US fashion brand Ralph Lauren has beat revenue expectations in the fourth quarter of the year as it swung to a profit.
In the quarter ended April 2, global revenue increased by 18 percent year-over-year on a reported basis to 1.5 billion dollars.
Breaking it down by region, North American revenue increased 19 percent to 674 million dollars, Europe revenue was up 26 percent to 467 million dollars, and Asia revenue grew 20 percent to 346 million dollars.
The company swung to a net profit of 24.4 million dollars from a loss of 74.1 million dollars a year earlier.
“Our teams around the world executed exceptionally well to deliver fourth quarter and full year results that exceeded our expectations as we continued to progress on our long-term strategic commitments,” said president and CEO Patrice Louvet.
Ralph Lauren upbeat on FY results
For the full year, revenue increased 41 percent to 6.2 billion dollars, exceeding pre-pandemic levels.
North America revenue increased 49 percent to 3 billion dollars, Europe revenue was up 53 percent to 1.8 billion dollars, and Asia revenue grew 25 percent to 1.3 billion dollars.
The company swung to an annual net profit of 600 million dollars from a net loss of 121.1 million dollars a year earlier.
Looking ahead, Ralph Lauren now expects FY23 constant currency revenue to increase in high single digits on a year-over-year basis.
Louvet continued: “We have laid the groundwork for healthy sustainable growth and value creation in Fiscal 2023.
“As we continue to navigate a highly dynamic global macroeconomic environment, our growth will be supported by the strength of our brand and multiple engines - from recruiting new high-value consumers to developing high-potential product categories and geographic and channel expansion.”