Coronavirus | Ralph Lauren raises first-quarter revenue forecast

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Coronavirus | Ralph Lauren raises first-quarter revenue forecast

The outbreak of the coronavirus disease in Beverly Hills.

- Ralph Lauren Corp raised expectations for first-quarter revenue on Tuesday as easing COVID -19 restrictions in last quarter spurred a rebound in demand for its high-end apparel, sending its shares 10% higher in premarket trading.

The luxury goods industry has bounced back from pandemic-driven weakness in 2020 as the resumption of social gatherings in China and the United States encourage people to splurge on their wardrobes this year.

The New York-based Ralph Lauren's net revenue jumped nearly threefold to $1.38 billion from the quarter ended June 26 to a year earlier when COVID-led store closures across the globe hammered its business operations.

Analysts were expecting revenue of $1.22 billion, according to Refinitiv IBES data.

Ralph Lauren says it expects fiscal 2022 revenue to rise 25% to 30% reported on a 53 week basis. It previously predicted a 20% to 25% increase on a 52 week comparable basis.