The iconic luxury brand announced outstanding financial results for the third quarter of the 2023-2024 fiscal year, significantly exceeding market expectations. Buoyed by these encouraging results, Ralph Lauren anticipates sustained growth in its operations for 2023-2024, with ambitious plans for expansion and strengthening its global presence.
Ralph Lauren Corporation announced exceptional financial results for the third quarter ended in December of the 2023-2024 fiscal year on Thursday, February 8th, driven by sustained demand from affluent American consumers and a strong rebound in China.
The group’s net revenue reached $1.93 billion during the fiscal third quarter, compared to $1.83 billion a year earlier. This exceeded analysts’ forecasts, which averaged $1.87 billion. This performance reflects consistent growth, marking the twelfth consecutive quarter of surpassing Wall Street’s expectations.
Over the past nine months of the fiscal year, Ralph Lauren recorded sales of just over $5 billion, representing a 3% increase. Net income stood at $275 million on an adjusted basis.
Earnings per share (EPS) also saw significant growth. The iconic brand announced diluted earnings per share of $4.19, up 31% from the previous year on a reported basis, and $4.17, up 24% on an adjusted basis, excluding net charges related to restructuring and other items for the third quarter of the 2024 fiscal year.
“Our vision inspires people to live the life of their dreams,” said Ralph Lauren, executive chairman and chief creative officer. “This holiday season, our teams around the world brought this vision to life through iconic products and campaigns marked by timeless elegance and a spirit of joy.”
Holiday Boost
Sustained demand from affluent American consumers for luxury goods was a major driver of this performance, particularly for sweaters and shirts. Despite economic uncertainties, holiday purchases were remarkably robust, benefiting other industry giants such as LVMH and Richemont.
“We delivered strong holiday performance, with continued progress in our ‘Next Great Chapter: Accelerate’ plan and third-quarter results that exceeded our expectations, driven by ongoing momentum in our direct-to-consumer channels,” said Patrice Louvet, president and CEO.
The polo player brand reported that 1.7 million new consumers had been added to its sales activities.
North America Slows, China Soars
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Featured photo : © Ralph Lauren
