Polo Ralph Lauren Corp posted a higher quarterly profit on strong sales of its upscale clothing to department stores over the holiday season, and raised its outlook for 2011 operating margin.

The company, whose brands include Polo, Club Monaco and Chaps, said net income rose to US$168.4 million ($214.9 million), or US$1.72 a share, in the fiscal third quarter ended Jan. 1, from US$111.1 million, or US$1.10 a share, a year earlier.

Net revenue rose 24 per cent to US$1.5 billion, above the US$1.46 billion analysts polled by Thomson Reuters I/B/E/S had expected.

Revenue from its wholesale business, which accounts for more than half of overall sales, rose 21 per cent, and retail sales increased 29 per cent. Sales at stores open at least a year rose 15 per cent.

The company's board doubled the quarterly cash dividend to 20 cents a share and authorized an additional US$250 million stock buyback program.