) for the second quarter and full year 2002. Fiscal year 2002 earnings per share estimates were cut to $1.70 from $1.90 and the 2002 estimate was reduced to $1.95 from $2.15.
Analyst Margaret Mager said while all parts of RL's biz have slowed, full price Polo and Club Monaco stores have been hardest hit, reflecting exposure to New York and tourist locations.
Mager said much of the earnings per share pressure is from markdowns to clear inventory. She noted that Polo had already been planning for modest growth in fiscal year 2002 as it improves profitability. She is maintaining her market perform rating on the shares.