Aug 6 (Reuters) – Ralph Lauren beat Wall Street estimates for first-quarter results on Thursday, boosted by strong demand from young and affluent shoppers in Asia and North America for its high-end collections, including linen shorts and lightweight outerwear.
Shares dipped marginally in premarket trading. While the company raised its annual revenue forecast to 5% to 6% range, the midpoint came below analysts’ estimates of 6.2% rise.
The high-end apparel company, founded by designer Ralph Lauren in 1967, has reported strong growth across regions, including North America, in recent months despite a broader slowdown in the global luxury sector.
Ralph Lauren began a turnaround plan about a decade ago when it hired its first outside CEO, helping revive sales and sharpen its focus on higher-end apparel.
The New York-based company has been refreshing its product lineup with updated versions of fleece, sweatshirts and hoodies aimed at attracting younger shoppers.
It posted quarterly revenue of $1.96 billion, compared with analysts’ estimates of $1.87 billion, according to data compiled by LSEG.
Ralph Lauren’s adjusted earnings per share of $4.59 for the reported quarter beat estimates of $4.32 per share.
(Reporting by Anuja Bharat Mistry in Bengaluru and Danielle Kaye in New York; Editing by Tasim Zahid)
