Ralph Lauren Corp. stocks climbed by 9.5% at 9:31 AM in New York on Tuesday, following the release of its first fiscal quarter financials. This marks a 14% soar in stock value since the start of the year.
In a result that exceeded analysts’ expectations, Ralph Lauren recorded a 108% increase in same-store sales for the period ending June 26, compared to the 97.6% estimate compiled by Consensus Metrix. Comparable sales across North America skyrocketed by 176%.
According to Chief Executive Officer Patrice Louvet, one of the main drivers behind the fashion company’s sales spike was the strong reopening of its brick and mortar stores amid the easing of pandemic-induced lockdowns. Louvet added that, in addition to the company’s strong rebuilding effort, he also sees various growth opportunities.
Some industry insiders, such as GlobalData analyst Neil Saunders, are hesitant to shower Ralph Lauren with excessive praise. As Suanders explained, these seemingly impressive results come after the high-end fashion corporation suffered an extreme decline in sales due to the pandemic.
Outside of North America, Ralph Lauren Corp was able to achieve a strong set of sales results. In Europe, the company saw a 98% rise in sales of the quarterly period, while comparable sales in Asia rose by 43%.
