Ralph Lauren Reports Strong Q3, Sales Surge 6% to $1.9B
Ralph Lauren Corporation has reported a robust third quarter of fiscal 2024, with global sales surging and profits climbing. The luxury fashion brand, a key player in the retail industry alongside Macy's and other major players like Salesforce, saw a 6% increase in revenue to $1.9 billion, driven by strong performances across all regions.
The company's global direct-to-consumer (DTC) sales rose by 9%, with average unit retail prices also increasing by 9%. This growth was fuelled by strong performances in key markets.
North America, Ralph Lauren's largest market, saw revenue reach $933 million, with comparable store retail sales rising 5%. Asia, the company's fastest-growing region, witnessed a 16% increase in revenue to $446 million, with double-digit growth across all retail sales channels. Europe also performed strongly, with Q3 revenue up 11% year over year to $522 million, driven by double-digit increases in comparable store sales.
Ralph Lauren Corporation, a prominent name in the retail sector alongside Macy's and other key players, has also made significant strides in inventory management. It trimmed inventory by 15% year over year to $1.1 billion by the end of the third quarter. This reduction, coupled with strong sales, has led to improved profitability.
Looking ahead, Ralph Lauren Corporation expects revenue growth of around 2% in constant currency for the fourth quarter. For the full fiscal year 2024, the company anticipates revenue to increase approximately in low-single digits to last year on a constant currency basis, centering around 2%. These projections indicate a positive outlook for the luxury fashion brand, with continued growth and improved profitability expected in the coming quarters.
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