In section Market Quotes
Ralph Lauren lifted its full-year revenue forecast after fiscal second-quarter profit and sales rose, with growth ranging from a 1% increase in Europe to a 28% jump in Asia. The company also reported stronger comparable sales across its digital and physical stores.
Profit for the quarter was $296.6 million, or $4.87 a share, compared with $207.5 million, or $3.32 a share, a year earlier. Excluding certain one-time items, earnings were $4.64 a share, above the $4.26 expected by analysts polled by FactSet.
Net revenue increased 9.1% to $2.19 billion, topping Wall Street’s $2.13 billion estimate. North American revenue rose about 6% to $885 million, while Europe edged up 1% to $696 million. Asia revenue climbed 28% to $571 million.
Global direct-to-consumer comparable sales advanced 10%, Ralph Lauren said, citing balanced growth in digital and brick-and-mortar channels. For the full year, the company now expects constant-currency revenue growth of around 6% to 7%, up from its previous forecast of around 5% to 6%. It projected growth of 3% to 4% in constant-currency revenue for the current quarter.
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