Ralph Lauren beats forecasts

Polo Ralph Lauren, the premium designer label, has reported better than expected sales, boosted by growth in its retail sales. The retailer’s first-quarter net income climbed 52 per cent to $184.1m despite rising cotton costs. Net sales for the quarter rose 32 per cent to $1.49bn, better than consensus estimates of $1.43bn. In 2012 the company expects its consolidated revenues to increase at around a 20 per cent rate, wholesale revenues to grow at a mid-teens rate and retail sales at a mid-20s rate.