NEW YORK — Polo Ralph Lauren on Tuesday reported that third-quarter profits jumped 20.9 percent to $90.7 million from $75 million, helped by strong sales of its high-end luxury goods.
But the company cut its forecast on full-year earnings because of the recent acquisition of Polo Jeans and the closings of Club Monaco outlet stores and Club Monaco Caban Home stores in Canada.
For the full year 2006, the company said earnings per share would be $2.80 to $2.85, compared with an earlier forecast of between $2.85 and $2.92. For the quarter, total revenues rose 10.4 percent to $995.5 million from $901.6 million, which included a sales gain of 10.6 percent to $933.2 million from $843.6 million.
“The Ralph Lauren brand has never been stronger as the demand for our luxury products around the world is accelerating,” Ralph Lauren, chairman and chief executive officer, said in a statement.