North America, however, saw a 2 percent decline in revenue, totaling $3 billion. In contrast, Europe saw a 7 percent increase in revenue to $2 billion, equivalent to a 3 percent increase in constant currency. Asia showed the most substantial growth, with revenue increasing 10 percent to $1.6 billion, and an even larger 14 percent increase in constant currency, Ralph Lauren Corporation said in a press release.
Ralph Lauren reported a 3 percent revenue increase in FY24, reaching $6.6 billion. North American revenue fell 2 percent, while Europe and Asia grew 7 percent and 10 percent, respectively. Gross profit was $4.4 billion with a margin of 66.8 percent. Net income was $646 million, or $9.71 per share. In Q4FY24, revenue rose 2 percent to $1.6 billion.
The company's gross profit for FY24 was $4.4 billion, with a gross margin of 66.8 percent, an improvement of 190 basis points from the previous year. Operating expenses for the fiscal year totaled $3.7 billion.
Operating income for FY24 was $756 million, resulting in an operating margin of 11.4 percent as reported. On an adjusted basis, operating income was $826 million, with an operating margin of 12.5 percent, up 50 basis points from the prior year. Net income for FY24 was $646 million, or $9.71 per diluted share as reported. Adjusted net income was $686 million, or $10.31 per diluted share. This is compared to the previous prosecutors reported net income of $523 million, or $7.58 per diluted share, and adjusted net income of $576 million, or $8.34 per diluted share.
In the fourth quarter of fiscal 2024 (Q4 FY24), Ralph Lauren saw a 2 percent increase in revenue, reaching $1.6 billion as reported and a 3 percent increase in constant currency. North American revenue grew 2 percent to $668 million. Europe also saw a 2 percent increase in revenue to $469 million as reported, with slight growth in constant currency. Asia revenue rose 1 percent to $394 million as reported, and 7 percent in constant currency.
Gross profit for the fourth quarter of FY24 was $1 billion, with a gross margin of 66.6 percent. Operating expenses for the quarter were $936 million on a reported basis and $907 million on an adjusted basis, representing a 3 percent increase over last year. Operating income for the fourth quarter was $108 million, resulting in an operating margin of 6.9 percent as reported. Net income for the fourth quarter of FY24 was $91 million, or $1.38 per diluted share as reported.
“Our teams made continued progress on our strategic and financial commitments in the second year of our Next Big Chapter: Accelerate Plan,” he said. Patrice Louvet, President and CEO. “Supported by the growing appeal of our brand and multiple growth drivers, this year's performance underscores the strength of our long-term strategy, even as we navigate a highly dynamic global operating environment.”
Fiber2Fashion News Desk (DP)
