The company achieved net revenue growth of 5% in the period to US$1.6 billion on a reported basis, up by 13% in constant currency. Ralph Lauren reports that foreign currency negatively impacted revenue growth in the second quarter.
Revenue in North America was up by 3% in the second quarter to US$727 million, with comparable retail store sales flat year-on-year and digital commerce down by 1%. Wholesale revenue for this region was up by 8%.
In Europe, revenue for the quarter was flat against last year at US$494 million on a reported basis, and up by 15% in constant currency. Comparable retail store sales were up by 3%, digital commerce by 15% and wholesale revenue by 9%.
Meanwhile, in Asia, revenue grew by 17% to US$316 million on a reported basis and 33% in constant currency, while comparable retail store sales grew by 25% and digital commerce by 22%. Ralph Lauren achieved net income in the second quarter of 2023 of US$151 million.
Ralph Lauren, Executive Chairman and Chief Creative Officer, said: “Our multiple engines of growth helped drive solid second quarter results with outperformance on both the top- and bottom-line as we continue to navigate a highly dynamic global operating environment with agility and a relentless focus on building our brand momentum.”