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Ralph Lauren raises annual forecast, tops revenue estimates on luxury demand -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: This is a man walking past Ralph Lauren Corp.’s Polo flagship on Fifth Avenue in New York City. U.S.A, April 4, 2017. REUTERS/Brendan McDermid/File Photo

(Reuters) – Ralph Lauren Corp beat its quarterly revenue estimates, and increased its annual forecast Thursday. The company benefited from soaring luxury product demand in Europe and the United States, driving its shares up 7% during premarket trade.

Ralph Lauren (NYSE :)’s market beating sales continue a string of strong performances by global luxury groups like Capri Holdings (NYSE :), LVMH (OTC :), and Prada (OTC :), which are customers who have come out of lockdowns to splurge in high-end clothing, driving sales back up to pre-pandemic levels.

Net revenue for the retailer rose 27%, to $1.82billion in its third quarter that ended December 25. Refinitiv IBES data shows that analysts expected an average of $1.64 Billion in revenue.

Retailer said that constant currency revenue will rise by 39% to 41% for the fiscal year 2022, in comparison to its prior forecast of a 34%- 36% increase.

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