0 ) $ 149.2

Twelve Months Ended March 28, 2009 Twelve Months Ended March 29, 2008
As Reported Asset Impairment & Restructuring Charges Excluding Asset Impairment & Restructuring Charges As Reported Asset Impairment & Restructuring Charges Excluding Asset Impairment & Restructuring Charges
Total Operating Expenses $ 2,135.2 $ (79.0 ) $ 2,056.2 $ 1,984.7 $ (5.0 ) $ 1,979.7
Operating Expense Margin 42.5 % 41.0 % 40.7 % 40.6 %

Operating Income $ 595.5 $ 79.0 $ 674.5 $ 653.4 $ 5.0 $ 658.4
Operating Margin 11.9 % 13.4 % 13.4 % 13.5 %

Provision for Income Taxes $ 181.5 $ 29.3 $ 210.8 $ 222.3 $ 1.6 $ 223.9

Net Income $ 406.0 $ 49.7 $ 455.7 $ 419.8 $ 3.4 $ 423.2
Net Income per Diluted Share $ 4.01 $ 0.49 $ 4.50 $ 3.99 $ 0.03 $ 4.02

SEGMENT INFORMATION -
OPERATING INCOME/(LOSS):
Wholesale $ 613.3 $ (2.8 ) $ 616.1 $ 565.4 $ - $ 565.4
Retail 108.2 (52.0 ) 160.2 204.2 (5.0 ) 209.2
Licensing 103.6 - 103.6 96.7 - 96.7
Unallocated Corporate Expenses and Restructuring/Legal Charges (229.6 ) (24.2 ) (205.4 ) (212.9 ) - (212.9 )
Total Operating Income/(Loss) $ 595.5 $ (79.0 ) $ 674.5 $ 653.4 $ (5.0 ) $ 658.4

Note: Earlier comments about Adjusted figures and calculated growth rates for
those figures should reference the Fiscal 2008 results excluding impairment and
restructuring charges as presented in the table above.

Constant Currency Financial Measures
(In millions)
(Unaudited)

Same - Store Sales Data

Three Months Ended Twelve Months Ended
March 28, 2009 March 28, 2009

Percent Change
Percent Change

As Reported Constant Currency As Reported Constant Currency
Ralph Lauren Stores (29.3 %) (25.2 %) (12.4 %) (11.6 %)
Factory Stores (8.8 %) (5.4 %) (1.5 %) (0.6 %)
Club Monaco (20.8 %) (20.8 %) (9.7 %) (9.7 %)
Total Company (15.9 %) (12.5 %) (5.2 %) (4.4 %)

Operating Segment Data

Three Months Ended Percent Change

March 28, 2009 March 29, 2008 As Reported Constant Currency
Wholesale Net Sales $ 811.5 $ 785.6 3.3 % 4.5 %
Retail Net Sales 366.4 400.0 (8.4 %) (5.6 %)
Net Sales 1,177.9 1,185.6 (0.6 %) 1.1 %
Licensing Revenue 46.5 55.3 (15.9 %) (17.7 %)
Net Revenue $ 1,224.4 $ 1,240.9 (1.3 %) 0.3 %

Twelve Months Ended Percent Change

March 28, 2009 March 29, 2008 As Reported Constant Currency
Wholesale Net Sales $ 2,887.2 $ 2,758.1 4.7 % 3.3 %
Retail Net Sales 1,936.5 1,912.6 1.2 % 1.7 %
Net Sales 4,823.7 4,670.7 3.3 % 2.6 %
Licensing Revenue 195.2 209.4 (6.8 %) (8.3 %)
Net Revenue $ 5,018.9 $ 4,880.1 2.8 % 2.2 %

Polo Ralph Lauren is a global company that reports its financial information in
U.S. dollars, in accordance with U.S. GAAP. Foreign currency exchange rate
fluctuations affect the amounts reported by the Company in U.S. dollars from
translating its foreign revenues and expenses into U.S. dollars. These rate
fluctuations can have a significant effect on reported operating results. As a
supplement to its reported operating results, the Company presents constant
currency financial information, which is a non-GAAP financial measure. The
Company uses constant currency information to provide a framework to assess how
its businesses performed excluding the effects of foreign currency exchange rate
fluctuations. The Company believes this information is useful to investors to
facilitate comparisons of operating results and better identify trends in its
businesses.

To calculate revenues and operating income on a constant currency basis,
operating results for the current year period for entities reporting in
currencies other than the U.S. dollar are translated into U.S. dollars at the
average exchange rates in effect during the comparable period of the prior year.

These constant currency performance measures should be viewed in addition to,
and not in lieu of or superior to, the Company`s operating performance measures
calculated in accordance with GAAP.

Polo Ralph Lauren
Investor Relations
James Hurley, 212-813-7862
or
Corporate Communications
Julie Berman, 212-583-2262

Copyright Business Wire 2009