Ralph Lauren Corp. got off to a fast start in its first quarter.
The company reported that its net income totaled $164.7 million, or $2.18 per share, for the quarter ended June 26, after a loss of $127.7 million, or $1.75 per share, in the year-ago pandemic-lockdown period. Adjusted earnings per share of $2.29 crushed analysts’ estimates of $0.88.
Revenue skyrocketed 182% $1.376 billion, beating estimates of $1.218 billion. Global e-commerce sales were up more than 80%, with sales in its owned e-commerce channels increasing more than 45%.
North American revenue rose 301% to $662 million. Comparable sales in the region were up 176%, with a 278% increase in brick-and-mortar stores and a 51% increase in digital commerce.
In line with Ralph Lauren’s ongoing strategy to elevate its brand and move to a higher price point, its average unit retail price rose 17% during the quarter, driven by strong spring ’21 full-priced selling.
“Against the backdrop of stronger than expected re-openings across North America and Europe, our teams delivered exceptional performance this quarter," said Patrice Louvet, president and CEO. "Our timeless brand is resonating strongly with consumers around the world, and the breadth of our lifestyle portfolio is enabling us to deliver products that meet evolving consumer tastes and demand as we progressively emerge from the pandemic. Even as we continued to manage through COVID-related challenges in select markets and in our global supply chain, we are back on offense and excited about our future growth opportunities."
In March, Ralph Lauren launched a subscription apparel rental initiative.