Ralph Lauren boosts sales forecast as wealthy shoppers undeterred by price rises
Luxury fashion brand Ralph Lauren upped its sales forecast for the year after resilient demand for designer clothes and accessories.
The New-York based retailer said it was anticipating improved margins after robust demand from its largest markets in North America and Europe.
Its core customer base of higher-income shoppers has been unaffected by the rising cost of groceries and energy bills.
What’s more, the relaxing of Covid restrictions has seen shoppers cough up more cash to buy occasion wear for social events.
Ralph Lauren said its fiscal 2023 gross margin was set to increase 30 to 50 basis points on a comparable, constant currency basis.
The company’s net revenue was boosted 18 per cent to $1.52bn for the fourth quarter, beating estimates of $1.46bn.