Ralph Lauren has announced its fourth-quarter and full-year revenue exceeded expectations, led by Asia and Europe, with fourth quarter revenue up 1 percent during the three months.
SEE ALSO: Ralph Lauren Asia revenue inches forward 1 percent
The New York-based luxury fashion brand said Asia revenue in the fourth quarter increased 13 percent to USD 390 million on a reported basis. On a 13-week comparable basis, revenue increased 29 percent in constant currency, supported by strong performances across all markets. Likewise, comparable store sales in Asia increased 20 percent, with a 20 percent increase in brick-and-mortar stores and a 19 percent increase in digital commerce.
China sales were up more than 30 percent in reported dollars and over 40 percent on a constant currency 13-week comparable basis.
For fiscal 2023, Ralph Lauren total revenue increased 4 percent to $6.4 billion. By region, Asia revenue increased 11 percent to USD 1.4 billion on a reported basis. On a 52-week comparable basis, revenue in Asia increased 25 percent to USD 1.6 billion in constant currency, said the company.
Annual net income was USD 523 million or USD 7.58 per diluted share on a reported basis, compared to net income of USD 600 million, or USD 8.07 per diluted share on a reported basis in the prior-year period.
“We made strong progress in the first year of our ‘Next Great Chapter: Accelerate’ plan, as our teams around the world executed exceptionally well through a highly dynamic global operating environment,” said Patrice Louvet, president and chief executive officer.
“Our fiscal 2023 performance puts us on track with our investor day commitments. We continue to be on offense as we balance growth and operating discipline, investing in our brand while delivering strong shareholder returns.”