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Ralph Lauren Corporation (NYSE:RL) today reported net income of $205 million, or $2.23 per diluted share, for the second quarter of Fiscal 2014, compared to net income of $214 million, or $2.29 per diluted share, for the second quarter of Fiscal 2013.
The Company also announced that its Board of Directors declared a 12.5% increase in the regular quarterly cash dividend on the Company's Common Stock. The new quarterly cash dividend is now $0.45 per share. Over the next year, the new annual dividend amount will be $1.80 per share. The next quarterly dividend is payable on January 10, 2014 to shareholders of record at the close of business on December 27, 2013.
“Our results for the first half of Fiscal 2014 position us well for the year,” said Ralph Lauren, Chairman and Chief Executive Officer. “We have extraordinary leadership and a passionate team that is executing with excellence. I am excited about the growing momentum in our business worldwide and confident in the relevance of our strategies to deliver meaningful shareholder value creation over the long term. The Board’s decision to raise the quarterly dividend demonstrates its conviction in the Company’s growth initiatives and a commitment to returning cash to shareholders.”
“We made excellent progress on several key initiatives during the second quarter,” said Jacki Nemerov, President and Chief Operating Officer. “We successfully transitioned key operations to new technology platforms and made great strides with our global store expansion and e-commerce efforts. Our first half revenues have actualized at the high end of our expectations and profit margins are in line with our plans. As a result of encouraging current trends, we are raising our revenue outlook and intensifying our investment in our global retail operations for the balance of the year. We are confident that the investments we’re making will support accelerated sales and profit growth in the second half of Fiscal 2014.”