financetom
Business
financetom
/
Business
/
Ralph Lauren hikes annual sales forecast on strong demand for high-end apparel
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Ralph Lauren hikes annual sales forecast on strong demand for high-end apparel
Nov 9, 2024 12:06 PM

(Reuters) -Ralph Lauren ( RL ) raised its annual sales forecast after topping quarterly revenue estimates on Thursday, on steady demand for its cable-knit sweaters and Oxford shirts in North America, Europe and China, sending shares of the company 6% up in premarket trading.

Wealthy customers continue to splurge on high-end leather handbags and Polo sweat-shirts, boosting demand across Ralph's direct-to-customer channels and helping it counter a muted wholesale business and soft e-commerce sales in North America.

The results are in contrast to a pullback in the broader luxury sector, primarily in the key China market, which has hurt larger European fashion houses such as Hugo Boss, Kering and luxury bellwether LVMH.

The Club Monaco owner now expects fiscal year 2025 revenue to increase about 3% to 4% compared with a prior forecast of a 2% to 3% rise.

The luxury retailer's net revenue rose 6% to $1.73 billion in the second quarter ended Sept. 28 from a year earlier. Analysts on average had expected revenue of $1.68 billion, according to data compiled by LSEG.

(Reporting by Savyata Mishra in Bengaluru; Editing by Shinjini Ganguli)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
-- Enthusiast Gaming Brief: Keeps Buy, Price Target Lowered Co C$0.60 From $0.80 at B.Riley, In Maintaining 1.5x EV/Sales Valuation Methodology
-- Enthusiast Gaming Brief: Keeps Buy, Price Target Lowered Co C$0.60 From $0.80 at B.Riley, In Maintaining 1.5x EV/Sales Valuation Methodology
Apr 1, 2025
03:00 PM EDT, 04/01/2025 (MT Newswires) -- Price: 0.09, Change: -0.01, Percent Change: -10.53 ...
Cinema group pushes for movies to stay in theaters longer
Cinema group pushes for movies to stay in theaters longer
Apr 1, 2025
* Cinema United calls for 45-day exclusivity to boost box office * Streaming reduced traditional 90-day theater exclusivity, impacting box office * Sony ( SONY ) open to collaboration on theatrical windows, pricing flexibility By Lisa Richwine LAS VEGAS, April 1 (Reuters) - Movie theater owners are making a new push to keep films in cinemas for a longer period...
Newsmax Stock Soars More Than 100% As IPO Momentum Continues: What's Going On?
Newsmax Stock Soars More Than 100% As IPO Momentum Continues: What's Going On?
Apr 1, 2025
Newsmax Inc. ( NMAX ) shares are ripping higher again on Tuesday as the stock continues to gain momentum following its explosive IPO debut. What To Know: According to the Economic Times, conservative cable news network Newsmax ( NMAX ) went public at $10 per share and quickly surged over 500% on its first day of trading. The stock opened...
FAA must address concerns before extending Boeing regulatory program, senator says
FAA must address concerns before extending Boeing regulatory program, senator says
Apr 1, 2025
WASHINGTON (Reuters) - Democratic Senator Maria Cantwell on Tuesday urged the Federal Aviation Administration to address critical concerns before deciding whether to extend a program that allows Boeing ( BA ) to perform FAA-delegated tasks like inspections and approving repairs. The FAA in May 2022 opted to renew Boeing's ( BA ) Organization Designation Authorization program for three years, rather...
Copyright 2023-2026 - www.financetom.com All Rights Reserved