Ralph Lauren Corp. is back in growth mode and ready to move on — and up — after repositioning during the pandemic.
Fiscal fourth-quarter revenues increased 1 percent to $1.29 billion from $1.27 billion a year earlier with a 52 percent jump in digital commerce.
Net losses for the quarter ended March 27 narrowed to $74.1 million, or $1.01 a share, from $249 million, or $3.38, a year earlier. Adjusted earnings per share tallied 38 cents.
“This fiscal year, we fundamentally repositioned our company for long-term success — accelerating our digital and marketing capabilities, eliminating structural headwinds, focusing our brand portfolio and realigning our cost structure — all while continuing our brand elevation journey around the world,” said Patrice Louvet, president and chief executive officer. “In the fourth quarter, our teams demonstrated incredible resilience, leading us to achieve better-than-expected operating results across all regions as our brand resonated with new and existing consumers. Looking ahead, even as the environment remains volatile, with the strength of our brand, our teams and operational position, we are confident in our ability to deliver sustainable long-term growth and value creation in fiscal 2022 and beyond.”
The company has adjusted its business along several lines — tweaking real estate and headcount and inking a deal to sell off Club Monaco.
It has brought more than 4 million shoppers into its direct-to-consumer network — many of them younger — and is now looking to build with them for the future.
Ralph Lauren, executive chairman and CEO, said: “This has been a year of profound challenge and reflection — both for our company and for communities around the world. For us, it was a reminder of the importance of staying true to our core vision — anchored in the ideas of timelessness and authenticity — while embracing new ways of connecting with people. As we begin to heal from a year marked by pain and division, we believe the kind of luxury we stand for — one that is inclusive and marked by a spirit of togetherness, optimism and love — is what people are craving.”
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