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The company’s shares were up about 2% in premarket trading.
While luxury companies ranging from LVMH and Gucci-owner Kering (EPA:PRTP) to Coach handbag maker Tapestry (NYSE:TPR) have flagged softer demand in the United States, Ralph Lauren (NYSE:RL)’s new seasonal collections and Polo bags have continued to see steady demand from younger shoppers.
Ralph Lauren is also benefiting from a strong recovery in demand in China after the easing of COVID-19 restrictions, with sales in the country jumping more than 30% in the quarter, pulling Asia revenue up 13% to $390 million.
Net revenue rose to $1.54 billion in the fourth quarter, compared with analysts’ estimates for a drop to $1.47 billion, according to Refinitiv IBES data.
