In the first quarter of fiscal 2023, net revenue of Ralph Lauren increased by 8 per cent to $1.5 billion on a reported basis and was up 13 per cent in constant currency, ahead of expectations driven by strong growth across all regions. Foreign currency negatively impacted revenue growth by approximately 510 basis points in the first quarter.

North America revenue in the first quarter increased 6 per cent to $701 million. In retail, comparable store sales in North America were up 5 per cent, with a 5 per cent increase in brick and mortar stores and a 2 per cent increase in digital commerce. North America wholesale revenue increased 5 per cent.

Europe revenue in the first quarter increased 17 per cent to $416 million on a reported basis and increased 28 per cent in constant currency. In retail, comparable store sales in Europe were up 34 per cent, with a 45 per cent increase in brick and mortar stores and a 7 per cent increase in digital commerce.

Asia revenue in the first quarter increased 16 per cent to $334 million on a reported basis and 26 per cent in constant currency. Comparable store sales in Asia increased 19 per cent, with a 17 per cent increase in our brick and mortar stores and a 37 per cent increase in digital commerce.

Gross profit for the first quarter of fiscal 2023 was $1.0 billion and gross margin was 67.2 per cent. Adjusted gross margin was 68.0 per cent, 180 basis points below the prior year on a reported basis and down 80 basis points in constant currency, with better pricing and promotions more than offset by increased freight headwinds to mitigate global supply chain delays, the company said in a press release.

"Our vision of timelessness and an authentic life well-lived continues to resonate around the world," said Ralph Lauren, executive chairman and chief creative officer. "From the elegant spirit of Wimbledon to the anniversary celebration of our iconic Polo Shirt, our brand is inspiring people to step into their dreams."

"Our strong first quarter performance underscores the power of our brand and momentum of our strategy around the world, following our significant multi-year reset," said Patrice Louvet, president and chief executive officer. "While the global operating environment remains as volatile as ever, our talented, passionate teams are delivering on the multiple growth opportunities to scale our business with creativity and discipline — from driving high-quality new consumer recruitment to expanding digital and elevating our touch points in every region and channel."

For fiscal 2023, the company continues to expect constant currency revenues to increase approximately high single digits to last year on a 52-week comparable basis, with our outlook centered around 8 per cent. Based on current exchange rates, foreign currency is now expected to negatively impact revenue growth by approximately 600 basis points in fiscal 2023. On a 53-week comparable basis, fiscal 2023 revenue growth is still expected to be negatively impacted by approximately 100 basis points due to the absence of the 53^rd week compared to the prior year.