US-based fashion company Ralph Lauren has reported $1.5bn in revenue for the first quarter (Q1) of the fiscal year 2023 (FY23).

The figure represents an 8% increase on a reported basis and a 13% growth on a constant currency basis compared with the corresponding period of the prior year.

Ralph Lauren‘s revenues were driven by strong growth across all its regions and a mid-teens comparable store sales increase.

For the three months to 2 July, the company’s revenue in North America rose by 6% to $701m, while in Europe and Asia, its revenue increased to $416m and $334m respectively on a reported basis.

Ralph Lauren’s Q1 gross profit was $1.0bn and its gross margin for the period was 67.2%, while its adjusted gross margin dropped by 180 basis points from the prior year to 68.0% on a reported basis.

Its operating income declined from $220.6m in Q1 2022 to $175m in Q1 2023, while its operating margin also declined to 11.8%.

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By GlobalData

The company recorded a net income of $123m and an adjusted net income of $135m during the quarter. Its diluted earnings per share (EPS) for Q1 were $1.73.

Ralph Lauren president and CEO Patrice Louvet said: “Our strong first quarter performance underscores the power of our brand and momentum of our strategy around the world, following our significant multi-year reset.

“While the global operating environment remains as volatile as ever, our talented, passionate teams are delivering on the multiple growth opportunities to scale our business with creativity and discipline — from driving high-quality new consumer recruitment to expanding digital and elevating our touch points in every region and channel.”

For the full year, Ralph Lauren expects its revenues to increase in the high single-digits on a 52-week comparable basis.

The company expects its full-year operating margin to be in an approximate range of 14.0% to 14.5% on a constant currency basis.