{"id":82247,"date":"2023-11-08T15:46:07","date_gmt":"2023-11-08T20:46:07","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/ralph-lauren-tops-q2-targets-as-cashmere-sweaters-jackets-pull-shoppers\/"},"modified":"2023-11-08T15:46:11","modified_gmt":"2023-11-08T20:46:11","slug":"ralph-lauren-tops-q2-targets-as-cashmere-sweaters-jackets-pull-shoppers","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=82247","title":{"rendered":"Ralph Lauren tops Q2 targets as cashmere sweaters, jackets pull shoppers"},"content":{"rendered":"
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\u00a9 Reuters. People sit outside a Ralph Lauren store on New Bond Street in London, Britain, March 11, 2023. REUTERS\/Henry Nicholls\/ File Photo<\/span>
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By Deborah Mary Sophia<\/p>\n

(Reuters) -Ralph Lauren on Wednesday beat Wall Street estimates for second-quarter results as U.S. shoppers snapped up its pricey sweaters and jackets and China demand recovered steadily, defying a wider luxury industry slowdown. <\/p>\n

The company has been strengthening its direct-to-consumer (DTC) business, acquiring new, younger and less price-sensitive shoppers through its website and stores, amid weaker U.S. wholesale demand that has hit several global brands. <\/p>\n

Customers are going after cotton and cashmere cable-knit sweaters, Oxford shirts, jackets and other popular collections, Ralph Lauren (NYSE:) CEO Patrice Louvet said on an earnings call.<\/p>\n

“The consumer (is) really gravitating towards this sophisticated, casual, more elevated style … They want to invest in pieces that are timeless, that they can wear beyond one specific season.” <\/p>\n

Ralph Lauren drew 1.3 million new customers to its DTC business, aiding a 6% jump in global DTC same-store sales in the second quarter though September. <\/p>\n

“(Ralph Lauren) is a brand that the customer is loyal to … so when they’re (spending cautiously), they’re likely to go to brands that they trust,” said Jessica Ram\u00edrez, senior research analyst at Jane Hali & Associates. <\/p>\n

The company’s China business recovered steadily, with a more than 20% jump in sales, even as other luxury players such as LVMH and parka maker Canada Goose saw feeble demand. <\/p>\n

Shares of Ralph Lauren rose 3% as better stock planning helped the Polo-shirts maker enter the holidays with a leaner inventory, ruling out the need for excessive promotions. <\/p>\n

Ralph Lauren largely maintained its annual revenue outlook, but its forecast for third-quarter sales to grow 1-2% came in below market expectations, due to caution around wholesale demand.<\/p>\n

Net revenue in the second quarter rose more than 3% to $1.63 billion, beating analysts’ average estimate of $1.61 billion, while adjusted per-share profit of $2.10 also surpassed expectations of $1.93.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. People sit outside a Ralph Lauren store on New Bond Street in London, Britain, March 11, 2023. REUTERS\/Henry Nicholls\/ File Photo By Deborah Mary Sophia (Reuters) -Ralph Lauren on Wednesday beat Wall Street estimates for second-quarter results as U.S. shoppers snapped up its pricey sweaters and jackets and China demand recovered steadily, defying […]<\/p>\n","protected":false},"author":1,"featured_media":3401,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-82247","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nRalph Lauren tops Q2 targets as cashmere sweaters, jackets pull shoppers | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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