Ralph Lauren reiterates full year guidance
Ralph Lauren has reiterated its full year guidance following a small increase in first quarter revenue.
The luxury fashion and lifestyle brand said net revenue rose slightly in the quarter to $1.5 billion on a reported basis compared to $1.49 billion a year earlier. On a constant currency basis, revenue edged up 1%.
While North America revenue fell by 10% to $632 million, revenue in Europe rose by 8% to $450 million on a reported basis and by 7% in constant currency.
The company put in a strong performance in Asia where revenue climbed by 13% to $378 million or by 18% in constant currency.
Meanwhile, net income came in at $132 million compared to $123 million in the same period a year earlier.
Patrice Louvet, president and chief executive of Ralph Lauren, said: “Our solid first quarter performance highlights the unique power and relevance of our iconic brand with consumers around the world along with our diversified engines of growth, and we are reaffirming our full year outlook.”
Ralph Lauren continues to expect revenues to increase by approximately low-single digits on a constant currency basis in the year.
Louvet added: “As we continue to execute on our Next Great Chapter: Accelerate plan, our teams are staying true to our creative vision while remaining agile and focused on what we can control in the context of a choppy environment.”
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