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Luxury retailer Ralph Lauren has revealed it expects FY revenues to meet expectations of low single digit growth as its Q1 revenues increased to $1.5bn (£1.18bn), up from $1.49bn (£1.17bn) the same time last year.
Its revenue performance was boosted by an 8% increase in Europe to $450m (£354m) and a 13% increase in Asia to $378m (£297m) which helped to offset a 10% decline in North America.
In retail, comparable store sales in Europe were up 2%, with a 1% increase in brick and mortar stores and an 8% increase in digital commerce. Europe wholesale revenue also increased 12% on a reported basis and 11% in constant currency.
The company also confirmed net income in the first quarter of Fiscal 2024 was $132m (£103m).
Patrice Louvet, president and CEO, said: “Our solid first quarter performance highlights the unique power and relevance of our iconic brand with consumers around the world along with our diversified engines of growth, and we are reaffirming our full year outlook.
“As we continue to execute on our Next Great Chapter: Accelerate plan, our teams are staying true to our creative vision while remaining agile and focused on what we can control in the context of a choppy environment.”
