Earnings Drop at Polo

Upscale clothing designer and retailer Polo Ralph Lauren Corp. reported lower quarterly earnings this week. The pressure to cut prices in the competitive men's sportswear market hurt the company. Income was $5.1 million for the fiscal first quarter ended June 28, down from $6.5 million for the same period of the prior year. The company, which markets several versions of the Polo and Ralph Lauren labels and operates the Club Monaco retail chain, said revenue edged up 2.3 percent to $477.7 million from $467.0 million a year earlier.