Headlines

Polo Charge Sinks Second Quarter

Retailer reports $62.8 million loss

Published

23 years ago

November 9, 2000

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Citing the charges incurred in closing 23 of its stores, Polo Ralph Lauren reported a net loss of $62.8 million for the second quarter ended September 30, compared to net income of $55.3 million a year ago.

The loss includes a $116 million restructuring charge related to the closing of 12 Polo Jeans stores and 11 Club Monaco stores. Excluding the charge, Polo earned $48.8 million, which met analysts'estimates. Sales rose 8 percent to $586.2 million from $543 million a year earlier.

In a separate announcement, Polo named John Mehas ceo of its Club Monaco division. A former Gap Inc. vp of men's merchandising, Mehas will report to Polo's coo Roger Farah.

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