Ralph Lauren sees quarterly sales rise 83%
The New York City-based luxury clothes company, Ralph Lauren, has announced its quarterly profits has risen 83%, Reuters reports.
It has been found that the clothing brand has sold more products at full-price in order to ensure its premium brand standing.
Ralph Lauren has also shut underperforming stores, reduced excess stock and profited from lower taxes.
It is thought that the brand’s new designs which feature print and colour blocking, refreshed fabrics and improved functionality are factors in the considerable increase in sales.
Following the end of the first quarter on 30 June, the firm reported its net income to have soared to $109mn from $59.5mn at the same point in 2017.
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Ralph Lauren also saw its revenue increase to $1.39bn from $1.35bn in what was the first rise in 13 quarters.
It prioritised its spending on marketing for its successful Spring Polo campaign which saw a 20% rise in the cost but helped the firm achieve its high-end results.
RBC Capital analyst Brian Tunick said: “Improvements in the business, as well as the raised guidance help increase investor confidence in long-term growth.”
The company has seen its shares rise 5% after the announcement on Tuesday (31 July).