US-based fashion company Ralph Lauren has reported total revenue of $1.5bn in the first quarter (Q1) of fiscal year (FY) 2024, a slight increase on a reported basis from the same period in FY23.

The company noted that revenue growth faced the negative impact of foreign currency by nearly 80 basis points in the quarter.

Regionally, the company saw a 10% revenue drop in North America. In Europe and Asia, revenues increased by 8% to $450m and 13% to $378m in Q1 FY24.

Driven by strong full-price retail performance and double-digit average unit retail (AUR) growth during the period, the company’s direct-to-consumer comparable store sales rose by low-single digits.

During the quarter ending 1 July 2023, the gross profit of Ralph Lauren was $1.0bn while its gross margin was 69.0%, driven by AUR growth across all regions, lower freight and favourable channel and geographic mix shifts.

The company reported operating expenses of $866m on a reported basis in Q1 FY24. Its operating income for the quarter was $166m, down from $175.2m in Q1 FY23.

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By GlobalData

Net income for the company was $132.1m in Q1 FY24 against the prior year’s figure of $123.4m.

Ralph Lauren earned $2.01 basic net income per common share during the quarter compared to $1.76 in Q1 FY23.

Ralph Lauren president and chief executive officer Patrice Louvet said: “Our solid first quarter performance highlights the unique power and relevance of our iconic brand with consumers around the world along with our diversified engines of growth and we are reaffirming our full year outlook.

“As we continue to execute on our Next Great Chapter: Accelerate plan, our teams are staying true to our creative vision while remaining agile and focused on what we can control in the context of a choppy environment.”

The company anticipates revenue for FY24 to increase by approximately low-single digits to last year on a constant currency basis.

For the second quarter, it expects revenue to be flat to up slightly to last year in constant currency.