Ralph Lauren raised its annual revenue forecast after beating quarterly estimates on Thursday due to resilient demand for its high-priced Polo shirts and cotton cable knit sweaters amid rising economic uncertainty.
The owner of several high-end apparel and accessory brands is seeing strong sales across its portfolio despite raising prices of select products, as it benefits from loyalty of its affluent customer base.
Ralph Lauren's investments, innovation and marketing efforts have also helped it win over younger shoppers, who are often hunting for fresh and trendy styles, Reuters reported.
The company now expects full-year revenue to increase 5% to 7% on a constant currency basis, compared with its prior forecast of a low- to mid-single-digit percentage growth.
The company posted quarterly revenue of $2.01 billion, compared with analysts' estimates of $1.89 billion, as per data compiled by LSEG.
Shares of the company were up about 1% in premarket trading.
