Ralph Lauren quarterly revenue inches forward

Ralph Lauren Corp on Thursday said its quarterly revenues inched forward, as demand for its high-end clothing and accessories held up amid expectations of some affluent customers reining in spending on luxury goods.

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Net revenue rose 1% to $1.83 billion in the third quarter ended December 31, while analysts had expected $1.76 billion, according to Refinitiv IBES data.

By region, North America revenue in the third quarter increased 1% to $938 million, while Europe revenue increased 1% to $469 million on a reported basis and 13% in constant currency. Asia revenue in the third quarter increased 1% to $386 million.

Net income was $216 million, or $3.20 per diluted share on a reported basis, down from net income of $218 million, or $2.93 per diluted share on a reported basis, in the prior-year period.

"Our core consumer remains resilient and our iconic products are resonating around the world — evidenced by our strong third quarter and year-to-date performance," said Patrice Louvet, president and chief executive officer.

"While we remain very attuned to the dynamic global operating environment, the breadth of our portfolio of products and our multiple engines of growth create the flexibility that will enable our teams to continue to be agile, adapt and deliver even in this challenging backdrop."

Looking ahead, the New York Company said it continues to expect constant currency revenues to increase approximately high-single digits in fiscal 2023 on last year, up about 8%, on a 52-week comparable basis.