Ralph Lauren Corporation has agreed to pay an $882,000 penalty to resolve allegations that it violated the Foreign Corrupt Practices Act (FCPA) by bribing government officials in Argentina to obtain improper customs clearance of merchandise, announced Mythili Raman, the Acting Assistant Attorney General for the Criminal Division, and Loretta E. Lynch, the United States Attorney for the Eastern District of New York. According to the agreement, the manager of the company's subsidiary in Argentina bribed customs officials in Argentina over the span of five years to improperly obtain paperwork necessary for goods to clear customs; permit clearance of items without the necessary paperwork and/or the clearance of prohibited items; and on occasion, to avoid inspection entirely. In addition to the monetary penalty, the company agreed to cooperate with the Department of Justice, to report periodically to the department concerning the company's compliance efforts, and to continue to implement an enhanced compliance program and internal controls designed to prevent and detect FCPA violations. If the company abides by the terms of the agreement, the Department will not prosecute the company in connection with the conduct.

Ralph Lauren Corporation announced that its Board of Directors has declared a regular quarterly dividend of $0.40 per share on company's common stock. The dividend is payable on April 12, 2013 to shareholders of record at the close of business on March 29, 2013.

Ralph Lauren Corporation reported unaudited consolidated financial results for the fourth quarter and full year ended Dec. 29, 2012. Net revenues for the third quarter of fiscal 2013 rose 2% to $1.8 billion against $1,805.6 million for the same period of last year. The increase in net revenues primarily reflects strong retail segment expansion that was partially offset by a planned contraction in wholesale shipments. Excluding the impact of strategic decisions to discontinue American Living and store closures associated with the Company's Greater China network repositioning efforts, in addition to the net negative impact from foreign currency translation, net revenues increased approximately 5% in the third quarter. Operating income for the third quarter of Fiscal 2013 was $304 million, 13% greater than the prior year. Net income attributable to the company was $216 million, 28% greater than the $169 million achieved in the comparable period of Fiscal 2012, and net income per diluted share rose 30% to $2.31 from $1.78 for the same time period. In the third quarter of Fiscal 2013, the company reported approximately $13 million in pre-tax impairment and restructuring charges associated with the discontinuation of its Rugby operations. Excluding the Rugby-related charges, net income rose 33% to $224 million and net income per diluted share increased 35% to $2.40 in the third quarter of Fiscal 2013. The increases in net income and net income per diluted share were the result of the growth in operating income in addition to a lower effective tax rate of 27% compared to 36% in the prior year period. Income before provision for income taxes was $294.6 million against $262.1 million for the same period of last year. For the nine months, net revenues were $5,301.5 million against $5,236.6 million for the same period of last year. Operating income was $944.7 million against $903.0 million for the same period of last year. Income before provision for income taxes was $920.7 million against $884.1 million for the same period of last year. Net income attributable to the company was $622.8 million against $586.6 million for the same period of last year. Net income per diluted share was $6.63 against $6.14 for the same period of last year. In the third quarter of Fiscal 2013, the company reported approximately $13 million in pre-tax impairment and restructuring charges associated with the discontinuation of its Rugby operations. In the fourth quarter of fiscal 2013, the company expects consolidated net revenues to increase by a mid-single-digit percentage, reflecting an 8%-11% increase in retail revenues and wholesale revenues that are flat to the prior year period. Included in the fourth quarter net revenue expectation is an approximate 300 basis point net negative impact from strategic decisions regarding certain operations, including store closures associated with the Company's Greater China network repositioning efforts and the discontinuation of American Living, in addition to unfavorable foreign currency effects. Operating margin from continuing operations for the fourth quarter of fiscal 2013 is expected to be approximately 125-150 basis points above the comparable prior year period. The fourth quarter sales and operating margin expectations outlined in this press release do not include anticipated pretax charges related to the previously announced closure of the Rugby brand. The Company currently estimates the fourth quarter tax rate at approximately 29%. In light of the company's better-than-expected third quarter results, it is raising its profit outlook for the year. The full year fiscal 2013 operating margin is now expected to be approximately 75 to 100 basis points greater than last year, which compares to its previous expectation of an approximate 50 basis point increase from the prior year's level. The company continued to anticipate that an improvement in gross margin will be partially offset by higher operating expense rate due to the investments made in the company's long-term strategic initiatives and to higher retail channel mix. The company estimates the full year tax rate at approximately 32%. The full year Fiscal 2013 sales and operating margin expectations outlined in this press release do not include approximately $20-$25 million in anticipated pretax charges related to the previously announced closure of the Rugby brand. The company currently estimates the full year fiscal 2013 tax rate at approximately 32%.