Ralph Lauren reported a 3 percent increase in revenues to USD 6.6 billion for fiscal 2024, thanks to sales gains in Asia, specifically across China.
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For the year, sales growth was driven by Asia, increasing 10 percent, with China delivering more than 25 percent growth for the 12 months.
Global revenues for the fourth quarter inched forward 2 percent to USD 1.6 billion, with growth again led by Asia, which increased 1 percent to USD 394 million. Comparable store sales in Asia increased 6 percent, with a 4 percent increase in brick-and-mortar stores and a 19 percent increase in digital commerce.
Net income in the fourth quarter was USD 91 million, or USD 1.38 per diluted share on a reported basis, compared to income of USD 32 million, or USD 0.48 per diluted share in the prior-year period.
The luxury brand said it delivered solid revenue growth in its core business, up low single-digits to last year during the post-holiday transition period and high-single digits for the full year in constant currency. It also drove continued momentum in its high-potential categories — including women’s, outerwear and home — up mid-single digits to last year in the fourth quarter and high-single digits for the full year in constant currency.
During the year, The New York-based company said it made new “emblematic” store openings in Amsterdam and Singapore, opened its first Ralph Lauren store and digital commerce site in Canada, and bowed its first Ralph’s Coffee in Paris, Shenzhen and Dubai.
“Our teams delivered continued progress on our strategic and financial commitments in year two of our Next Great Chapter: Accelerate plan,” said Patrice Louvet, president and chief executive officer.
“Supported by our increasing brand desirability and multiple engines of growth, this year’s performance underscores the strength of our long-term strategy, even as we navigate a highly dynamic global operating environment.”
In a separate release, Ralph Lauren announced the appointment of Justin Picicci to the role of chief financial officer, effective May 23. Picicci has a 18-year track record at Ralph Lauren with progressive responsibilities spanning commercial and corporate finance functions in Asia and North America, most recently serving as enterprise chief financial officer.
He replaces Jane Nielsen, who joined the company as CFO in 2016 and has served as CFO and chief operating officer since 2019. She will remain the company’s COO, continuing to lead key operational and strategy functions through March 2025.