The Company ended the fourth quarter of Fiscal 2014 with 433 directly operated stores, comprised of 138 Ralph Lauren stores, 60 Club Monaco stores and 235 Polo factory stores. The Company also operated 503 concession shop locations worldwide at the end of the fourth quarter. In addition to Company-operated locations, international licensing partners operated 64 Ralph Lauren stores and 9 dedicated shops, as well as 106 Club Monaco stores and shops at the end of the fourth quarter.
Fiscal 2015 Outlook
The Company currently expects consolidated net revenues for Fiscal 2015 to increase by 6%-8%. Operating margin for Fiscal 2015 is currently expected to be 75-125 basis points below the prior year’s level due to continued investment in the Company’s global retail development and infrastructure, in addition to increased advertising and marketing expense. The full year Fiscal 2015 tax rate is estimated at 30%. Capital expenditures are planned at approximately $400-$500 million in Fiscal 2015.
In the first quarter of Fiscal 2015, the Company expects consolidated net revenues to increase by 3%-5%, led by retail segment growth. Operating margin for the first quarter of Fiscal 2015 is expected to be approximately 300-350 basis points below the comparable prior year period, primarily due to the timing of investments to support the Company’s strategic growth objectives. The first quarter tax rate is estimated at 30%.
As previously announced, the Company will host a conference call and live online webcast today, Friday, May 9, 2014, at 9:00 a.m. Eastern. Listeners may access a live broadcast of the conference call on the Company's investor relations website at or by dialing 517-623-4799. To access the conference call, listeners should dial in by 8:45 a.m. Eastern and request to be connected to the Ralph Lauren Fourth Quarter and Full Year Fiscal 2014 conference call.