NEW YORK (Reuters) - Polo Ralph Lauren Corp (RL.N) reported a quarterly profit on Wednesday that more than doubled, as strong sales at its retail stores helped offset a decline in wholesale revenue.
The fashion company, home to brands like Polo, Club Monaco and Chaps, said net income was $114.1 million, or $1.13 per share, for its fiscal fourth quarter ended April 3, up from $44.5 million, or 44 cents per share, a year earlier.
Net sales were $1.29 billion in the quarter, up from $1.18 billion a year earlier.
The company said it expects consolidated revenue to rise at a low double-digit rate in the current first quarter of fiscal 2011, and to rise at a mid-single-digit rate for the full year.
Reporting by Martinne Geller, editing by Gerald E. McCormick