Ralph Lauren Beats Q1 Earnings Estimates, As Its Prices Continue to Increase

The company saw increases in the European and Asian markets, but it struggled to find growth on the home front.

Fashion
2,694 Hypes 2 Comments

Ralph Lauren on Thursday revealed its fiscal first-quarter earnings, reporting increases in net income and revenue that surpassed Wall Street expectations.

In the three months ending July 1, the American apparel company’s net income reached $132.1 million USD, up 7% from the same period in the year prior. Adjusted earnings per share landed at $2.34 USD, which is 20 cents higher than analysts’ expectations of $2.14 USD, per FactSheet.

Additionally, Ralph Lauren’s first-quarter revenues climbed to $1.5 billion USD, marking a small 1% increase, with currencies adjuted, from the company’s $1.49 billion USD in Q1 2022. The company’s growth was largely led by the European and Asian markets, where revenues grew by 8% to $450 million USD and 13% to $378 million USD, respectively. In North America, however, the label’s revenues declined by 10% to $632 million USD.

“Our strong first quarter performance underscores the power of our brand and momentum of our strategy around the world, following our significant multi-year reset,” said Patrice Louvet, president and chief executive officer at Ralph Lauren.

He added, “While the global operating environment remains as volatile as ever, our talented, passionate teams are delivering on the multiple growth opportunities to scale our business with creativity and discipline — from driving high-quality new consumer recruitment to expanding digital and elevating our touch points in every region and channel.”

The report comes as Ralph Lauren continues to raise its prices, in an effort to boost brand prestige. Earlier this month, the company increased its average unit retail (AUR) prices by 15%, following on from an 8% increase last year. Since 2018, the brand’s AUR has grown by roughly 80%.

Per the company’s Q1 results, Raph Lauren’s elevated shift earned consumer appeal abroad, but it struggled to find traction in its domestic market. “If you step back big time, we really reset the foundations of our brand,” Louvet told WWD of the label’s evolved identity. “This isn’t just one quarter or two, this is years of work to really deliberately elevate every facet of the consumer experience. We remain on offense.”

See Ralph Lauren’s full fiscal Q1 2023 report on the brand’s website.

In more fashion news, Tapestry will acquire Versace, Jimmy Choo and Michael Kors in an $8.5 billion USD deal.

Read Full Article

What to Read Next

Polo Ralph Lauren Launches Two New Polo Bear Watches
Watches

Polo Ralph Lauren Launches Two New Polo Bear Watches

Dubbed the Martini Tartan Bear Watch and the Martini Tuxedo Bear Watch.

Ralph Lauren Releases Lunar New Year Polo Bear Watch
Watches

Ralph Lauren Releases Lunar New Year Polo Bear Watch

Limited to only 50 units. 

Polo Ralph Lauren and Element Take It to the Great Outdoors
Fashion

Polo Ralph Lauren and Element Take It to the Great Outdoors

Delivering a range of apparel including fleece sweatshirts and printed tees, as well as skate decks, caps and hardgoods.


Polo Ralph Lauren Launches "Artist In Residence" Program with Navajo Textile Artist Naiomi Glasses
Fashion

Polo Ralph Lauren Launches "Artist In Residence" Program with Navajo Textile Artist Naiomi Glasses

Glasses’ collection celebrates Navajo artistry through prints, patterns and colors inspired by her Navajo Nation upbringing and her own artwork.

Explore ‘the World of John Wick’ in ‘The Continental’ Trailer
Entertainment

Explore ‘the World of John Wick’ in ‘The Continental’ Trailer

The three-part prequel series.

The GOD SELECTION XXX x fragment design Golf Bag Is a Sight to Behold
Golf

The GOD SELECTION XXX x fragment design Golf Bag Is a Sight to Behold

The bags are produced by Vessel and designed by the two Japanese labels.

Tapestry To Acquire Versace, Jimmy Choo and Michael Kors in $8.5 Billion USD Deal
Fashion

Tapestry To Acquire Versace, Jimmy Choo and Michael Kors in $8.5 Billion USD Deal

The Coach parent company is purchasing Capri Holdings in a bid to create the strongest luxury fashion group in America.

HBO Greenlights Superhero Movie Parody Series, 'The Franchise'
Entertainment

HBO Greenlights Superhero Movie Parody Series, 'The Franchise'

From the writers of ‘Succession’ and ‘Veep’.

Clipse Star in New Moncler x Billionaire Boys Club Teaser
Fashion

Clipse Star in New Moncler x Billionaire Boys Club Teaser

Pusha T and No Malice sport the collab’s dual-branded puffers, varsity jackets, reflective trousers and more.


ESENES WORLDWIDE Releases Its "Boneheads" Clog In a New "Sand" Colorway
Footwear

ESENES WORLDWIDE Releases Its "Boneheads" Clog In a New "Sand" Colorway

The Cubone helmet-inspired kicks get outfitted with a desert-y aesthetic.

Seiko Expands Upon 5 Sports Watch Line With SKX Mid-Size Models
Watches

Seiko Expands Upon 5 Sports Watch Line With SKX Mid-Size Models

Presented by SEIKO
The Japanese timepieces are practical and versatile, updated with modern details and stylish colorways.

Dior Signs K-Pop Group Tomorrow X Together as Global Ambassadors
Fashion

Dior Signs K-Pop Group Tomorrow X Together as Global Ambassadors

The South Korean quintet teased the appointment during their history-making, headlining set at Lollapalooza.

The 2023 Emmy Awards Set a New Date
Entertainment

The 2023 Emmy Awards Set a New Date

In 2024.

Official Images of the Nike Kobe 8 Protro "Halo"
Footwear

Official Images of the Nike Kobe 8 Protro "Halo"

The angelic hoop kicks are dropping on August 23, 2023 to celebrate the Black Mamba’s birthday.

More ▾
 
We got you covered. Don’t miss out on the latest news by signing up for our newsletters.

By subscribing, you agree to our Terms of Use and Privacy Policy.
We got you covered. Don’t miss out on the latest news by signing up for our newsletters.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Looks like you’re using an ad-blocker

We charge advertisers instead of our readers. Support us by whitelisting our site.

Whitelist Us

How to Whitelist Us

screenshot
  1. Click the AdBlock icon in the browser extension area in the upper right-hand corner.
  2. Under “Pause on this site” click “Always”.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the AdBlock Plus icon in the browser extension area in the upper right-hand corner.
  2. Block ads on – This website” switch off the toggle to turn it from blue to gray.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the AdBlocker Ultimate icon in the browser extension area in the upper right-hand corner.
  2. Switch off the toggle to turn it from “Enabled on this site” to “Disabled on this site”.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the Ghostery icon in the browser extension area in the upper right-hand corner.
  2. Click on the “Ad-Blocking” button at the bottom. It will turn gray and the text above will go from “ON” to “OFF”.
  3. Refresh the page or click the button below to continue.
screenshot
  1. Click the UBlock Origin icon in the browser extension area in the upper right-hand corner.
  2. Click on the large blue power icon at the top.
  3. When it turns gray, click the refresh icon that has appeared next to it or click the button below to continue.
screenshot
  1. Click the icon of the ad-blocker extension installed on your browser.You’ll usually find this icon in the upper right-hand corner of your screen. You may have more than one ad-blocker installed.
  2. Follow the instructions for disabling the ad blocker on the site you’re viewing.You may have to select a menu option or click a button.
  3. Refresh the page or click the button below to continue.