Ralph Lauren Corp beat analysts’ estimates for fourth-quarter revenue and profit on Tuesday, as the luxury apparel maker benefited from higher demand in international markets especially China
Shares of the New York-based fashion house climbed about 3% premarket as the company also hiked its quarterly dividend by 10%. The 52-year old fashion house has ramped up its digital marketing, hiring models and film stars to promote its brand on social media to boost sales.
“We saw particular strength across our international regions as we invested in product, marketing and distribution,” Chief Executive Officer Patrice Louvet said.
Revenue in Asia rose 10% on a constant-currency basis, powered by a 30% growth in mainland China. Europe also saw 11% revenue growth on a constant-currency basis.
Overall, net revenue fell 1.5% to $1.51 billion due to a strong dollar, but beat estimates of $1.48 billion, according to IBES data from Refinitiv.
Net income fell to $31.6 million, or 39 cents per share, in the fourth quarter ended March 30, from $41.3 million, or 50 cents per share, a year earlier. On an adjusted basis, the company earned $1.07 per share, beating estimates of 90 cents per share.
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