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Polo Ralph Lauren Management Discusses Q1 2012 Results
As a reminder, today's convention is being recorded. [ Directions] Now for opening remarks and introductions, I will flip the conference more than to Mr. James Hurley. Please go forward sir.
Thanks, Kelly. Great early morning, everyone, and thanks for becoming a member of us on Polo Ralph Lauren's First Quarter Fiscal 2012 Conference Call. The agenda for present day contact consists of Roger Farah, our President and Main Operating Officer, who will comment on our broader strategic initiatives Jacki Nemerov, our Government Vice President, will offer some item commentary and Tracey Travis, our Main Financial Officer, will offer operational and financial highlights from the first quarter in addition to reviewing our expectations for fiscal 2012. Following that, we will open up the call up for your concerns, which we inquire that you restrict to one per caller.
Throughout today's call, we will be creating some forwardlooking statements inside the meaning of the federal securities laws, including our monetary outlook. Forwardlooking statements are not guaranteed, and our real outcomes may vary materially from those expressed or implied in the forwardlooking statements. Our expectations contain numerous dangers and uncertainties. The principal risks and uncertainties that could cause our results to differ materially from our current expectations are comprehensive in our SEC filings.
With that,[url=http://www.winantclayton.org.uk/lvsaleuk.aspx]cheap louis vuitton[/url], I'll turn the contact over to Roger.
Thank you, Jim, and great early morning, everyone. We are reporting superb first quarter results these days with consolidated revenue increasing 32%, working income growing sixty two% and earnings per diluted share up fifty seven%. Our performance displays strong international momentum across products classes, channels and regions and comes on top of equally powerful results in the similar prioryear period. We are increasing our marketplace share on numerous proportions as our wholesale, retail stores and ecommerce operations are all reaching strong rates of development. We think the broadbased nature of our revenue development is a direct perform of the clarity of Ralph's luxury way of life eyesight that operates through all that we do, from design to worldclass marketing to our spectacular instore displays. We are leveraging this clarity of vision and purpose with an expanding range of products and shop environments around the globe.
Our results also show the relevance of our methods as we regularly innovate new products, we're increasing our worldwide presence and we continue to lengthen our directtoconsumer attain, which is all supported by our ongoing infrastructure investments and the targeted improvement of our worldwide expertise. These methods have enabled us to deliver constant doubledigit revenue and earnings growth over the final one, five or 10year periods. The extraordinary earnings flowthrough we achieved on the quarter's betterthanexpected revenue highlights the energy of our operating model, one that leverages the incredible strength and appeal of the Ralph Lauren brand, whilst respecting the uniqueness of each consumer we touch in a specific channel or region of the globe.
The sustained doubledigit development of our domestic functions across all channels is noteworthy, particularly when we think about the scale of our business in the United States. The team continues to increase the bar and increase the opportunities with our largest products categories, whilst driving excellent productiveness gains and incremental distribution of thrilling new goods. As we carry on to make substantial development with our international development attempts, international revenues rose 60% during the quarter, accounting for 36% of our consolidated revenue, a 600basispoint acquire from the prior yr time period. Our business is expanding along many dimensions in Europe, including new wholesale and retail distribution, the expansion of current and extremely productive locations and the contribution of new merchandise categories such as Lauren and accessories. We are also growing our existence in Japanese Europe and the Center East through partnerships with strong, locally primarily based specialists.
There is a great deal of excitement planned for the remainder of the yr in Europe. We intend to launch ecommerce in France and Germany in the subsequent three months, and Club Monaco and Ralph Lauren Denim Provide will be launched into top division stores this drop. And we're also opening our first European Rugby shop in London's Covent Gardens in a few months.
In Asia, we are exceeding our sales and profit ideas in all major areas. Each working day, we are studying much more about this dynamic emerging area, and we are steadily enhancing our operational abilities. We have produced the most impactful progress in Japan,[url=http://www.winantclayton.org.uk/lvsaleuk.aspx]louis vuitton sale uk[/url], which we have straight operated for 4 years. In that time, our sales trends have regularly outperformed the overall market. Our profitability has also improved substantially as we integrated Japan into our international sourcing and distribution organizations. We have invested in system updates, and we have leveraged our very best methods with regard to planning and merchandising. Our current changeover of the South Korean operations was executed seamlessly, and the team has already begun relocating and renovating shops as component of our longterm market improvement strategy. We also commenced our multiyear brand name repositioning attempts in Greater China, closing a handful of shops while concurrently opening much more suitable factors of distribution that assistance our luxury merchandise strategies and that can accommodate our expanding accessory assortments. We are very happy with the customer response to our elevated merchandising assortments all through Asia. The prepared acceptance of Ralph Lauren purses and watches, when they are properly merchandised in dedicated space, is very encouraging, especially because these categories are anticipated to be an important driver of our development aspirations in the area.
In the near term, our regionally based management teams remain targeted on brand elevation attempts, increasing distribution for new and existing merchandise categories and figuring out methods to leverage the shared services all through the AsiaPacific area as the scale of our functions there expand. Our global directtocustomer efforts are accelerating as evidenced by our extraordinary sales development and substantial profit improvement of our retail section. Outstanding products and customer solutions drove stronger conversion prices and greater fullprice sellthroughs in the quarter. Sales trends had been strongest at stores situated in the world's major metropolitan areas and destinations, which typically services each local and vacationer customers. These shops tend to have the most persuasive and complete representation of the World of Ralph Lauren, and it is increasingly clear that clients want accessibility to our full range of products and way of life sensibilities, especially add-ons.
The strength of our firstquarter operating outcomes is effectively an extension of the methods that have supported our momentum over the final 12 to 24 months. But as you are all aware, the retail landscaping is changing greatly as greater prices arise with the complete flooring sets. We will not to know the full influence of our pricing steps till mid to late September. By then,[url=http://www.winantclayton.org.uk/lvsaleuk.aspx]louis vuitton uk sale[/url], the customer has most likely had sufficient time to digest the new pricing paradigm, and we should have some sense of how recent macroeconomic uncertainties have affected the global customer sentiment and usage developments.
Over the final a number of weeks, it's become increasingly distinct that the global macroeconomic atmosphere is very fragile and that we are working in the context of great uncertainty and volatility. and Europe are a necessity, but the complexity and magnitude of these measures is unknown. and Europe are essential areas for us, we are very targeted on checking how the customer reacts to these macrodynamics. We have set the bar high with respect to our revenue plans for the yr, but we are assured in the rigor of our planning process and our ability to proactively navigate via rising difficulties. The sophistication of our sourcing, supply chain and logistics functions allow us to better study and react to modifications in marketplace dynamics than at any time prior to. We are also assured in the power of our products assortments, and we think our unwaving commitment to the integrity of our goods and our worth propositions will stay a competitive benefit for us.
The diversity and resilience of our working design across channels, areas has usually served us nicely in turbulent occasions, which is why we stay dedicated to investing in our growth initiative and infrastructure, especially for the AsiaPacific development and worldwide ecommerce. This is constant with the strategies that we have supported more than sustained periods of time, such as the final downturn when we are in a position to develop earnings regardless of the ongoing investment in our growth initiatives. By remaining the course, we think these investments will yield incremental returns for our shareholders over the long phrase.
And now, I'd like to turn the call over to Jacki for some products highlights.
Thank you, Roger, and great morning, everybody. There's no query that the tremendous momentum we are encountering across all channels worldwide is a function of bestinclass products and compelling merchandising methods. Ralph's commitment to item innovation have enabled us to continually fulfill our clients and acquire significant international market share. We have leveraged the sustained achievement of our most iconic products to acquire traction with exciting and fastmoving new products categories this kind of as dresses, footwear and add-ons. This morning, I'd like to take you via some important highlights of our house, childrenswear, denim and accent initiatives.
Today, we are delivering the World of Ralph Lauren in a more constant, more comprehensive and much more impactful way than ever before, using the vision from design to production to products, planning and ultimately to the instore presentation. This regularly applied method has supported the remarkable growth we are experiencing across all item categories on a international scale. The clarity of our merchandising initiatives, which concentrate on focused assortments that provide excellent worth and distinctive channels of distribution has allowed us to achieve development across all channels worldwide from our own stores to leading division stores, specialty shops and of course, the rapidly expanding online area. The powerful consumer urge for food for our products is a testament to the vitality and desirability of the Ralph Lauren brand. In fact, the outstanding overall performance of our men's product, the foundation and origin of our whole business, is perhaps the best example of the brand's appeal around the globe. The expansion of our assortments throughout Purple Label, Black Label, Polo, Golfing, RRL and RLX not only give the faithful customer something fresh, but also attract a new customer into the World of Ralph Lauren menswear.
Last quarter, I highlighted some strategic modifications and how we are handling our home category. I am happy to report that with much more direct manage over our bed and bath merchandise, which is our largest classification in phrases of revenue, we are currently experiencing improved operating efficiencies, customer satisfaction and sellthrough rates. We look ahead to expanding our distribution and strengthening our productiveness across all house item classes globally more than the subsequent several years.
Since obtaining our childrenswear license in 2005, we've developed a meaningful international existence that consists of a wholesale distribution and standalone shops. We are thrilled about the international development prospective customers for childrenswear, especially as we continue to apply merchandising strategies and operating disciplines that have labored so well for us in other classes.
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