Asia aids Ralph Lauren sales recovery
Fashion label Ralph Lauren sales reached US$1.4 billion for the first quarter of this fiscal year, driven by sales in Asia and Europe.
Ralph Lauren sales in Asia increased 19 per cent to US$248 million on a reported basis and by 16 per cent in constant currency, driven by strength in both retail and wholesale channels. Samee-store sales in Asia increased 6 per cent in constant currency, reflecting growth in both the brick-and-mortar and digital-commerce operations.
By comparison, European revenue in the first quarter increased 8 per cent, while North America declined by 2 per cent.
Ralph Lauren, executive chairman and chief creative officer for the company said, “I continue to be inspired and energised by the passion our teams have for our brand and our company. This passion, along with Patrice’s [Louvet, president and CEO] partnership over the last year, the clear plan he and the team laid out in June, and the initial progress in this quarter, gives me confidence in our future as we celebrate 50 years in business.”
Louvet added: “We are off to an encouraging start to the new fiscal year on both the top and the bottom line… we are on track to return the company to long-term, sustainable growth and value creation.”