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In the third quarter of fiscal 2019, revenue increased by 5.1 per cent to $1.7 billion on a reported basis and was up 6.3 per cent in constant currency, driven by positive results across regions. Foreign currency negatively impacted revenue growth by approximately 120 basis points in the third quarter.
Revenue from North America in the third quarter rose 3 per cent to $909 million. Europe saw 10 jump in revenue to $415 million on a reported basis and increased 13 per cent to last year in constant currency. Asia revenue in the third quarter increased 10 per cent to $275 million on a reported basis and increased 11 per cent in constant currency, with strong performance across every market, including 19 per cent constant currency growth in Greater China.
"Our passionate teams are focused on staying true to the authentic expression of the Ralph Lauren lifestyle while evolving with the changing consumer and global retail landscape around us," said Ralph Lauren, executive chairman and chief creative officer. "As we continue to strengthen the foundations of our business and elevate our iconic brand, I am pleased with the progress we are making."
Gross profit for the third quarter was $1.1 billion and gross margin was 61.4 per cent. On an adjusted basis, gross margin was 61.6 per cent, 90 basis points above the prior year. The increase in adjusted gross margin was driven by initiatives to improve quality of sales through reduced promotional activity and improved pricing as well as favorable product and channel sales mix.
"Solid execution on our key initiatives, especially during the important holiday period, delivered better-than-expected results for the third quarter as we drove higher average unit retail and continued to improve quality of sales overall," said Patrice Louvet, president and chief executive officer. "These results give us confidence that our strategic investments in brand-building, product, digital, and global expansion are on the right track, while the strength of our balance sheet will continue to be a competitive advantage as we manage through an increasingly volatile global environment."
In the fourth quarter of fiscal 2019, the company expects net revenue to be down slightly in constant currency due to a planned reduction in off-price sales. Foreign currency is expected to pressure revenue growth by about 300 basis points in the fourth quarter.
For fiscal 2019, the company now expects net revenue to be up slightly on a constant currency basis. Foreign currency is expected to have approximately 80 to 90 basis points of negative impact on revenue growth in fiscal 2019. (RR)
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