![Ralph Lauren shares climb as Asia leads Q3 sales rise](https://i-invdn-com.investing.com/news/LYNXNPEB8J0KZ_L.jpg)
© Reuters. Ralph Lauren (RL) shares climb as Asia leads Q3 gross sales rise
Ralph Lauren (NYSE:) shares jumped 6.9% premarket Thursday after its third-quarter earnings impressed traders, topping analyst consensus expectations.
The vogue firm reported third-quarter earnings of $4.17, $0.62 higher than the analyst estimate of $3.55. Revenue for the quarter got here in at $1.9 billion, up 6% year-on-year and above the consensus estimate of $1.87 billion.
Ralph Lauren famous that every one areas exceeded expectations, led by Asia, whereas the momentum in its direct-to-consumer channel has continued. In addition, overseas forex favorably impacted RL’s income progress by roughly 90 foundation factors within the third quarter.
“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,” stated Patrice Louvet, RL’s CEO. “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.”
For fiscal 2024, the corporate continues to count on revenues to extend by roughly low-single digits in comparison with final yr, now centering round 2% in comparison with 1% to 2% beforehand, with overseas forex now anticipated to have a modest profit on income progress of roughly 10 foundation factors.
For the fourth quarter, RL expects income progress to be in a spread centered round 2%, with overseas forex anticipated to negatively influence income progress by roughly 160 foundation factors.