Ralph Lauren beats revenue estimates on luxury rebound, shares rise Reuters via

© Reuters. FILE PHOTO: A security guard stands outside the Ralph Lauren store during the outbreak of the coronavirus disease (COVID-19), in Beverly Hills, California, U.S., July 30, 2020. REUTERS/Mario Anzuoni

(Reuters) -Ralph Lauren Corp exceeded expectations for first-quarter revenue on Tuesday as easing COVID-19 restrictions spurred a rebound in demand for its high-end apparel, sending its shares 10% higher in premarket trading.

The luxury goods industry has bounced back this year from pandemic-driven weakness in 2020, as the resumption of social gatherings in China and the United States encourages people to splurge on their wardrobes.

New York-based Ralph Lauren (NYSE:)’s net revenue rose nearly threefold to $1.38 billion in the quarter ended June 26 from a year earlier, when COVID-led store closures across the globe hammered its business.

Analysts had expected revenue of $1.22 billion, according to Refinitiv IBES data.

Ralph Lauren said it expects fiscal 2022 revenue to rise 25% to 30% on a 53-week reported basis. It previously forecast a 20% to 25% increase on a 52-week comparable basis.