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Ralph Lauren Exceeds Profit Expectations for 14th Straight Quarter

Net revenue for its fiscal third quarter went up 6 percent to $1.93 billion.

Published

8 months ago

February 11, 2024

INSTORE Staff

Ralph Lauren Exceeds Profit Expectations for 14th Straight Quarter

PHOTOGRAPHY: iStock/mizoula

Ralph Lauren (New York) has reportedly exceeded its profit expectations for the 14^th straight quarter, according to Reuters. The retailer cites strong holiday sales in the U.S. (driven by demand for cashmere, coats, sweaters and cocktail dresses) alongside a rebound of sales in China – with sales growing more than 30 percent there.

CEO Patrice Louvet said on post-earnings call, “The momentum we have on brand is attracting higher-value, younger consumers.” Indeed, this was the company’s strongest quarter when it came to customer acquisition, with 1.7 million new shoppers added to its direct-to-consumer business.

Net revenue for the retailer went up 6 percent to $1.93 billion for the fiscal third quarter, exceeding expectations of $1.87 billion.

You Wouldn’t Cut Your Own Hair. Why Run Your Own Retirement Sale?

After being in business for over a quarter of a century, Wayne Reid, owner of Wayne Jewelers in Wayne, Pennsylvania, decided it was time for a little “me time.” He says, “I’ve reached a point in my life where it’s time to slow down, enjoy a lot of things outside of the jewelry industry. It just seemed to be the right time.” He chose Wilkerson to handle his retirement sale because of their reputation and results. With financial goals exceeded, Reid says he made the right choice selecting Wilkerson to handle the sale. “They made every effort to push our jewelry to the forefront of the showcases,” he says, lauding Wilkerson for their finesse and expertise. Would he recommend them to other jewelers who want to make room for new merchandise, expand their business or like him, decide to call it a day? Absolutely he says, equating trying to do this kind of sale with cutting your own hair. “The results are going to happen but not as well as if you have a professional like Wilkerson do the job for you.”