Citing the charges incurred in closing 23 of its stores, Polo Ralph Lauren reported a net loss of $62.8 million for the second quarter ended September 30, compared to net income of $55.3 million a year ago.
The loss includes a $116 million restructuring charge related to the closing of 12 Polo Jeans stores and 11 Club Monaco stores. Excluding the charge, Polo earned $48.8 million, which met analysts'estimates. Sales rose 8 percent to $586.2 million from $543 million a year earlier.
In a separate announcement, Polo named John Mehas ceo of its Club Monaco division. A former Gap Inc. vp of men's merchandising, Mehas will report to Polo's coo Roger Farah.