(Reuters) -Ralph Lauren Corp raised its full-year revenue forecast on Tuesday, helped by resurgent demand for high-end apparel in North America.
Shares of the New York-based company rose 2.5% in premarket trading. The luxury goods industry has bounced back sharply this year from pandemic-driven weakness in 2020, as consumers return to socializing and splurging on their wardrobes. Ralph Lauren’s European peers, including LVMH, Brunello Cucinelli and Hermes, have also reported strong increases in sales, despite concerns of a slowdown in China and scarce tourist shopping- a key source of revenue for the sector.
The retailer said it expects constant currency fiscal 2022 revenue to rise 34% to 36%, compared with a prior forecast of a 25% to 30% increase.
Ralph Lauren’s net revenue rose to $1.50 billion in the second quarter ended Sept. 25 from $1.19 billion a year earlier. Analysts on average had expected revenue of $1.47 billion, according to Refinitiv IBES data.
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