Polo Ralph Lauren Corporation reported net income of $168 million, or $1.72 per diluted share, for the third quarter of Fiscal 2011, compared to net income of $111 million, or $1.10 per diluted share, for the third quarter of Fiscal 2010.

Net income for the first nine months of Fiscal 2011 rose 35% to $494 million from $365 million in the comparable period last fiscal year. Net income per diluted share of $5.01 in the first nine months of Fiscal 2011 was 39% greater than the $3.60 reported in the prior year period.

"The results reflect 43 years of work developing and delivering high quality luxury products, but it feels like we are just beginning," said Ralph Lauren, Chairman and Chief Executive Officer. 

"Our Company is always looking to the future, innovating with new merchandise categories, creating exciting new shopping experiences and developing important new regions of the world. The response to our new global flagship stores has been overwhelmingly positive, and I am thrilled with the reception we've experienced with our luxury accessories products. I look forward to continuing to raise the bar on how we excite our customers and deliver returns for our shareholders," Mr. Lauren added.

"Our exceptional third quarter and year to date results confirm we are gaining substantial and profitable market share around the world," said Roger Farah, President and Chief Operating Officer. 

"Our teams are effectively executing against bold long-term growth strategies across products, channels and regions while managing the day-to-day with incredible precision. Having assumed direct control of our South Korean distribution on January 1, 2011, we have completed an important initial phase of a broader Asian strategy that is expected to transform our Company over the long term. The Board's decision to double the Company's quarterly cash dividend and increase its share repurchase authorization reflects its confidence in our operating strategies and futureprospects."

The Company also announced its Board of Directors has declared an increase in the regular quarterly cash dividend on the Company's Common Stock to $0.20 per share from $0.10 per share. The Company's Board of Directors also authorized an additional $250 million stock repurchase program.

source:Polo Ralph Lauren Corporation