Ralph Lauren Financial Information
POLO RALPH LAUREN CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
March 28,
2009 March 29,
2008 March 31,
2007
Fiscal Years Ended
(millions, except per share data)
Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,823.7 $ 4,670.7 $ 4,059.1
Licensing revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195.2 209.4 236.3
Net revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,018.9 4,880.1 4,295.4
Cost of goods sold(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,288.2) (2,242.0) (1,959.2)
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,730.7 2,638.1 2,336.2
Other costs and expenses:
Selling, general and administrative expenses(a) . . . . . . . . . . . . . . . . . . . . (2,036.0) (1,932.5) (1,663.4)
Amortization of intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (20.2) (47.2) (15.6)
Impairments of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (55.4) (5.0) —
Restructuring charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (23.6) — (4.6)
Total other costs and expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,135.2) (1,984.7) (1,683.6)
Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 595.5 653.4 652.6
Foreign currency gains (losses) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6 (6.4) (1.5)
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (26.6) (25.7) (21.6)
Interest and other income, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22.0 24.7 26.1
Equity in income (loss) of equity-method investees . . . . . . . . . . . . . . . . . (5.0) (1.8) 3.0
Minority interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (2.1) (15.3)
Income before provision for income taxes . . . . . . . . . . . . . . . . . . . . . . 587.5 642.1 643.3
Provision for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (181.5) (222.3) (242.4)
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 406.0 $ 419.8 $ 400.9
Net income per common share:
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4.09 $ 4.10 $ 3.84
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4.01 $ 3.99 $ 3.73
Weighted average common shares outstanding:
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99.2 102.3 104.4
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101.3 105.2 107.6
Dividends declared per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.20 $ 0.20 $ 0.20
(a)
Includes total depreciation expense of: . . . . . . . . . . . . . . . . . . . . . . . . $ (164.2) $ (154.1) $ (129.1)
POLO RALPH LAUREN CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
March 28,
2009 March 29,
2008 March 31,
2007
Fiscal Years Ended
(millions)
Cash flows from operating activities:
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 406.0 $ 419.8 $ 400.9
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 184.4 201.3 144.7
Deferred income tax expense (benefit) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (35.1) (7.7) (112.4)
Minority interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 2.1 15.3
Equity in loss (income) of equity-method investees, net of dividends received . . . . . 5.0 1.8 (1.0)
Non-cash stock-based compensation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49.7 70.7 43.6
Non-cash impairments of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55.4 5.0 —
Non-cash provision for bad debt expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.9 2.6 1.9
Loss on disposal of property and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 3.3
Non-cash foreign currency (gains) losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3 (1.3) 6.2
Non-cash restructuring charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6 — 1.1
Non-cash litigation-related charges (reversals of excess reserves) . . . . . . . . . . . . . . 5.6 (4.1) 3.0
Changes in operating assets and liabilities:
Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 10.0 26.4
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10.5) 81.8 (32.2)
Accounts payable and accrued liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55.2 (10.8) 38.7
Deferred income liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (25.7) (2.7) 202.6
Other balance sheet changes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65.3 (73.1) 54.0
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 774.2 695.4 796.1
Cash flows from investing activities:
Acquisitions and ventures, net of cash acquired and purchase price settlements . . . . (46.3) (188.7) (176.1)
Purchases of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (623.1) (96.8) —
Proceeds from sales and maturities of investments . . . . . . . . . . . . . . . . . . . . . . . . . 369.5 12.7 —
Capital expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (185.0) (217.1) (184.0)
Change in restricted cash deposits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.9 (15.1) (74.5)
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (458.0) (505.0) (434.6)
Cash flows from financing activities:
Proceeds from issuance of debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 168.9 380.0
Repayment of debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (196.8) — (291.6)
Debt issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (0.3) (2.6)
Payments of capital lease obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6.7) (7.7) (5.0)
Payments of dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (19.9) (20.5) (20.9)
Distributions to minority interest holders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (4.5)
Repurchases of common stock, including shares surrendered for tax withholdings . . . (169.8) (475.4) (231.3)
Proceeds from exercise of stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.0 40.1 51.4
Termination of interest rate swap agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (4.4)
Excess tax benefits from stock-based compensation arrangements . . . . . . . . . . . . . . 12.1 34.4 33.7
Net cash used in financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (352.1) (260.5) (95.2)
Effect of exchange rate changes on cash and cash equivalents . . . . . . . . . . . . . . . . . . (34.4) 57.7 11.9
Net increase (decrease) in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . (70.3) (12.4) 278.2
Cash and cash equivalents at beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . 551.5 563.9 285.7
Cash and cash equivalents at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 481.2 $ 551.5 $ 563.9
0 comments: to “ Ralph Lauren Financial Information ”
Post a Comment