High-end apparel retailer Ralph Lauren (NYSE:RL) published a better than expected set of Q1 results, with revenue rising by 183% year-over-year to $1.38 billion and adjusted EPS standing at $2.29. Guidance was also strong, with the company projecting 20% to 22% year-over-year revenue growth on a constant currency basis for Q2.
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The earnings beat was driven by a rebound in sales in the U.S. and Europe. Moreover, online sales also remained strong, despite the reopening of physical stores.
Ralph Lauren’s stock rallied by about 6% following the earnings report.
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