Ralph Lauren Q1 net revenue up 4 percent

REPORT_ For the first quarter of fiscal 2014 Ralph Lauren net

revenues rose 4 percent. Net income was 7 percent below the net income for the comparable period of fiscal 2013. Gross profit for the first quarter of fiscal 2014 increased 1 percent. Wholesale segment sales grew 6 percent. The company ended the first quarter of fiscal 2014 with 396 directly operated stores.

Operating margin for the second quarter of fiscal 2014 is expected to be 300 to 350 basis points below the comparable prior year period. The company expects 4 to 7 percent growth in consolidated net revenues for fiscal 2014.

Ralph Lauren is based in New York. It designs, markets and distributes premium lifestyle products in apparel, home, accessories and fragrances. "We made important progress on several key initiatives during the first quarter," said Ralph Lauren, Chairman and Chief Executive Officer. "Several high profile projects around the world are developing nicely. We’ve got exciting new product initiatives planned for fall. I am confident that the investments we are making today can support profitable, sustainable growth for us over the long term."