American fashion firm Ralph Lauren ends Q2 with net income to $193 mn

09 Nov '21

2 min read

Pic: Ralph Lauren

Second quarter (Q2) revenues at Ralph Lauren Corp, a global leader in the design, marketing, and distribution of premium lifestyle products, increased by 26 per cent to $1.5 billion against same period of prior fiscal. The company’s net income for the quarter ended on September 25, 2021, shot up to $193.3 million compared to loss of $39.1 million in Q2 FY21.

“We continue to grow and evolve in ways I never imagined, all while holding true to the spirit of timelessness that defines who we are,” Ralph Lauren, executive chairman and chief creative officer at the company, said in a press release. “As we enter the holiday season with a greater sense of hope in the world, I am proud of how our teams are coming together to inspire optimism and love in everything we create — from our iconic products to our expanding digital, hospitality and store experiences all over the world.”

Gross profit during Q2 FY22 grew to $1.0 billion ($799.4 million), while operating income increased to $251.9 million (operating loss: $20.3 million).

By region, sales from North America surged 30 per cent to $703.1 million ($542.9 million), while Europe recorded a 38 per cent rise in sales to $495.5 million ($359.5 million). Furthermore, Asia reported a 14 per cent sales hike to $269.9 million ($236.6 million), compared to the second quarter of 2021.

“We delivered another quarter of strong progress on our fiscal 2022 plan, with second quarter results exceeding our expectations across all key financial, operating and consumer health metrics,” Patrice Louvet, president and chief executive officer at Ralph Lauren said.

“Ralph Lauren remains on offense — our market share is growing and we are increasing our investments to deliver on further opportunities for growth. Even as we continue to navigate a volatile global environment, we are confident in our ability to sustain our momentum,” Louvet concluded.

Ralph Lauren 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. For the fiscal 2022, the company has raised its outlook and expects sales to rise in the range between 34 per cent to 36 per cent.

Fibre2Fashion News Desk (JL)

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