Ralph Lauren said revenue grew 6% to $1.9 billion in its fiscal third quarter ended Dec. 30. Global direct-to-consumer (DTC) same-store sales grew 9% over the same period. Gross profit was $1.3 billion, the retailer said.
“We delivered a strong holiday, with continued progress on our Next Great Chapter: Accelerate plan and third quarter results that exceeded our expectations led by continued momentum in our direct-to-consumer channels,” Patrice Louvet, President and CEO said in a statement. “These results underscore the diversity of our strategic growth drivers around the world in a still-volatile operating environment as well as our culture of operating discipline and agility.”
Ralph Lauren ranks No. 78 in the Top 1000, Digital Commerce 360’s database of the largest North American e-retailers by online sales.
Ralph Lauren revenue by channel
Comparable sales on Ralph Lauren’s ecommerce websites grew 8% year over year, the retailer said. That was on top of 11% growth in the year-ago period.
In North America, online sales grew 4% while in-store sales grew 6%. Meanwhile, wholesale revenue declined 15%. North America total revenue remained flat year over year at $933 million.
In Europe, online sales led growth, up 12% year over year. Ralph Lauren brick-and-mortar sales grew 10%, and wholesale revenue grew 5%. Total European revenue grew 11% to $522 million.
Revenue in Asia grew fastest of all, up 16% to $446 million. Online sales grew even faster, recording a 25% increase. Ralph Lauren Asia brick-and-mortar sales grew 13%.
Ralph Lauren Q3 highlights
The apparel retailer noted some of the high points behind the successful quarter. In Q3, Ralph Lauren added more customers than in any quarter since the onset of the pandemic. It gained 1.7 million DTC customers.
Much of the growth was attributable to a successful holiday season, the retailer said, pointing to the “Season for Dreaming” holiday campaign. Traffic to outlet stores especially grew over the holidays, it said. Average unit retail (AUR) grew 9% in the third quarter across DTC sales, on top of 10% growth last year.
During the same period, Ralph Lauren recorded strong online sales on Singles Day, the online shopping holiday in China on Nov. 11.
Finally, Ralph Lauren credited dressing Taylor Swift for her Time 2023 Person of the Year issue for growing brand awareness.
For the fiscal third quarter ended Dec. 30, 2023, Ralph Lauren reported:
- Revenue grew 6% to $1.9 billion.
- Global DTC same-store sales grew 9%.
- Ralph Lauren online sales in North America grew 4%.
For nine months ended Dec. 30, 2023, Ralph Lauren reported:
- Ralph Lauren revenue grew 3% to $5.1 billion.
- Gross profit grew 5% to $3.4 billion.
Percentage changes may not align exactly with dollar figures due to rounding. Check back for more earnings reports.
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