US fashion firm Ralph Lauren rebounds in Q1; N America sales jump 300%

04 Aug '21

2 min read

Pic: Ralph Lauren

On the grounds of strong performance across North America and Europe, the American fashion company Ralph Lauren Corporation has bounced back with 182 per cent growth in revenue to $1.4 billion during first quarter (Q1) of FY22 ended on June 26, 2021, against same period of prior fiscal. North America’s revenue mounted 301 per cent to $662 million ($165 million).

“Our timeless brand is resonating strongly with consumers around the world, and the breadth of our lifestyle portfolio is enabling us to deliver products that meet evolving consumer tastes and demand as we progressively emerge from the pandemic,” Patrice Louvet, president and chief executive officer at Ralph Lauren Corporation, said in a press release.

Gross profit for Q1 FY22 was $968.1 million ($348.7 million), while operating income jumped to $220.6 million (operating loss: $168.0 million). The company’s net income improved to $164.7 million (loss: $127.7 million).

With 154 per cent rise in brick-and-mortar stores sales and 23 per cent increase in online sales, Europe registered total revenues of $355 million in Q1, up 194 per cent against prior year. Furthermore, revenues from Asia climbed 68 per cent to $288 million.

In its future outlook, the company stated that it continues to note the ongoing uncertainty and evolving situation surrounding Covid-19 impacting the timing and path of recovery in each market, including the potential for further outbreaks or resurgences of the pandemic across various markets as well as potential global supply chain disruptions. Considering these factors, Ralph Lauren Corporation now expects FY22 revenues to increase approximately 25 per cent to 30 per cent.

“Even as we continued to manage through Covid-related challenges in select markets and in our global supply chain, we are back on offense and excited about our future growth opportunities,” Louvet said.

Fibre2Fashion News Desk (JL)

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