Polo Profit Beats Estimates, Helped by New Brand |
Bloomberg - May 28, 2008 |
Polo Ralph Lauren Corp., the designer of Chaps and Club Monaco clothing, reported an unexpected increase in fourth-quarter profit, helped by its new American Living line for J.C. Penney Co. and sales in Europe.
Net income rose to $103.5 million, or $1 a share, in the three months ended March 29 from $73.2 million, or 68 cents, a year earlier, New York-based Polo said today. Profit beat analysts' average projection by 35 cents. The apparel maker reiterated its annual sales and profit forecasts.
``They are benefiting from wholesale sales, with American Living for J.C. Penney being the biggest driver,'' Marty Hargrave, a Minneapolis-based fund manager at Fifth Third Asset Management Inc., said in a telephone interview yesterday. Fifth Third manages $21 billion in assets, including Polo shares as of March 31.
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- Posted: 2008-05-28 08:55:48
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