By Inside Retail Asia
Ralph Lauren’s net revenue increased 3 per cent year on year to US$1.6 billion (2 per cent in constant currency) in the second quarter, which the company said exceeded its expectations.
The growth was largely driven by Asia revenue, which rose 10 per cent to $348 million (13 per cent in constant currency). Comparable store sales in the region were up by 8 per cent.
Europe revenue was up 7 per cent to $527 million but flat in constant currency, while North American sales dropped 1 per cent to $718 million.
The company posted a gross profit of $1.1 billion and an operating income of $164 million.
Patrice Louvet, president and CEO of Ralph Lauren, said the performance was solid thanks to pricing power and continued strategic investments.
“While we continue to navigate an uncertain macro environment, we are driving offence across our Next Great Chapter: Accelerate plan’s multiple growth drivers with agility, discipline and a clear focus on what we can control,” Louvet added.
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