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Ralph Lauren $RL +2.67% reported fourth-quarter adjusted earnings of $2.80 per share on revenue of $1.98 billion Thursday, beating analyst expectations as affluent shoppers around the world continued buying at full price.
Analyst expectations for adjusted earnings were $2.52 per share, according to MarketScreener. Analysts had forecast revenue of $1.85 billion, also according to MarketScreener. In premarket trading Thursday, the stock climbed as much as 11%.
Asia led all regions with revenue up 31% on a reported basis and 28% in constant currency. China was a major driver, helped by strong demand during the Lunar New Year. Revenue in Europe increased 18%, and North America grew 8%.
Comparable store sales across the company's direct-to-consumer network gained 17% for the quarter. The company attributed mid-teens growth in average unit retail prices to product elevation, a favorable mix of geographies and channels, and stronger full-price selling that was accompanied by fewer markdowns. Women's Apparel, Outerwear, and Handbags each grew more than 20% in constant currency during the quarter.
