RL - Earnings call 3 2024 | Ralph Lauren Corporation

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Ralph Lauren Third Quarter Fiscal Year 2024 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. I'd now like to turn over the conference to our host, Ms. Corinna Van der Ghinst. ahead. go Please

Corinna Van Ghinst

Jane thank open Fiscal and caller. limit Patrice joining Lauren's questions, prepared ask Officer; Ralph the Chief we Officer Good Officer. which the Financial Conference you one call Call. to Quarter After and Executive Chief XXXX President we are you Chief With Third per Operating company's and will morning, remarks, and for Nielsen, up me that Louvet, your today for

will be performance on today's a basis. financial During call, currency discussed constant our

results, including morning's reported foreign Our found currency in press can this be release.

forward-looking We within will also be making laws, financial meaning some securities the outlook. including our statements federal of the

not are materially expressed in statements from Forward-looking those statements. implied and may our actual results or differ forward-looking guarantees, the

financial uncertainties. to our refer website. to With Principal that reconciliations disclosures in could will when on cause Relations can of Investor results, filings materially differ use the call and our find measures uncertainties expectations our turn you risks be that SEC SEC morning's our that to and many are earnings that, and our results risks and non-GAAP our should Patrice. contain from discussing current detailed found to To expectations release filings. Our over this I we

Patrice Louvet

expectations, epitomized world Cory. them to inspires and This life people with in to to of of morning, along top giving, quarter plan. that by easy our continue EPS the translated we that for financial Ralph quarter and holiday Thank marked line share the to our comfort you ever-expanding growth. performance and Lauren of you, celebrated has the of chapter love. accelerate call. exceeded this Good people the years. season great an a those everyone, reflection next our best Immersing year. strong quarter, today's and sophistication around elegance joining quarter, thank deliver biggest and bottom over in after logic results our magic XX quarter world our campaigns in dream with third This warm, significant they things combination to And of and audience With

navigate with control. a and teams on market. timeless consumers our environment, brand highly focused starts with power can This world what pricing is desirable to dynamic the around global continue our in we remain all enabling resonating and we As operating the continued keenly which

Our portfolio powerful ability of needs. products a flex to broad we with evolving that core can consumer leverage

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we last Investor diversified at that multiple encouraged outlined long-term As we our built we are for creation. drivers value a resilient Day, have sustainable and and strongly with model growth

Our performance third our how driving was pillars. across a three strategic we're example of clear progress quarter

third, and the include: more; our brand; ecosystem. in elevate win expand lifestyle these energize reminder, a cities and As consumer second, first, drive core our key with and for

you take each across a through me Let few of these areas. highlights

our brand. to lifestyle on our elevate energize First, efforts and

demographics, of celebrity, the moments. our cutting brand We expand as gaming iconic geographies across music culture power harness and we continue to and sports, fashion, across through

generating and holiday Shanghai, And the unique for across key London billion season gifting every campaigns activations X immersive holiday third global York, impressions. key During our city nearly New Singles Day Berlin. These in region our dreaming quarter, in stream content, takeovers included China. included: first,

for a is celebrating series Designer, empowering partnerships Navajo the artisans that the our and in Polo also our on moment Residence This campaign Second, designs. and driving resonated than our billion with consumers, strongly inspired Artist Naiomi ever historically organization, not and TikTok. engagements communities first within more focused Lauren impressions galvanizing but have cultural highest our which Ralph groundbreaking featuring was a X of campaign Glasses, on just

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brand helped DTC to new our businesses, year, new strongest of We up last pandemic. the quarter to These affinity fuel added activations digits by single consumers all high to and our since million consumer regions. acquisition driven X.X

by Our and followers along last our social grew TikTok, and intent. WeChat Net Promoter positive accelerated with Scores on in by brand momentum led we And consideration low Douyin. double Instagram, to purchase digits year, media

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our teams with married the seamlessly and sophisticated of design glamor styles season. casual and luxury Ralph excluding As the

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drive will we core leveraging ahead, the breadth fuel and to continue and brand desirability. Looking our while our of to icons excitement, assortments

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Jane Nielsen

with Patrice, to and and giftable consumers products near-term flexibility macro Thank clear in our a We everyone. brand season expanded plan. morning, world, the headwinds. operational holiday entered to around invested game We and mitigate key drove you, delight core momentum seasonal and good this improvements

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take financial quarter are me highlights, a constant our provided a on you basis. Let reminder, through which, currency third as

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in addition to and response Friday quarter. search Black recent In the event, our strong a as conversion enhancements drove such to upgraded site higher navigation

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also a channel in was year-over-year AUR up the Our on basis.

X%, This headwinds Retail above Moving offset DTC the channels. results our last year's than continent on a strong from the roughly consumer our growth X points performance U.K. expectations as increased by across macro Revenue led included was to strong Europe. more in brick-and-mortar sites. of our timing with the continued post-COVID XX% wholesale negative comps top in impact performance and increased last earlier favorable of and similar on deliveries with wholesale of allowances. digital compare year lapping XX% and

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quarters and expected than fiscal in better quarter performed has and into remain we through fourth dynamic business given of Europe cautious region. year geopolitical on highly conditions macro the our the the the While 'XX, first three

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sheet. Moving to balance on the

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overall into expect buying year with potential demand with well into an inventories relative fiscal inventory As spring, model. chase levels each We ability a improved to of result end our levels to outlook healthy are 'XX positioned prior for our still as we to believe region. we transition below predictive

foreign remains our headwinds, outlook and geopolitical chain disruption our on potential spending based pressures the This among currency ahead, Looking other includes the volatility assessment best consumer as current of as related others. well supply macroeconomic backdrop environment. inflationary and

For fiscal to X%. about increase of on to outlook previous digits, centering expect single compared 'XX, we revenues constant X% to X% now still our low currency

the outlook has around been continues than year-to-date wholesale caution softer Our demand prior to year. channel where embed

Foreign expected XX benefit to currency points. by now about is basis revenue growth

anticipate to operating continue XX.X% constant in expansion We to to XX.X%. XX currency approximately XX basis points to margin of

Foreign a margin. on now impact have full to currency is expected roughly neutral year operating

margin to to costs, expect gross is and range international previously. freight This of DTC now in currency, XXX driven XXX year continued We points from growth further AUR, XXX in by points toward inflation. basis slightly in constant up than basis cotton expansion shift more XXX the and full offsetting mix favorable

and due than is strategic key expense investments. more mix Gross shift margin expansion anticipated deleverage to offset to

For currency, caution around centered trends in X% a constant to the range we continued with revenues and wholesale Europe. in in quarter, both in expect increase in stronger retail North fourth versus America

impact XXX revenues currency is roughly basis expected Foreign points. negatively by to

softness expected Europe, trends modest sales impacted DTC negatively While on stronger sequential earlier by still in offsetting quarter cautious we we in wholesale the are remain timing improvement continued be In in shipments. QX to fourth North expect with America, of wholesale.

in Europe double up our QX. digits. full for growth in increase we trends underlying guide anticipate And will region slightly year be Excluding to low this the of impact, to we Asia, closer expect in

the QX normalized following lap a As compare COVID compares more easy and we QX. in

in quarter about margin expect We by XX XX% be now in million. XX% discrete the the operating basis negative recognized currency. XXX range respectively. and and of fourth expansion to range to quarter. to Largely gross points XXX fourth to to XX We of expenditures our rate expand with foreign for approximately year in operating XX% impact our capital the driven tax due gross margin are margin, on and XX% tax to in constant benefits expect currency roughly QX of to points expected $XXX full now And the basis million $XXX for

always vision this step Ralph's life. people And a has about dream been closing, to In no the quarter of inspiring exception. into better was holiday

are highly proud a through strong We our continues execution team's of great plan dynamic our what on chapter operating environment. next be to accelerate

We and in questions. data operating drive to control, long-term position open sheet of AI to discipline. as balance our up big what let's a creation. with that, on and focused And are shifting for we and and puts can value harnessing the This we of call GTC, us continue strength commitments deliver course, your

Operator

and Boss JPMorgan. Instructions] gentlemen, with Matt Ladies from First comes [Operator question

Matthew Boss

quarter. Congrats great on a

Patrice Louvet

Ben. Thank you,

Corinna Van Ghinst

Thanks, Matt.

Matthew Boss

as think margin So about about operating Or period multiyear, winner then, next volatile to we mid-teens ceiling is holiday best margin a target the to for achieving longer-term Patrice, how Lauren What the to here. operating a this over can out business? you maintain backdrop? the retail, currency think stands confidence And results think as Jane, this Ralph constraints across any momentum a opportunity? you relative as in constant mixed see clearly we gives that And -- do year? as you maybe

Patrice Louvet

we every What growth. pursue built for offense stay approach of we our into can on sustainable so as your I facet is question. say would you resilience is long-term Thank

things A So out. what call confidence? few gives to us

outperformance so moments really a regions was brand the this continue impact and First, to accelerate us metrics, invest can way coming what cut it in and our can QX to QX marketing cultural our enabled helped I elevation into top ground And demographics. across say continued environment. to desirability hit we the of all Listen, we consumer living season. pretty and we and on continue through think focus and drive our line running promotional holiday that deliver high in

us is really style transcend point needs and and really flex products, trends right? And as to our portfolio broad our products, consumer second around on iconic core allow The focused on trends, elegance, of evolve. not

third DTC, go-to-market The the regard well, our DTC you model represents In I of and channels. think our know area company. about to now as X/X

across most So a powerfully, DTC business DTC Europe the own and consumer where of this world invested And growth comes the are most delivered And of engage comp the direct-to-consumer to including Ralph in outlets most Lauren. have the digital our we channels And and in our all ability Lauren of for most. Asia, North really the with life quarter, directly consumer impact channels to where Ralph majority that's our sites in experience. the is Ralph we've stores, healthy America. Lauren where we and

QX really based as seen, across in as team this region. well. China, you've positive Germany, that. where America, plan XX% single not DTC in across also from work as multiple single of proud cities in of of growth. grew drivers is our China. evident results opportunities with proud key by channels area, We're And not So in saw teams our on are which the growth, every well. a doing up And in we supported double categories, I is really this across just Korea, double-digit North channels think It's quarter but quarter our comp digits Japan, this But doing the diverse

company. Women's high also potential and working. is broadly the more product XX% of That's categories core are about Our working.

during agility operational built have So which action underpinned you in them by last quarter. is I see over and think this And time. been this our muscles, discipline

can our way see You managing the inventories. we're

that helping our us forward, moving this really volatility we knowing us normal. to serve new is around is world. the continue diversified supply You navigate to volatility really can expect see the global our And way all chain nicely

provide sustainable these I'll is model perspective our a Matt, differentiated dynamic It's creation created in margin. times. So for and long-term we've Jane value let resilient. on approach And growth

Jane Nielsen

Matt. Yes,

what me operating it's But firmly to be operating our currency our question, goal operating growth, and effectively specifically We businesses. volatile a that. we We're to our our in multiple we're see think your do committed right different environment. those XX% navigate for still the it that So changes, constraints? constant And lean I confidence drive. geographies, any margin. Obviously, be are we agility it gives to and products, different to immune is it engines channels organization's address of not them different into be dynamic

As us DTC so this you saw drive effectively. quarter

don't I in scale those these And at all. and profitability. a over That's XX% growth the women's as categories that we've for in new view potential longer identified high why and can ceiling seeds provide handbags and homes engines term planting businesses

Operator

Next question comes Michael Evercore Binetti from with ISI.

Michael Binetti

those have it numbers a been a as to you there maintaining rate in should a I still. think quarter there wholesale seeing planning though, start to like planning been sure a rate I fourth looks that But controlling Are here. It's we the nice tactical I growth the you've horizon that And was you number, the color, out Jane quarter. ahead Europe the decline less ones. context market above the growth a increasing of think said guess bit your you Europe in little think America, your the in to would Maybe that coming can with see underlying it on XX% there? business. about a two for time. But point just long I you deceleration a the what Nice higher AURs you're is maybe that see a bit wholesale stand sell-in Is cautious wholesale also, little comes even fourth a understood like the On in side how in know 'XX? fourth bit. XX% pressure make for please? in quarter X quarter. on I out well guess, Europe in points little where couple very of in see sounds that, to you you in in on cautiously you the the above you're are quarter. of the DXC is and and more market for can where guidance. on posture it North channel I any POS But guys want wholesale. converge,

Jane Nielsen

Sure.

start -- question me Let on first your wholesale. the with first

increases did North see single-digit was our in the in America. AUR. sellout quarter. we encouraging that digits XX% had So What's about down down And our we sell-in mid-single in is low

to off Now backward that we as we were we We in we inventory, wanted were seasonal our our the that moved replenishment Michael, core about to what's into softer spring more a be competitive channel didn't fall, and be to a wanted to cautious of reflected intend items. sell-in is receipts that intentional able view season. underscoring make came we through holiday and backfill sure stronger and

in saw think sell-out the what then And QX. what see into a we in on good I is quarter the were look saw especially of I as pleased we quarter. between So we really we'll future, quarter, in indicator sell-in. in what Europe I this And the balance of expectation fourth see more with Europe, sell-out this and

we some saw U.K. based business strength and DTC performed strong pressures on in But our inflation the had Overall, We full digital with market pure-play trends. good we solid every strength wholesale accelerating that really, consumer in the growth as some had with our as softness above continued expectations. well there.

paid America the saw also invested momentum investments with about in that new consumers. of marketing as North and really in Europe specifically some back service we've our in dividends talked we So

do timing in the Middle some the the pressures environment. I we course and see QX, Spain is quarter we in quarter-to-quarter that inflation to ups Again, the we see some think pressured I It's range cautious. as stable. the situation do on an going there's situation But And year. remain Europe shifts. Europe about the the in the perform what shifts low As timing East we're underlying in in in volatility Europe. for I talked inflation. see with Ukraine in, wholesale and is I single-digit going about Obviously, to that are some of the and over you'll know in closer downs on with and based be come to some growth in then Europe that expect

Patrice Louvet

just which I'll America cautious maybe And where wholesale add first on need perspective, point be indeed one to is your on North data forward. moving

We are was past our digits. wholesale up encouraged by which this quarter, mid-single performance digital

driving stores really partners conversion our challenge working in this. in the with the activate traffic to stores, the wholesale running stores, So closely is

Operator

with Your comes next UBS. question Sole Jay from

Jay Sole

Great.

the So remarks. maybe, how follow particularly ago? comments XX about opening to you say, direct enthusiasm about just you you -- now Can business, given made your Patrice, comments. those on versus, Can up stores, just for compare days the maybe where your last opening feel just consumer in it talk you

Patrice Louvet

Bill ] is enthusiastic, [ Jay.

if bit, opportunities in relatively XX in and expand focused cities most step Europe North in China, at our presence. by is And to probably model, know, a or DTC, in and really ecosystem North China, -- that our America us have actually, incorporates that. but actively that our we I go-to-market look recently just world footprint, in this do clip particularly but Europe you've wholesale think an more around seen a store healthy full-price in And quality So America. led top building back within the as about little at we on we

XX forward, we're still As cities, going into operate we lean ecosystem think Jay, DTC. to this going top through this the focus with on the build model and

So X/X the of I about DTC mentioned company. is earlier,

that. number we it's moving in role forward. better a about consumer year, being of raw committed stores. But and time. still Investor the Because and continues wholesale store where expect said, quality that's provide play percentage We've to a with that really opportunity the openings the to have true a we to This foreign stay We to engage increase XX over experience. to Day, during this mix full

Jane Nielsen

we're new over X-year the time for track doors on And about horizon. still XXX

Operator

Brooke comes Sachs. from The question Goldman next Roach with

Brooke Roach

Healthy changes improvement know North And America channel hoping in this in improvement you to on further a the on actions but I ground both here working in Europe. accelerated from and again was continued outlet covered outlet quarter. there DTC, plans been that I elaborate best could are lot your for and has drive of the

Jane Nielsen

Yes.

is three it's working in across the what nice growth paying really that we've in we Brooke, our But all And the we off what outlet outlet channel. we've that investments in So in made seen particularly were the across channels. are brands traffic regions. with channels, see our pleased we saw solid

Additionally, especially selling worked channel. able the holiday AUR some the during we're very do to very that in targeted the peak that effectively, increasing outlet of three all regions. activities did And period across still we promotion while

for also investments we that the see role service. in a We made

we said, and Obviously, result be So of by consumers our over and durable a on we our be service investments very as our led value-oriented journey seeing time. and are consumers in And that. time. our elevation stores, of investments we'll conversion in service over addressing groups our as brand we're increased some targeted

Operator

Vasilescu from with Parabas. comes question Laurent BNP Next

Laurent Vasilescu

last really basis you Jane, mentioned currency I by quarter. that's a recall will happen on the up of commodities Jane, be month driven correctly, doesn't the largely the XXX into constant fourth commodity think for If until I tailwind to margin the the million, operating of quarter, gross XXX the margins. turn

headwind it XXX tailwind? to points it over the the basis the about think case, audience, last into could that's it was maybe do know curious just And Is fair the gross I'm -- that assume how the like how about how if are we possibly then a that drivers cumulatively. you cotton much to turns for quantify for few if margin And quarter? years. fourth that was for what a So as

Jane Nielsen

you for question. thank Laurent, the

we to in that gave that's driven So you're margin. points right. XXX the XXX We've by guidance gross basis guided largely equal

driven by margin. gross So it's

And points from the as so have will we tailwind consideration factor. of with we XXX of the still And come into freight, resi SG&A fourth quarter. becomes a neutral even over

for year as have the favorable change durable year. about of we XXX -- big -- to big the tailwind So about exit from is two Similar going been . And We're geographic mix. at the and similar, channel over cotton you The a end the changes. us factor to meaningful quarter. basis headwind a course points. quarter. big saw that benefits this this then very the change think, there of that's I are becomes It's of a what

the about in becomes our more it get trajectory we expect efficiency, be tailwind, similar, margin. expect Also becomes we reduced to are AUR gross to felt powerful as as that more a from growth lever. a significantly. in we So promotion especially has we pressure AUR -- cotton driver our

quarter out come be we fourth have have the to we quite and inventory the focused less we'll You holiday as go that into saw quarter, focused in be us less sale. end-of-season at

So gross benefit. margin that's a

that vastly It's several is we a the Cotton And today, in be over clear that still to XX% the see even pre-COVID levels. look as drivers at reduced. cotton cotton quarter, about just I cotton note slight key last a slide important above but that headwind -- the that's still to I again, years. still want

been visibility gone points basis I last have, than hasn't it's best point points So it to the year the about But been in for XXX basis little that say that, this points we cotton. that Laurent. points, that's I little XXX about XXX previous and a pre-COVID stable would a year. levels. down expect less actually it's with over basis XXX to basis the a And

Operator

Chris of comes Nardone question from with Next Bank America.

Christopher Nardone

target to are year wanted impact you your you the continues operating macro constant next reiterating operating program currency your where next think Investor that on volatility margins pull on But in for heard we then starts and wholesale sales globally. this Just how about to a that and if ability XX% year. provide cost at an outlined sell-in to scenario can margin savings clear you your update know where loud in the I lever year? And your Day improve and to

Jane Nielsen

Yes.

be channel. and So next couple we it expansion, sell-in DTC between momentum of will that year, Chris, about our OI more focus in can the favorable terms what with that, we that think we dynamic margin in sell-out, and see we're that we a seeing a as talk balanced

view we So that as favorable.

that in aggregate, this particularly of but see expect enter Although fiscal we quarter. 'XX, level in channel as still about saw, don't sell-in we're America you North the into to decline the cautious we

we The SG&A X/X in of feel close on savings expect we goods investments fiscal resource of allocation. delivering disciplined And line. million versus and we the million another balanced significant that we're we We've some those as on 'XX. deliver 'XX. [indiscernible] it $XXX for year, track scale course, fiscal and our And this a we'll investments between line 'XX and we'll from in full made sold are this X/X as profitability $XXX is plan, 'XX. and cost of go growth the track And about year. difference our little more to fiscal gross in 'XX be the then plan. into very it's We'll about We out quarter and delivered

Operator

Next TD Kernan question with comes John Colin. from

John Kernan

quarter. Excellent. the another results, Congrats and on the X% comps strong

of talked for handbags you women's, Just you as percent remind plan are targets growth us incremental in where as trended Patrice, a accessories, those have and mix categories XXXX? of since with some Can chapter -- home, categories. great you we next particular, out about in how put the the the those

Patrice Louvet

our John, our into we terms of of yet say business. did women's the on relative meaningful. website women than quite was stores represented walking company's haven't or XX% the specifically the of into shopping guided XX% has our less women's and we in opportunity -- percentages are that customers

of specific is portfolio. in percentage that and response lot leaning breakouts. in. go women's we're we resonating the really nicely. have We expect haven't Women's guided that quarter these to We're up, across can again pleased also really the customer do categories. with potential confidence category this a led Outerwear but the a our of you So really dance

were as You've a we temperatures and job that's liked. lot heard women's for would line particularly we of still of milder And a across But challenging outerwear little outperformed different certainly, the outerwear. teams was this than a products developing say, see others quarter, us anyone the ahead, runway, great on resonating. outerwear have again maybe really a doing categories season look

our furnishing. with not Mr. forward, licensing little, partner strong on -- ID All in partnership all, and number to on as of little in bring performance to in capability which And miss response launched the also cities RLXXX, Polo with new with the world, progress are or our home that. China. [ but business. around the the handbag on was new momentum key building a the these Moving Bag with all ] We nice accretive. hard had bag partnership the AUR very good -- categories in our we part we continued

AUR spaces. for about to you in be So the build accelerators laid on forward company, if terms continuing both in top and you look the standpoint, ahead momentum different absolute of these margin out, when line and we the we an I what's to categories think in have that from to look going

Operator

with Your next Dana Telsey Telsey question from Group. Advisory comes

Dana Telsey

the results. see nice to nice And

should than Just business, what it much from anything on on wholesales, Is it of it activation? quarter sales? the see percent so your things interesting trends. are of as Europe North customers new could you more trends apart the growth of there growth? that and Is digital customer side on wholesale And then channels whether the thinking think important it it's in mix, for the that the you just DTC Europe being business to wholesale, results terms North reorder what more whole reorder Anything about this and with mean and you is the existing -- as saw or America? America? about stronger you parse a the we of in be growing obviously, lastly seeing AUR Is in how and

Jane Nielsen

terms especially overall we even where saw So we of pleased Europe Europe look what we just at an -- in wholesale, in was on it were really wholesale, as in underlying we what on basis, with in stronger. growth saw

And Consumer channel North step we wholesale also more can -- back is Ralph that differentiator don't itself I have doesn't that elevated. apply we is the elevated. more in America. think as mean Europe is the Lauren learnings And in our what

performance. demonstrated partners, and are terms But I wholesale practices primary issues. the in with think certainly opportunity look those composition those we marketing of some to at as Europe opportunities our look differences at best an as assortment we there's see in what we and cross-pollinate great has

Patrice Louvet

then, front, Dana, America. digital start the And on with let's North

in the exciting So really we key and clearly North very we new That conversion on the seeing value driven digital. digital. the consumers was is prepared up improvements new by are was momentum all recruiting, What's attracting basket my in size. were consumers America in I really comps have quarter we're on play traffic. we're right? saw up X.X brand We higher consumers, last and out mentioned X% It this that that traffic, is younger remarks, million

then I in other holiday the performance the that have was the XX%. super driven the with put a on digital Asia, thing compare. new very also in versus I events base And which progress XX% and traffic with smaller we And place during new pleased by there. and think finally, same conversion. higher-value consumers, consumers, also consumers, younger were If up This last strong at look at teams flagships strong regions, momentum, XX% very is plus Europe a capabilities newer

for And future, acceleration we little this listen, a This of continued see business our XX% channel. We company. still the total channel within less significant right? at we is as look than to had this guided runway,

product also we U.S. just we see our capabilities, in progress space. As launched search a expect new we mapped this to build the new engine in presentations, we continued

come. we three So teams are with all achieving that results regions across the more good feel the to about

Operator

comes Rick Patel question James. with Raymond final from Our

Rakesh Patel

as on should go forward? about less for the operating well. so of the margins. gross outperformance like How congrats my as add we flow-through looks year, we but it you Because raised I'll for think guidance margins,

as just So be will momentum? of getting think zooming out the here? And investments which might we areas to business curious you look to distort secondly, the continuing then areas spend incremental about which strong

Jane Nielsen

as really and metrics. focused Rick, of continuing be it's I think to flow-through look stay about at So our cadence outperformance, to the on productivity on we our going investments

I balance balance course, of And that. business. and of real of the flow-through our does is with making on our that is wholesale some lean forward, been to while to it which think, into -- -- softness agility look DTC, flowing you at we cover in level we'll look been we've higher margin DTC, have able that line, thing, strategy. look especially between able a as outperformance at do The margin investments As on gross good We've gross through to SG&A.

business, As invest made encouraged we very in digital. by we're have our we've where that looked to investments in at the

our continue to an investments. that's that, equally of our know those important make and we're You ecosystem. to future, developing part going

our earlier, X-year of new track As experience. are our horizon. presentation over I on customer said service for time important are and an believe We brand stores part stores the XXX delivering we that

So you'll that. see us to drive continue

finally, then our And brand.

the in that our things of are brand our consumer. momentum quarter and of proudest our One we health this underlying with is the

purchase NPS score our was higher. Our score was was higher, higher, perception our value intent score

in will short And invest always brands, term. long will in so we we believe and think term only the the in in not but our pay it, we it dividends

Patrice Louvet

All call. right. Well, this of is our the end

look today. May. in So year-end everyone, us joining and for with forward thank sharing fourth then, day. you And We care, great a have to you, quarter our results until take and

Operator

conclude today. for Ladies your for conference you that does participation. and Thank your gentlemen,

disconnect. You now may

Ralph Lauren (RL) 8 Feb 242024 Q3 Earnings call transcript