American luxury brand Ralph Lauren announced a 1 percent increase in third-quarter sales to USD 1.8 billion, beating out prior expectations, with positive sales growth across all regions.
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The New York-based company said Asia revenue in the third quarter increased 1 percent to USD 386 million on a reported basis and 16 percent in constant currency, with the Chinese mainland up high-single digits.
Comparable store sales in Asia increased 8 percent, with a 7 percent increase in brick-and-mortar stores and a 21 percent increase in digital commerce. North America revenue in the third quarter increased 1 percent to USD 938 million, while Europe revenue increased 1 percent to USD 469 million.
“Our core consumer remains resilient and our iconic products are resonating around the world — evidenced by our strong third quarter and year-to-date performance,” said Patrice Louvet, president and chief executive officer.
“While we remain very attuned to the dynamic global operating environment, the breadth of our portfolio of products and our multiple engines of growth create the flexibility that will enable our teams to continue to be agile, adapt and deliver even in this challenging backdrop.”
For the three months, Ralph Lauren reported earnings per diluted share of USD 3.20 on a reported basis and USD 3.35 on an adjusted basis, excluding restructuring-related and other net charges for the third quarter of fiscal 2023. This compared to earnings per diluted share of USD 2.93 on a reported basis and USD 2.94 on an adjusted basis.
Looking ahead, the company reiterated its full year fiscal 2023 outlook of high-single digit net revenue growth in constant currency. It also predicts adjusted operating margin in the range of 13.5 percent to 14 percent in constant currency.