Ralph Lauren Corporation (NYSE: RL), a leading provider of lifestyle products, on Thursday reported financial results for the first quarter of 2024.
- First-quarter revenue increased modestly, on a reported basis, to $1.50 billion; rose 1% in constant currency
- Global direct-to-consumer comparable store sales grew in low-single digits in Q1, driven by strong full-price retail performance and double-digit AUR growth
- The company maintained a healthy balance sheet with $1.7 billion in cash and short-term investments
- The management reiterated its full-year fiscal 2024 outlook of low-single-digit revenue growth, with adjusted gross and operating margin expansion in constant currency
- Net income was $132 million or $1.96 per share in Q1, on a reported basis, compared to $123 million or $1.73 per share last year
- On an adjusted basis, net income was $158 million or $2.34 per share, compared to $135 million or $1.88 per share in Q1 2023
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