<SEC-DOCUMENT>0001037038-14-000011.txt : 20141022
<SEC-HEADER>0001037038-14-000011.hdr.sgml : 20141022
<ACCEPTANCE-DATETIME>20140919145425
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001037038-14-000011
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20140919

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RALPH LAUREN CORP
		CENTRAL INDEX KEY:			0001037038
		STANDARD INDUSTRIAL CLASSIFICATION:	MEN'S & BOYS' FURNISHINGS, WORK CLOTHING, AND ALLIED GARMENTS [2320]
		IRS NUMBER:				132622036
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		650 MADISON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		2123187000

	MAIL ADDRESS:	
		STREET 1:		650 MADISON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	POLO RALPH LAUREN CORP
		DATE OF NAME CHANGE:	19970402
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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		<title>Comment Letter Response</title>
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<a name="s4FF52591A2385C5621D95C31082A9B38"></a><div><div style="line-height:144%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><br><div style="line-height:144%;padding-top:6px;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">[LETTERHEAD OF RALPH LAUREN CORPORATION]</font></div><div style="line-height:144%;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:144%;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Contact Information:</font></div><div style="line-height:144%;text-align:right;text-indent:384px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Christopher H. Peterson</font></div><div style="line-height:144%;text-align:right;padding-left:240px;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Executive Vice President, Chief Administrative Officer </font></div><div style="line-height:144%;text-align:right;padding-left:240px;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">and Chief Financial Officer</font></div><div style="line-height:144%;text-align:right;text-indent:384px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Ralph Lauren Corporation</font></div><div style="line-height:144%;text-align:right;text-indent:384px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">650 Madison Avenue</font></div><div style="line-height:144%;text-align:right;text-indent:384px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">New York, NY 10022</font></div><div style="line-height:144%;text-align:right;text-indent:384px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">1-212-318-7232 (telephone)</font></div><div style="line-height:144%;text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">1-212-813-7705 (facsimile)</font></div><div style="line-height:144%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Via EDGAR Correspondence</font></div><div style="line-height:144%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:144%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">September 19, 2014</font></div><div style="line-height:144%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:144%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Ms. Tia L. Jenkins</font></div><div style="line-height:144%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Senior Assistant Chief Accountant</font></div><div style="line-height:144%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Office of Beverages, Apparel, and Mining</font></div><div style="line-height:144%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">United States Securities and Exchange Commission</font></div><div style="line-height:144%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Division of Corporate Finance</font></div><div style="line-height:144%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">100 F Street, NE</font></div><div style="line-height:144%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Washington, D.C. 20549</font></div><div style="line-height:144%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:144%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">RE: Ralph Lauren Corporation</font></div><div style="line-height:144%;text-align:left;text-indent:29px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Form 10-K for the Fiscal Year Ended March 29, 2014</font></div><div style="line-height:144%;text-align:left;text-indent:29px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Filed May 15, 2014</font></div><div style="line-height:144%;text-align:left;text-indent:29px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">File No. 001-13057</font></div><div style="line-height:144%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:144%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Dear Ms. Jenkins:</font></div><div style="line-height:144%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">We are writing in response to the comments contained in the letter from the staff (the &#8220;Staff&#8221;) of the U.S. Securities and Exchange Commission (the &#8220;Commission&#8221;) to Christopher H. Peterson, Chief Administrative Officer and Chief Financial Officer of Ralph Lauren Corporation (the &#8220;Company&#8221;), dated September 9, 2014 (the &#8220;Comment Letter&#8221;) regarding the above referenced filing. The Staff's comments and related responses from the Company are set forth below.</font></div><div style="line-height:174%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:174%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Form 10-K for the Fiscal Year Ended March 29, 2014</font></div><div style="line-height:174%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, page 36</font></div><div style="line-height:174%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Results of Operations, page 40 - Fiscal 2014 Compared to Fiscal 2013, page 40</font></div><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:174%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:11pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">You present amounts on a constant currency basis here and elsewhere in the filing. When constant currency amounts are presented in future filings, please also present the comparable historical amounts. For example, it appears only constant currency changes between periods have been presented on page 41 for the wholesale net revenues of the Americas, European and Japanese businesses. Please also disclose in future filings the process for calculating the constant currency amounts presented. Refer to Non-GAAP C&amp;DI 104.06 at http://www.sec.gov/divisions/corpfin/guidance/nongaapinterp.htm. Please provide us your proposed disclosures. </font></div></td></tr></table><div style="line-height:174%;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:174%;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Response:  We respectfully acknowledge the Staff's comment and confirm that in our future filings we will modify our disclosures, including prior period disclosures, to quantify the reported changes between periods and disclose the related foreign currency impact, as well as constant currency amounts, and a description of how we calculate constant currency amounts. Indicative disclosure, based on disclosures in our Fiscal 2014 Form 10-K, is presented below. The modified disclosures have been underlined for your convenience. </font></div><div style="line-height:174%;padding-top:20px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">"Net Revenues.</font><font style="font-family:inherit;font-size:11pt;">&#160;&#160;&#160;&#160;Net revenues increased $505 million, or 7.3%, to $7.450 billion in Fiscal 2014 from $6.945 billion in Fiscal 2013. </font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">On a constant currency basis</font><font style="font-family:inherit;font-size:11pt;">, net revenues increased by $552 million, or 7.9%. </font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Our discussion of net revenues contains references to constant currency amounts. Constant currency measures are calculated by translating the current-year and prior-year reported amounts into comparable amounts using a single foreign exchange rate for each currency. We are a global company and foreign currency exchange rate fluctuations affect the amounts reported by us in U.S. dollars because the underlying currencies in which we transact change in value over time compared to the U.S. dollar. These rate fluctuations can have a significant effect on our reported results. As a supplement to our reported operating results, we present constant currency financial information, which is a non-GAAP financial measure. We use constant currency information to provide a framework to assess how our businesses performed excluding the effects of foreign currency exchange rate fluctuations. We believe this information is useful to investors to facilitate comparisons of operating results and better identify trends in our businesses. These constant currency performance measures should be viewed in addition to, and not in lieu of or superior to, our operating performance measures calculated in accordance with U.S. GAAP.</font><font style="font-family:inherit;font-size:11pt;">&#32;</font></div><div style="line-height:174%;padding-top:20px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Net revenues for our three business segments, as well as a discussion of the changes in each segment's net revenues from the prior fiscal year, are provided below:</font></div><div style="line-height:174%;padding-top:8px;text-align:left;padding-left:48px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:91.81286549707602%;border-collapse:collapse;text-align:left;"><tr><td colspan="19"></td></tr><tr><td width="39.49044585987261%"></td><td width="0.8492569002123143%"></td><td width="1%"></td><td width="9.252653927813164%"></td><td width="1%"></td><td width="0.8492569002123143%"></td><td width="1%"></td><td width="7.129511677282377%"></td><td width="1%"></td><td width="0.8492569002123143%"></td><td width="1%"></td><td width="8.191082802547772%"></td><td width="1%"></td><td width="0.8492569002123143%"></td><td width="11.738853503184714%"></td><td width="1%"></td><td width="0.8492569002123143%"></td><td width="11.951167728237792%"></td><td width="1%"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Fiscal Years Ended</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="5" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">% Change</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March 29, <br>2014</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;border-bottom:1px solid #000000;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">March 30, <br>2013</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">$</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Change</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">As Reported</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-bottom:1px solid #000000;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;text-decoration:underline;">Constant Currency</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="11" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">(millions)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Net Revenues:</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Wholesale</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,486</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,138</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">348</font></div></td><td style="vertical-align:bottom;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11.1</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">10.9</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">%</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Retail</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,798</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,625</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">173</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4.8</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">6.3</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Licensing</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">166</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">182</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(16</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;border-bottom:1px solid #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(9.0</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">(9.0</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">%)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total net revenues</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-bottom:3px double #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-bottom:3px double #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7,450</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:3px double #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-bottom:3px double #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-bottom:3px double #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,945</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:3px double #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-bottom:3px double #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-bottom:3px double #000000;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">505</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-bottom:3px double #000000;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7.3</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">7.9</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">%</font></div></td></tr></table></div></div><div style="line-height:174%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">Wholesale net revenues</font><font style="font-family:inherit;font-size:11pt;">&#160;&#8212; </font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Net revenues increased $348 million, or 11.1%, in Fiscal 2014 as compared to Fiscal 2013, including a $7 million increase in revenues due to net favorable foreign currency effects, primarily related to the strengthening of the Euro, partially offset by the weakening of the Japanese Yen and the Canadian Dollar against the U.S. Dollar during Fiscal 2014 compared to the prior fiscal year. On a constant currency basis, net revenues increased by $341 million, or 10.9%.</font><font style="font-family:inherit;font-size:11pt;">&#32;</font></div><div style="line-height:174%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">The $348 million net increase in Wholesale net revenues was primarily driven by:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:174%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">a $376&#160;million net increase related to our business in the Americas</font><font style="font-family:inherit;font-size:11pt;">, largely due to $210 million of incremental revenues contributed by previously licensed businesses, including the Chaps Menswear Business acquired in April 2013 and certain businesses in Latin America acquired in June 2012. The increase in net revenues also reflected higher domestic revenues from our menswear, womenswear, and childrenswear product lines, as well as increased revenues from our accessories business. These increases were partially offset by lower Home product revenues primarily due to the rebranding of certain of our home products; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:174%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">an $11 million net increase related to our European business, due to the favorable impact of foreign currency related to the strengthening of the Euro against the U.S. Dollar during Fiscal 2014, partially offset by a</font><font style="font-family:inherit;font-size:11pt;">&#32;planned reduction in shipments across our menswear, womenswear, and childrenswear product lines due to the challenging European retail environment and softness in the specialty store business.</font></div></td></tr></table><div style="line-height:174%;padding-top:16px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">This net increase was partially offset by:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:174%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">a $37 million net decrease related to our Japanese business, driven by</font><font style="font-family:inherit;font-size:11pt;">&#32;lower sell-throughs and the impact of a business model shift to the retail concessions-based channel, </font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">as well as the unfavorable impact of foreign currency related to the weakening of the Japanese Yen against the U.S. Dollar during Fiscal 2014</font><font style="font-family:inherit;font-size:11pt;">.</font></div></td></tr></table><div style="line-height:174%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">Retail net revenues</font><font style="font-family:inherit;font-size:11pt;">&#160;&#8212; </font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Net revenues increased $173 million, or 4.8%, in Fiscal 2014 as compared to Fiscal 2013, including a $53 million decrease in revenues due to net unfavorable foreign currency effects, primarily related to the weakening of the Japanese Yen, partially offset by the strengthening of the Euro against the U.S. Dollar during Fiscal 2014 compared to the prior fiscal year. On a constant currency basis, net revenues increased by $226 million, or 6.3%.</font></div><div style="line-height:174%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">The $173 million net increase in Retail net revenues was driven by:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:174%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">a $187 million, or a 38%, net increase in non-comparable store sales, including unfavorable foreign currency effects of $10 million, primarily related to the weakening of the Japanese Yen against the U.S. Dollar during Fiscal 2014 compared to the prior fiscal year. On a constant currency basis, non-comparable store sales increased by $197 million, or 40%</font><font style="font-family:inherit;font-size:11pt;">, primarily driven by new store openings within the past twelve months, including store openings in Asia, new stores and concession shops assumed in connection with the Australia and New Zealand Licensed Operations Acquisition, other new global store openings, and the expansion of our e-commerce operations, which more than offset the impact of store closings, including those closed in connection with the Rugby Closure Plan.</font></div></td></tr></table><div style="line-height:174%;padding-left:4px;padding-top:16px;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">This increase was partially offset by:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:72px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:174%;font-size:11pt;padding-left:48px;"><font style="font-family:inherit;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">a $14 million decline in comparable store sales during Fiscal 2014, remaining essentially flat on a percentage basis versus the prior year. The decline in the reported comparable store sales was largely due to unfavorable foreign currency effects of $43 million, primarily related to the weakening of the Japanese Yen, partially offset by the strengthening of the Euro against the U.S. Dollar during Fiscal 2014 compared to the prior fiscal year. Our total comparable store sales increased approximately $29 million, or 1%, on a constant currency basis,</font><font style="font-family:inherit;font-size:11pt;">&#32;primarily driven by an increase from our Ralph Lauren e-commerce operations, partially offset by decreases in comparable store sales from our concession shops and our domestic factory stores.  Comparable store sales related to our e-commerce operations increased by approximately 14% on a reported basis and 13% on a constant currency basis over the related prior fiscal year, and had a favorable impact on our total comparable store sales of approximately 2% to 3% on a reported basis and approximately 1% to 2% on a constant currency basis. Our consolidated comparable store sales excluding e-commerce decreased approximately 2% to 3% on a reported basis and were flat to down by 1% on a constant currency basis.</font></div></td></tr></table><div style="line-height:174%;padding-top:16px;text-align:justify;padding-left:72px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Comparable store sales refer to the growth of sales in stores that are open for at least one full fiscal year. Sales for stores that are closed during a fiscal year are excluded from the calculation of comparable store sales. Sales for stores that are either relocated, enlarged (as defined by gross square footage expansion of 25% or greater), or generally closed for 30 or more consecutive days for renovation are also excluded from the calculation of comparable store sales until such stores have been in their new location or in their newly renovated state for at least one full fiscal year. Sales from our e-commerce sites are included within comparable store sales for those geographies that have been serviced by the related e-commerce site for at least one full fiscal year. Consolidated comparable store sales information includes our Ralph Lauren stores (including concession-based shop-within-shops), factory stores, Club Monaco stores and e-commerce sites, and certain of our Ralph Lauren e-commerce sites. Sales from our Rugby stores and related e-commerce site, Rugby.com, are no longer included in comparable store sales due to the wind-down of our</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">&#32;</font><font style="font-family:inherit;font-size:11pt;">Rugby</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">&#32;</font><font style="font-family:inherit;font-size:11pt;">brand retail operations in Fiscal 2013. We use an integrated omni-channel strategy to operate our retail business, in which our e-commerce operations are interdependent with our physical stores."</font></div><div style="line-height:174%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:-48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Operating Income, page 44</font></div><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:174%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:11pt;">2.</font></div></td><td style="vertical-align:top;"><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">You attribute the changes in operating margin in each of your segments over the reported periods to multiple factors. To enhance an investor&#8217;s understanding of your results of operations and segment performance, please expand your discussion in future filings to quantify the amount of the changes contributed by each of the factors that you identify for the changes in operating margin between periods for each segment. We refer you to Item 303 of Regulation S-K, SEC Release No. 33-8350 and FRR 501.04 for further guidance. Please provide us your proposed revisions to the discussion of your results of operations for Fiscal 2014 as compared to Fiscal 2013. </font></div></td></tr></table><div style="line-height:174%;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:174%;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Response:  We respectfully acknowledge the Staff's comment and confirm that in our future filings we will modify our disclosures, including prior period disclosures, to quantify the impact of each of the factors contributing to the changes in our operating margin for each segment, to the extent practicable. Our proposed revisions to the discussion of our results of operations for Fiscal 2014 as compared to Fiscal 2013 are presented below:</font></div><div style="line-height:174%;padding-top:20px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">"Wholesale operating margin</font><font style="font-family:inherit;font-size:11pt;">&#32;declined by 110 basis points, which included net unfavorable effects related to foreign currency of 110 basis points and a 50 basis point decline due to the inclusion of the Chaps Menswear Business. The decline in Wholesale operating margin was partially offset by a 40 basis point increase due to improved operating leverage of SG&amp;A expenses on higher wholesale revenues.  </font></div><div style="line-height:174%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">Retail operating margin</font><font style="font-family:inherit;font-size:11pt;">&#32;declined by 190 basis points, primarily due to net unfavorable effects related to foreign currency of 50 basis points, an increase in SG&amp;A expenses as a percentage of net revenues of 50 basis points (primarily driven by expenses associated with our global store and e-commerce development efforts), and a 40 basis point decline due to the inclusion of the Australia and New Zealand Business. The remaining 50 basis point decline was due in part to elevated promotional activity within certain of our retail businesses during the fourth quarter of Fiscal 2014.</font></div><div style="line-height:174%;padding-top:16px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">Licensing operating margin</font><font style="font-family:inherit;font-size:11pt;">&#32;improvement of 660 basis points was due to reduced operating expenses reflecting the transition of certain licensing arrangements to wholly-owned operations, partially offset by lower net revenues."</font></div><div style="line-height:174%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:-48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Liquidity, page 54</font></div><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:174%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">3.</font></div></td><td style="vertical-align:top;"><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">Please revise your disclosure in future filings to disclose the amount of cash, cash equivalents and short-term investments held by foreign subsidiaries as compared to your total amount of cash, cash equivalents and short-term investments. Please also disclose that you would need to accrue and pay taxes if the cash, cash equivalents and short term investments were repatriated or disclose that you do not intend to repatriate the funds. Please provide us your proposed disclosures. </font></div></td></tr></table><div style="line-height:174%;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:174%;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Response:  We respectfully acknowledge the Staff's comment and confirm that in future filings we will expand our disclosures to indicate (i) the amount of cash, cash equivalents, and short term investments held by foreign subsidiaries and (ii) the fact that we do not intend to repatriate these funds. Indicative disclosure based on our Fiscal 2014 Form 10-K is presented below, with the modified language underlined for your convenience.</font></div><div style="line-height:174%;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:174%;padding-bottom:13px;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">"</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">As of March 29, 2014 we had $1.285 billion in cash, cash equivalents, and short-term investments, of which $1.141 billion, or 89%, were held by our subsidiaries domiciled outside the U.S</font><font style="font-family:inherit;font-size:11pt;">. We are not dependent on foreign cash to fund our domestic operations and do not expect to repatriate these balances to meet our domestic cash needs.&#160;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">However, if our plans change and we choose to repatriate any funds to the U.S. in the future, we would be subject to applicable U.S. and foreign taxes</font><font style="font-family:inherit;font-size:11pt;">. ... We believe that our existing sources of cash, </font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">the availability under our credit facilities, and</font><font style="font-family:inherit;font-size:11pt;">&#32;our ability to access capital markets will be sufficient to support our operating, capital, and debt service requirements for the foreseeable future, the ongoing development of our business, and our plans for further business expansion."</font></div><div style="line-height:174%;padding-top:16px;text-align:justify;padding-left:48px;text-indent:-48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Notes to Consolidated Financial Statements, Page F-7</font></div><div style="line-height:174%;text-align:justify;padding-left:48px;text-indent:-48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Note 22. Segment Information, page F-44</font></div><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:174%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">4.</font></div></td><td style="vertical-align:top;"><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">Please expand your disclosure in future filings to describe the types of expenses included in unallocated corporate expenses for each period presented. Please also revise your disclosures on page 45 of Management&#8217;s Discussion and Analysis to provide quantified explanations for changes between periods in your unallocated corporate expenses. Please provide us your proposed disclosures. </font></div></td></tr></table><div style="line-height:174%;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:174%;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Response:  We respectfully acknowledge the Staff's comment and confirm that in our future filings we will expand our disclosures, including prior period disclosures, to describe the types of expenses included in unallocated corporate expenses for each period presented, and will provide quantified explanations for changes between periods in our unallocated corporate expenses within Management&#8217;s Discussion and Analysis.&#160;Indicative disclosure, based on disclosures in our Fiscal 2014 Form 10-K, is presented below. The modified disclosures have been underlined for your convenience.</font></div><div style="line-height:174%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:174%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"></font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Within our Segment Information footnote:</font></div><div style="line-height:174%;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">"Certain corporate overhead expenses related to global functions, </font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">most notably our executive office, information technology, finance and accounting, human resources, and legal departments,</font><font style="font-family:inherit;font-size:11pt;">&#32;</font><font style="font-family:inherit;font-size:11pt;">remain at corporate.&#160;</font><font style="font-family:inherit;font-size:11pt;">&#32;</font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Additionally, other costs that cannot be allocated to the segments based on specific usage are also maintained at corporate, including corporate advertising and marketing expenses, depreciation and amortization on corporate assets, and other general and administrative expenses from corporate level activities and projects.</font><font style="font-family:inherit;font-size:11pt;">"</font></div><div style="line-height:174%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:174%;text-align:justify;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"></font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">Within Management&#8217;s Discussion and Analysis (from page 45)</font><font style="font-family:inherit;font-size:11pt;">:</font></div><div style="line-height:174%;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">"</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">Unallocated corporate expenses</font><font style="font-family:inherit;font-size:11pt;">&#32;increased by $22 million, reflecting increased global information technology-related costs </font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">of $13 million,</font><font style="font-family:inherit;font-size:11pt;">&#32;higher </font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">corporate advertising and marketing expenses of $12 million, and</font><font style="font-family:inherit;font-size:11pt;">&#32;</font><font style="font-family:inherit;font-size:11pt;">acquisition-related costs </font><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">of $7 million. These increases were partially offset by declines in other individually immaterial costs.</font><font style="font-family:inherit;font-size:11pt;">"</font></div><div style="line-height:174%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:174%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">5.</font></div></td><td style="vertical-align:top;"><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">On page 5, you disclose your products, which include apparel, accessories, and fragrance collections for men and women, as well as childrenswear and home furnishings. In future filings, please disclose in your segment footnote your revenues by product offering. Refer to ASC 280-10-50-40. Please provide us your proposed disclosures. </font></div></td></tr></table><div style="line-height:174%;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:174%;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Response: On page 5 of our Form 10-K, we refer to various product lines to help investors and customers understand the breadth of our product offerings. However, we have not disclosed our net revenues by product category because, while we collect gross sales data for our various product offerings, the dilutive impact to our sales from certain of our sales and incentive programs and other adjustments, which are material, is recorded in the aggregate (and not on a product category level) to our general ledger used to prepare our external financial statements and footnote disclosures. Due to the aforementioned reasons, our net revenues by product category (i.e., fully diluted sales) cannot be summarized at a meaningful level and in a consistent manner, as would be required to include a disclosure on a U.S. GAAP basis in our segment footnote. Therefore, we have not provided a quantified disclosure of net sales by product category in our filings. </font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In responding to the Staff's comments, we acknowledge that:</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:174%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the Company is responsible for the adequacy and accuracy of the disclosure in the filing;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:174%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the filing; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:174%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:11pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">the Company may not assert Staff comments as a defense in any proceeding initiated by the Commission  or any person under the federal securities laws of the United States.</font></div></td></tr></table><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:174%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">I am happy to discuss this response with you at your convenience.</font></div><div style="line-height:174%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Sincerely,</font></div><div style="line-height:174%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;text-decoration:underline;">/s/ Christopher H. Peterson</font></div><div style="line-height:174%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Christopher H. Peterson</font></div><div style="line-height:174%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Executive Vice President, Chief Administrative Officer</font></div><div style="line-height:174%;text-align:left;text-indent:24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">and Chief Financial Officer</font></div><div style="line-height:174%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Ralph Lauren Corporation</font></div><br><div style="text-align:center;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div>	</body>
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