Polo cuts staff, plans new hosiery

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Polo Ralph Lauren Corp., New York, said it will lay off about 250 employees in a cost-cutting effort expected to boost the company's income in fiscal 2000. The company reported today that net income for its third fiscal quarter dropped 13.3% from a year ago, to $25.4 million, even as sales rose 9.5% to $395.4 million. For the nine months ended Dec. 31, net income rose 7.1% to $98 million and sales were up 13.2% to $1.12 billion. Separately, Polo announced a licensing pact with Danskin to produce a line of hosiery under the names Ralph Lauren Collection and Polo Ralph Lauren.

Copyright February 1999, Crain Communications Inc.

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