Aug 5, 2021
Ralph Lauren rebounds in Q1, N America sales jump 300%
Aug 5, 2021
With a strong performance across North America and Europe, American fashion company Ralph Lauren Corporation has bounced back with 182% growth in revenue to $1.4bn. North American revenue rose 301% to $662 million.
“Our timeless brand is resonating strongly with consumers around the world, and the breadth of our lifestyle portfolio is enabling us to deliver products that meet evolving consumer tastes and demand as we progressively emerge from the pandemic,” Patrice Louvet, president and chief executive officer at Ralph Lauren Corporation, said.
Gross profit for Q1 FY22 was $968.1 million (after $348.7 million a year ago), while operating income jumped to $220.6 million (operating loss, $168 million last time). The company’s net income improved to $164.7 million (from a loss of $127.7 million).
With a 154% rise in brick-and-mortar stores sales and 23% increase in online sales, Europe registered total revenues of $355 million in Q1, up 194% against prior year. Furthermore, revenues from Asia climbed 68% to $288 million.
In its future outlook, the company stated that it continues to note the ongoing uncertainty and evolving situation surrounding Covid-19 impacting the timing and path of recovery in each market, including the potential for further outbreaks or resurgences of the pandemic across various markets as well as potential global supply chain disruptions. Considering these factors, Ralph Lauren Corporation now expects FY22 revenues to increase approximately 25-30%.
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