Luxury fashion retailer Ralph Lauren has reported strong earnings for the fourth quarter of 2024 amid a slowdown in shopping, with revenue going up by 8% to $1.7 billion.
Additionally, in the fourth quarter, net income reached $129 million compared to $91 million in the year prior.
For the full fiscal year, the company saw its net revenue go up by 7% to $7.1 billion, while its net income reached $743 million compared to $646 million in 2023.
The retailer also achieved a gross profit of $4.9 billion with a gross margin of 68.6%.
Ralph Lauren attributed its strong performance to a diversified supply chain and global brand activations, which drove its number of new DTC customers to 5.9 million.
Ralph Lauren, Executive Chairman and Chief Creative Officer, commented: “Through periods of economic strength and uncertainty alike, our teams around the world remain focused on delivering our vision with great care and passion, enabling us to make the right choices both for today and into the future.
Moving forward, the luxury retailer is confident in its ability to maintain momentum despite the potential headwinds from additional tariffs.
Patrice Louvet, Ralph Laurens president and CEO added in an earnings call: “As we turn to fiscal 2026, the global operating environment has become more challenged with uncertainty around tariffs and broader consumer behavior.
“Despite macro pressures, we are well-positioned, having fundamentally transformed our business and built a more agile organization over the past several years.”
In the upcoming fiscal year, the company projects low-single-digit growth in its revenue year-over-year and high-single-digit growth in the first quarter.
Earlier this year, in March, the luxury retailer opened its doors to a new store in San Francisco as it expanded its retail footprint.
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