And as we recruit new consumers, you saw this past quarter, we recruited 1 million new consumers, 5 million over the past fiscal year. For the fourth quarter, revenue increased 20% on a reported basis and 26% in constant currency. That was two factors. A telephone replay of the call will be available from 12:00 P.M. Eastern, Tuesday, August 9, 2022 through 6:00 P.M. Eastern, Tuesday, August 16, 2022 by dialing 203-369-3826 or 800-813-5529 and entering passcode 6982. And let me give you a few reasons why. So, that that whole space for us continues to be healthy, continues to grow. Corinna Van der Ghinst As we continue to drive brand heat and new consumer acquisition, special collections this quarter included the Polo Color Shop, our pre-Spring ode to the easy luxurious style of the Cte d'Azur; our Morehouse and Spelman Colleges Collection, which sold out almost immediately; our Team USA Olympic styles featuring Intelligent Insulation technology and inspiring our next generation of outerwear; and our Lunar New Year gifting celebrating the Year of the Tiger. The threshold and savings apply to qualifying merchandise only; amounts paid for excluded items, shipping and handling, or taxes do not count toward the threshold amount. This was particularly evident in the fourth quarter where we shifted a significant portion of this year's investments to drive brand desirability across a diverse range of activities. At the same time, our balance sheet enabled us to return significant excess cash to shareholder in line with our capital allocation principle. In addition to implementing a culture of operating discipline across our company, over the last 24 months we have driven further efficiencies in how we operate. I think North America wholesale was up 21% on a two-year basis, and POS was up 45%. So, as we thought about our guidance, particularly in gross margins and in operating margins, we really tried to take a balanced approach, balancing both risks and opportunities that we saw and we tried to do this across our guidance. This represents a new annual dividend of $2.50 per share. Particularly in the first-half until we start to lap higher cost increases in the second-half of the year. We plan to leverage our multi-pronged elevation strategy to continue driving AUR significantly above our long-term targets in order to mitigate mid-to-high single-digit product cost inflation in fiscal '23. Forward-looking statements are based largely on the Company's expectations and judgments and are subject to a number of risks and uncertainties, many of which are unforeseeable and beyond our control. 24, 2022-- Ralph Lauren Corporation (NYSE: RL) today announced that Deb Cupp , President of Microsoft North America , has been nominated as a director for election at, NEW YORK --(BUSINESS WIRE)--Jun. Now, specifically on the space that we play in, and you know, we've been on the brand elevation journey now for multiple years, right, working to get closer to the luxury groups. Its reputation and distinctive image have been developed across a wide range of products, brands, distribution channels and international markets. You may have seen our exciting partnership with Morehouse and Spelman Colleges this quarter, honoring the legacy of HBCUs and their contribution to the culture of American fashion. We expect Asia to be driven by the reopening of Japan, which would have significant market shutdowns through this year. In the fourth quarter, consumers gravitated back to more sophisticated, luxury, and formalwear looks, while we also continued to drive a mix of elevated, but comfortable casual styles. Our momentum and our track record of expanding both our gross margins and our operating margins through our Next Great Chapter plan are really a strong foundation for our fiscal '23 guidance. In addition, the Company is targeting a return to revenue growth in Fiscal 2020 in constant currency. Jane, I think you mentioned that the largest dollar contribution should be from North America and the highest growth rate should come from Asia. Ralph and I are inspired everyday by our team's engagement, agility, and execution, which is driving this progress. And I believe our deep brand strength, our demonstrated pricing power, and more diversified growth strategy becomes even more important during these turbulent times. This includes our first digital flagship in Australia and the Middle East as well as 15 new ship-to destination largely across broader Europe. So, fundamentally, to your point on where does this stack up relative to our growth drivers in North America, we think wholesale is actually very nicely positioned, now that it's been reset, and we're certainly seeing the consumers vote very clearly in favor of our brands. Both markets accelerated sequentially despite stricter containment measures across our top cities, roughly 40% of our own stores in China experienced some form of closure or operating restrictions late in this quarter. In closing, this year has been an exciting chapter on our journey to elevate our brands and pivot to offense. And so, you've seen us take inventories earlier. 0000001461 00000 n For more than 50 years, Ralph Lauren has soughtto inspire the dream of a better life through authenticity and timeless style. Later, we'll conduct a question-and-answer session. Thank you very much for taking my question. Let me highlight a few high impact initiatives, meaningfully progressing towards our target of at least 20% under represented race and ethnic groups on our global leadership team by 2023. Can you just talk a little bit more about the outlook for underlying sales growth in Europe ex-FX? This is consistent with our penetration levels during the heights of COVID, when store were closed. Dollars is also affected by foreign currency exchange rate fluctuations because the underlying currencies in which it transacts change in value over time compared to the U.S. Dollar. But I think what you'll continue to see from us is a ramp up of these capabilities. First, our consumers are resilient. The next question comes from Michael Binetti with Credit Suisse. I met my better half through Shadimate.com. 0000006528 00000 n And can you touch on the total addressable market for refined casual exiting the pandemic and how you see the Polo brand position? And we are seeing this growth actually to be broad-based, right, so, 34% constant currency up in Q4 for total Europe. 0000003301 00000 n There are few things I would call out. 0000024998 00000 n Marketing grew 48% to 9.5% of sales in the fourth quarter. So, feel good about the sustainability of that, and our ambition is to make that over 30%. Hey, good morning, guys. Effective beginning the first quarter of Fiscal 2019, the Company changed its definition of comparable store sales to reflect the change in sales of the Companys stores that have been open for at least 13 full fiscal months. Click here to read Ralph Lauren's privacy notice. All three regions are back to top line growth. And recall that in fiscal '22, we incorporated key ESG metric into our executive compensation plan for the first time. ;g. At 9:00 A.M. Eastern, on the same day, the Company will host a, Receive Investor Relations email alerts whenever Ralph Lauren Corporation posts new information Click Here to choose your categories of interest, Global Citizenship & Sustainability Report, Ralph Lauren First Quarter Fiscal 2023 Results To Be Released Tuesday, August 9, 2022, Ralph Lauren Announces Nomination of Deb Cupp to Board of Directors, Ralph Lauren Deepens Commitment to Timelessness in 2022 Global Citizenship & Sustainability Report, Ralph Lauren Reports Fourth Quarter and Full Year Fiscal 2022 Results Ahead of Expectations, Ralph Lauren Corporate Foundation Announces $25 Million Commitment to Five Cancer Centers Across America With Goal of Reducing Disparities in Cancer Care in Underserved Communities, Ralph Lauren Fourth Quarter and Full Year Fiscal 2022 Results To Be Released Tuesday, May 24, 2022, Ralph Lauren Corporation Declares Quarterly Dividend, Polo Ralph Lauren Introduces New Collection That Builds Upon Its Historic Partnership With Morehouse and Spelman Colleges, Ralph Lauren Reports Third Quarter Fiscal 2022 Results and Raises Fiscal 2022 Outlook, Ralph Lauren Debuts Intelligent Insulation Technology, a Pioneering Apparel Innovation Developed for Team USAs Opening Ceremony Parade Uniform, Ralph Lauren Unveils First-to-Market Product Innovation With the RLX CLARUS Polo, Exclusively at the Australian Open 2022, Ralph Lauren Third Quarter Fiscal 2022 Results To Be Released Thursday, February 3, 2022. Our wholesale AUR was also up more than 25% to last year, as we elevated our assortments and pulled back on seasonal promotions. While they were up 16% this quarter, our sell out was up almost mid 20%, so, very healthy inventory, and no resistance at all in terms of taking our assortments and truly great partners in terms of our move to secure inventory for them. trailer <<3BCAFCFDB0AD4EBA96193F5AF51C62E7>]/Prev 35704>> startxref 0 %%EOF 47 0 obj <>stream Revenues exceeded both our fiscal '19 and '20 pre-pandemic results despite the resets. Is this happening to you frequently? Good morning. Brick and mortar comps grew 19% driven by double-digit growth in AUR, basket sizes, traffic, and conversion. We continued our long-term strategy of investing in our key city ecosystems around the world in fiscal '22, with a focus on elevating our touch points with the consumer across every channel. 0000003434 00000 n We continue to drive strong full-price selling as we deliver the right mix of product and invest in AI-powered targeting and new full price consumer acquisition. In particular, are you seeing any cracks in consumer sentiment or any spending patterns in Western Europe markets? Enjoy free Fast shipping on orders made using a RalphLauren.com account. And also China, while we contemplated the shutdowns in Shanghai and some of the key cities for Q1, which are material, Shanghai alone is 40% of our China business. Is it mid single-digit to sustain the 8% constant currency revenue growth, maybe some thoughts there to help us understand how North America is positioned for the year? And we're coming into this new fiscal year with strong momentum. These activations not only drove another quarter of strong top line growth, but also helped recruit younger, full-price consumers to the brand, particularly on our digital channels. And then, we've recently introduced something I'm very excited about, which are endless aisle, actually screens in our brick and mortar stores, where even from a 1,000 square foot store you can now shop every element of the Ralph Lauren line. In the meantime, stay safe and have a great day. Let me take you through a few of our fourth quarter and fiscal '22 highlights across the strategic pillars of our Next Great Chapter plan. We now have multiple engines of growth, and we're delivering growth across every brand, every channel, every region, with opportunities for continued acceleration across each of them. Ralph Lauren Corporation (NYSE:RL) is a global leader in the design, marketing and distribution of premium lifestyle products in five categories: apparel, footwear & accessories, home, fragrances and hospitality. Our top line outlook also includes significant foreign currency headwinds primarily related to the Euro and the Japanese Yen, especially in the first-half of the year, potentially softer consumer sentiment in Europe from inflationary headwinds and the war with no sales to Russia or Ukraine assumed this year. Delivering $2 million donation in scholarship for students at historically black colleges and universities through their Ralph Lauren Foundation, launching the U.S. Regenerative Cotton Fund to support long-term sustainable cotton production in the U.S., unveiling color on demand, the world's first scalable zero waste water cotton dyeing system, and bringing to market CLARUS, a first-to-market patented technology and critical step in scaling our use of recycled cotton. Few things I would call out here, first of all, I think as all of you know, we significantly repositioned our company over the past couple of years, right? And feel that this year will put us a step closer to getting to that goal. We want to help you to find that special someone who is the right choice for you. NEW YORK April 26, 2022 Ralph Lauren Corporation (NYSE: RL) (the Company) will release its Fourth Quarter and Full Year Fiscal 2022 results for the period ended April 2, 2022 at approximately 8:00 A.M. Eastern on Tuesday, May 24, 2022. So, listen, of course, we're grounded in reality and we're tracking closely consumer sentiment, bigger cost headwinds, including FX as well as COVID trends, particularly what we're seeing in Asia right now. So, quality, value, and purchase intent all up in the face of that kind of pricing; that gives us tremendous confidence. Total company adjusted gross margin was 63.3%, up 40 basis points to last year on a reported basis and 120 basis points in constant currency as we continue to successfully mitigate a dynamic inflationary environment. Ralph Lauren reserves the right to end or modify any free shipping offers at any time. We are highly committed to provide secure and genuine relationship. Regular charges will apply to all other shipping methods. Thank you. We look forward to sharing more with you at our Investor Day on September 19. The factors that could cause actual results to materially differ include, among others: the loss of key personnel, including Mr. Ralph Lauren, or other changes in our executive and senior management team or to our operating structure, and our ability to effectively transfer knowledge during periods of transition; our ability to successfully implement our long-term growth strategy and achieve anticipated operating enhancements and cost reductions from our restructuring plans; the impact to our business resulting from investments and other costs incurred in connection with the execution of our long-term growth strategy, including restructuring-related charges, which may be dilutive to our earnings in the short term; our ability to continue to expand or grow our business internationally and the impact of related changes in our customer, channel, and geographic sales mix as a result; our ability to open new retail stores, concession shops, and digital commerce sites in an effort to expand our direct-to-consumer presence; the impact to our business resulting from changes in consumers' ability, willingness, or preferences to purchase premium lifestyle products that we offer for sale and our ability to forecast consumer demand, which could result in either a build-up or shortage of inventory; our ability to continue to maintain our brand image and reputation and protect our trademarks; our ability to effectively manage inventory levels and the increasing pressure on our margins in a highly promotional retail environment; the impact to our business resulting from potential costs and obligations related to the early closure of our stores or termination of our long-term, non-cancellable leases; the impact of economic, political, and other conditions on us, our customers, suppliers, vendors, and lenders; our ability to secure our facilities and systems and those of our third-party service providers from, among other things, cybersecurity breaches, acts of vandalism, computer viruses, or similar Internet or email events; our efforts to successfully enhance, upgrade, and/or transition our global information technology systems and digital commerce platform; a variety of legal, regulatory, tax, political, and economic risks, including risks related to the importation and exportation of products, tariffs, and other trade barriers which our operations are currently subject to, or may become subject to as a result of potential changes in legislation, and other risks associated with our international operations, such as compliance with the Foreign Corrupt Practices Act or violations of other anti-bribery and corruption laws prohibiting improper payments, and the burdens of complying with a variety of foreign laws and regulations, including tax laws, trade and labor restrictions, and related laws that may reduce the flexibility of our business; changes in our tax obligations and effective tax rate due to a variety of other factors, including potential additional changes in U.S. or foreign tax laws and regulations, accounting rules, or the mix and level of earnings by jurisdiction in future periods that are not currently known or anticipated; the impact to our business resulting from the recently enacted U.S. tax legislation commonly referred to as the Tax Cuts and Jobs Act, including related changes to our tax obligations and effective tax rate in future periods, as well as the enactment-related charges that were recorded during Fiscal 2018 on a provisional basis based on a reasonable estimate and are subject to change, all of which could differ materially from our current expectations and/or investors' expectations; the impact to our business resulting from the United Kingdom's decision to exit the European Union and the uncertainty surrounding the terms and conditions of such a withdrawal, as well as the related impact to global stock markets and currency exchange rates; the impact to our business resulting from increases in the costs of raw materials, transportation, and labor; our exposure to currency exchange rate fluctuations from both a transactional and translational perspective; the potential impact to our business resulting from the financial difficulties of certain of our large wholesale customers, which may result in consolidations, liquidations, restructurings, and other ownership changes in the retail industry, as well as other changes in the competitive marketplace, including the introduction of new products or pricing changes by our competitors; the potential impact on our operations and on our suppliers and customers resulting from natural or man-made disasters; the impact to our business of events of unrest and instability that are currently taking place in certain parts of the world, as well as from any terrorist action, retaliation, and the threat of further action or retaliation; our ability to maintain our credit profile and ratings within the financial community; our ability to access sources of liquidity to provide for our cash needs, including our debt obligations, tax obligations, payment of dividends, capital expenditures, and potential repurchases of our Class A common stock, as well as the ability of our customers, suppliers, vendors, and lenders to access sources of liquidity to provide for their own cash needs; the potential impact to the trading prices of our securities if our Class A common stock share repurchase activity and/or cash dividend payments differ from investors' expectations; our intention to introduce new products or enter into or renew alliances; changes in the business of, and our relationships with, major department store customers and licensing partners; our ability to make certain strategic acquisitions and successfully integrate the acquired businesses into our existing operations; and other risk factors identified in the Company's Annual Report on Form 10-K, Form 10-Q and Form 8-K reports filed with the Securities and Exchange Commission.
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