Ralph Lauren Corporation (NYSE:RL) has reported second-quarter sales and earnings that beat expectations despite what it described as an "uncertain macro environment."
The luxury lifestyle brand reported strong growth in sales in Asia, and China in particular. On a reported basis, European sales rose 7% but were flat in constant currency. Sales in North America declined by 1% year-over-year but were up from the earlier quarter.
Net revenue for the quarter ended September 30, 2023, rose 3% to $1.63 billion, above the $1.61 billion expected by Wall Street analysts.
Adjusted earnings per share (EPS) fell 5.8% to $2.10 but were ahead of analysts’ consensus estimates of $1.92, according to Zacks Investment Research.
"Our teams delivered solid second quarter performance ahead of our commitments with stronger top-line growth across all regions, supported by our iconic brand, pricing power and continued strategic investments," the company’s president and CEO Patrice Louvet commented in a statement.
"While we continue to navigate an uncertain macro environment, we are driving offense across our Next Great Chapter: Accelerate plan's multiple growth drivers with agility, discipline and a clear focus on what we can control."
For 3Q and its full 2024 financial year, the company has guided for revenues to increase by 1% to 2% on a constant currency basis.
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