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Ralph Lauren Corporation (NYSE:RL) today reported net income of $237 million, or $2.57 per diluted share, for the third quarter of Fiscal 2014, compared to net income of $216 million, or $2.31 per diluted share, for the third quarter of Fiscal 2013.
The Company's Board of Directors authorized an additional $500 million stock repurchase program permitting the Company to purchase shares of Class A Common Stock, subject to market conditions. This amount is in addition to the $230 million available at the end of the third quarter of Fiscal 2014 as part of a previously authorized stock repurchase program, bringing the Company's total current authorizations to $730 million.
“We’ve accomplished a lot in the first nine months of the year,” said Ralph Lauren, Chairman and Chief Executive Officer. “The accelerated revenue and profit growth we achieved this quarter across all markets is a tribute to the enduring strength and global appeal of the World of Ralph Lauren. Momentum was strong across our diverse brand portfolio that includes the pinnacle of luxury with Ralph Lauren Collection and Purple Label, as well as Polo, Denim & Supply, Chaps and Club Monaco. We are excited to build on that momentum by continuing to expand in new categories, like our growing accessories business, and launching women’s Polo, which will be heralded into the market when we open our Fifth Avenue Polo flagship in New York later this year. I am confident we have the right strategies to accomplish our goals and I couldn’t be more optimistic about the prospects ahead.”
“We set aggressive goals for the third quarter and we are proud to have achieved them in the context of such a challenging operating environment,” said Jacki Nemerov, President & Chief Operating Officer. “Strong international and e-commerce growth is a clear demonstration that our sustained investment in the business is paying off. The allure of our products, the distinctiveness of our in-store customer experience and the effectiveness of our marketing and advertising efforts are a winning combination, especially when matched with the disciplined operational management of our global teams. We intend to maximize these competitive advantages as we continue to make prudent investments in emerging merchandise categories and regions, in new stores, e-commerce platforms, and in our infrastructure.”