Ralph Lauren Corporation has announced its earnings for the 2021 fiscal year, revealing revenue increased by a remarkable 182% during Q1 of fiscal 2022; which amounts to a considerable US$1.4 billion (AU$1.9 billion) grand total.
“Against the backdrop of stronger than expected re-openings across North America and Europe, our teams delivered exceptional performance this quarter,” says Patrice Louvet, President & CEO of Ralph Lauren.
Stronger than expected is right on the money. In North America, the company’s revenue has risen by 301% to US$662 million (AU$904 million), with comparable-store sales also exhibiting growth in the way of 176%. Physical storefronts hit their stride this time around, reporting an increase of 278% versus the surprisingly modest 51% increase of e-commerce sales.
Over in Europe, revenue has risen by 194% to US$355 million (AU$484 million), with comparable-store sales exhibiting growth in the way of 98%. Similar to its American counterpart, physical storefronts reported an increase of 154%, while e-commerce sales increased by just 23%.
By comparison, Asia demonstrated the lowest amount of growth within the Ralph Lauren family, although it still represents quite a tidy result. Revenue climbed by 68% to US$288 million (AU$393 million), comparable-store sales by 43%, physical retail front sales by 43%, and e-commerce sales by 42%. Though when you consider the sheer size of the Asiatic market relative to other continents, you can understand why this could be perceived as somewhat disappointing.
Ralph Lauren reportedly expects revenue to continue trending in a positive direction in Q2, albeit by a far more reasonable 20-22%.