Fashion company Polo Ralph Lauren Corp reported lower quarterly profit on February 04, hurt by sales declines at its retail stores and a higher tax rate. Net income fell to $105.3 million, or $1.05 per share, in the third quarter ended on December 27 from $112.7 million, or $1.08 per share, a year earlier.
Net revenue for the company, which owns the Polo, Chaps and Club Monaco brands, fell about 1 percent to $1.25 billion. The company lowered its outlook for fiscal 2009, which ends in March. It now expects to earn $3.85 to $4 per share, down from its prior forecast of $4 to $4.10.
Full-year net revenue is now expected to be flat to down at a low single-digit percentage rate, versus a prior expectation for growth in the low single digits.