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Luxury retailer Polo Ralph Lauren Corp. saw its net income fall 15.8% despite an 11.3% rise in revenue in its latest quarter (F2Q08). Net income was $115.3 million, good for EPS of $1.09 a share, versus EPS of $1.28 a year earlier. Revenue increased to $1.3 billion, up from $1.17 billion a year ago. Consensus estimates were for EPS of $1.02 on revenue of $1.27 billion. The company lowered its full year EPS forecast to a high of $3.60 at most, from a previous estimate of EPS of as much as $3.74. Consensus analyst FY EPS estimates are for $3.71. President and COO Roger Farah blamed the lowered FY estimates on the need to take "a more conservative view of discretionary spending among U.S. consumers," (full earnings call transcript later today). Shares of RL are down 0.80% in pre-market trading (as of 8:18 AM ET).

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