Ralph Lauren lowered expectations on Wall Street for the current quarter amid concern that demand for high-end apparel is falling as consumers tighten their belts.
Sales at the luxury fashion house nudged closer to $1.5 billion from $1.49 billion in the three months to July 1, the first quarter of its financial year. Net profit rose 7 per cent to $132 million.
While the group maintained its annual outlook, its guidance for the current quarter – that revenue will be “flat to up slightly” on the same period of last year – raised questions over analysts’ estimates of growth of about 3.3 per cent.
Shares in Ralph Lauren opened lower after the results and by the close in New York they were down $6.15, or
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