Ralph Lauren Beats Quarterly Earnings Estimates on Affluent Shopper Demand

Ralph Lauren surpassed Wall Street's first-quarter earnings and revenue expectations, driven by robust demand for its high-priced collections from affluent shoppers. The company reported quarterly revenue of $1.96 billion, exceeding analysts' estimates of $1.87 billion. On an adjusted basis, earnings per share were $4.59, compared with analysts' expectations of $4.32 per share. The company noted strong demand for items such as linen shorts and lightweight outerwear from young and affluent consumers. Shares of the high-end apparel company, founded by designer Ralph Lauren in 1967, were up approximately 3% in premarket trading.