Ralph Lauren Corp. easily topped analysts’ expectations for its first quarter with a strong performance across geographies, and raised its outlook for the year.
The luxury apparel and accessories company reported that its income rose 30.7% to $220.4 million in the quarter ended June 28, up from $168.6 million in the year-ago period. Adjusted income rose 34.9% to $236 million, or $3.77 per share, topping the $3.50 earnings per share analysts forecast.
Revenues rose 14% to $1.7 billion. By geography, revenues were led by double-digit growth in Asia and Europe. Global direct-to-consumer comparable store sales grew 13%, driven by positive retail comps across regions and channels. The average unit retail prices increased 14%.
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