.RalphLauren posted more than $217 million in third-quarter profits as it moved from reset mode to offense in a world redefined by the pandemic, technology and a new consumer.
“We concluded that we were in the dreams business, we’re in the business of creating these worlds that make people dream, that help them aspire to a better life,” Louvet said. “Ralph always says, ‘It’s not about the clothing, it’s not about thePatrice LouvetOf course, the company is also still very much in the rag trade, making its millions by producing and selling
Louvet has led a years-long effort to raise prices and boost brand profile at the company, which is also continuing its work with celebrities and in sport, outfitting Team USA with theThe company is opening four new full-price North American stores this quarter — in Miami, Chicago, Atlanta and Detroit.
For the third quarter ended Dec. 25, Lauren’s earnings bounced back 82 percent to $217.7 million, or $2.93 a diluted share, from $119.8 million, or $1.61, a year ago, when the pandemic was hitting the consumer world hard. Adjusted earnings of $2.94 came in well ahead of the $2.17 analysts projected. Lauren boosted its annual revenues outlook to constant currency growth of 39 percent to 41 percent, up from the 34 percent to 36 percent growth projected in November.
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