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Ralph Lauren Corp RL
Q4 2013 Earnings Call Transcript

Transcript Call Date 05/23/2013

Operator: Good morning, and thank you for calling Ralph Lauren's Fourth Quarter Fiscal 2013 Earnings Conference Call. As a reminder, today's conference is being recorded. All lines will be in a listen-only function during the presentation today. At the end of the presentation, we will conduct a question-and-answer session. Instructions on how to ask a question will be given at that time.

Now for opening remarks and introductions, I will turn the conference over to Mr. James Hurley. Please go ahead, sir.

James Hurley - IR: Good morning, and thank you for joining us on Ralph Lauren's fourth quarter and full year fiscal '13 conference call. The agenda for this morning's call includes Roger Farah, our President and Chief Operating Officer, who will give you an overview of the year and comment on our broader strategic initiatives. Jackie Nemerov, our Executive Vice President will provide some merchandising highlights and Chris Peterson, our Chief Financial Officer will provide operational and financial perspective on the fourth quarter, in addition to reviewing our initial expectations for fiscal 2014. After that, we will open up the call for your questions, which we ask that you please limit to one per caller. On today's call we'll be making some forward-looking statements within the meaning of the federal securities Laws, including our financial outlook. Forward-looking statements are not guarantees and our actual results may differ materially from those expressed or implied in the forward-looking statements. Our expectations contain many risks and uncertainties. The principal risks and uncertainties that could cause our results to differ materially from our current expectations are detailed in our SEC filings.

Now, I'd like to turn the call over to Roger.

Roger N. Farah - President and COO: Thank you, Jim, and good morning, everyone. We're reporting excellent fourth quarter and full year fiscal '13 results today. The 42% earnings per share growth that was achieved for the fourth quarter and the 14% increase for the full year excluding the rugby-related charges, were a function of strong product acceptance and exceptional profit flow-through on sales.

The double-digit earnings growth was a continuation of a multiyear trend that highlights the extraordinary creativity and operational excellence that characterizes our company. It also showcases the powerful diversity of our operating model across merchandise categories, channels and regions. This is particularly true for fiscal 2013 as our global teams successfully managed through a challenging macroeconomic environment during the year.

Fiscal '13 was a year of important progress on each of our long-term strategic growth objectives. With respect to our direct-to-customer efforts, Retail Segment sales increased high-single digits in constant currency, and that growth was mostly comp driven led by e-commerce.

During the year, we commenced an exciting multiyear initiative to grow our brand presence in Asia, with a particular focus on Greater China. We also significantly enhanced our global e-commerce capabilities. We have built a talented team with global oversight supported by three strong regional teams. In addition, we extended our reach in Western Europe, launched our first Asia site in Japan, and launched Club Monaco e-commerce capabilities in the United States and Canada.

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