Ralph Lauren Corporation

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Conduct and Ethics for all directors, officers, and employees, our Code of Ethics for Principal Executive Officers and Senior Financial Officers, and information concerning our directors, Committees of the Board, including Committee charters, and transactions in Polo securities by directors and executive officers, is available at our website under the captions “Corporate Governance” and “SEC Filings”. Paper copies of these filings and corporate governance documents are available to stockholders without charge by written request to Investor Relations, Polo Ralph Lauren Corporation, 650 Madison Avenue, New York, New York 10022. 

In this Form 10-K, references to “Polo,” “ourselves,” “we,” “our,” “us” and the “Company” refer to Polo Ralph Lauren Corporation and its subsidiaries, unless the context requires otherwise. Due to the collaborative and ongoing nature of our relationships with our licensees, such licensees are sometimes referred to in this Form 10-K as “licensing alliances.” Our fiscal year ends on the Saturday nearest to March 31. All references to “Fiscal 2006” represent the 52-week fiscal year ended April 1, 2006. All references to “Fiscal 2005” represent the 52-week fiscal year ended April 2, 2005. All references to “Fiscal 2004” represent the 53-week year ended April 3, 2004.

PART I 

Item 1.    Business 

General 

Polo Ralph Lauren Corporation is a global leader in the design, marketing and distribution of premium lifestyle products. We believe that our global reach, breadth of product and multi-channel distribution is unique among luxury and apparel companies. We operate in three distinct but integrated segments: wholesale, retail and licensing. During the past five years, we have continued to develop our business model, expand our vertically integrated retail segment, reposition our wholesale segment, and maintain a strong licensing segment despite the acquisition of several of our key licensed businesses. The following tables show our net revenues and operating profit (excluding unallocated corporate expenses, legal and restructuring charges) by segment for the last three fiscal years:

 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Fiscal Years Ended|  | | | | | | | | | |  |  | April 1,|  |  | April 2,|  |  | April 3,|  | | | |  |  | 2006|  |  | 2005|  |  | 2004|  | | | |  |  | (millions)|  | | | | | | | | | |

 | | | | | | | | | | | | |
Net revenues:|  |  |  |  |  |  |  |  |  |  |  |  | Wholesale|  | $| 1,942.5|  |  | $| 1,712.1|  |  | $| 1,210.4|  | Retail|  |  | 1,558.6|  |  |  | 1,348.6|  |  |  | 1,170.5|  | Licensing|  |  | 245.2|  |  |  | 244.7|  |  |  | 268.8|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $| 3,746.3|  |  | $| 3,305.4|  |  | $| 2,649.7|  |  |  |  |  |  |  |  |  |  |  |  |  |  |

 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Fiscal Years Ended|  | | | | | | | | | |  |  | April 1,|  |  | April 2,|  |  | April 3,|  | | | |  |  | 2006|  |  | 2005|  |  | 2004|  | | | |  |  | (millions)|  | | | | | | | | | |

 | | | | | | | | | | | | |
Operating Income:|  |  |  |  |  |  |  |  |  |  |  |  | Wholesale|  | $| 398.3|  |  | $| 299.7|  |  | $| 143.7|  | Retail|  |  | 140.0|  |  |  | 82.8|  |  |  | 55.7|  | Licensing|  |  | 153.5|  |  |  | 159.5|  |  |  | 191.6|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 691.8|  |  |  | 542.0|  |  |  | 390.4|  |  |  |  |  |  |  |  |  |  |  |  |  |  | Less:|  |  |  |  |  |  |  |  |  |  |  |  | Unallocated corporate expenses|  |  | (159.1| )|  |  | (133.8| )|  |  | (99.9| )| Unallocated legal and restructuring charges|  |  | (16.1| )|  |  | (108.3|...
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