Ralph Lauren Corp. executive vice chairman Roger Farah will retire at the end of May.
Farah will remain on the board of directors until his term expires on the day the company has its annual shareholders’ meeting in August.
Calling Farah a “spectacular leader, trusted adviser and friend,” chairman Ralph Lauren also said, “During his tenure, Roger helped us assume direct control of our most strategically important regions and merchandise categories, evolving our company into a highly profitable, global business. He’s cultivated an impressive team of leaders who are ready to build on the strong foundation he has established. I wish Roger and his family all the best.”
The news came following the company’s report of fourth-quarter earnings results.
For the three months ended March 29, net income rose 20.5 percent to $153 million, or $1.68 a diluted share, from $127 million, or $1.37, a year ago.
Net revenues for the quarter rose 13.6 percent to $1.87 billion from $1.64 billion. That included a net sales gain of 14.2 percent to $1.83 billion from $1.6 billion. By sales category, wholesale net sales jumped 23.5 percent to $983 million, while retail net sales rose 5 percent to $845 million. Consolidated comparable-store sales for the period fell 2 percent.