Ralph Lauren forecasts upbeat annual revenue on strong demand

　　div classBodysc17zpet90 cdBBJodivpReuters – Ralph Lauren Corp forecast fullyear revenue above estimates on Tuesday, as demand for its affordable luxury goods from the affluent in the United States and Europe stays strong.p

　　pShares of the New Yorkbased company rose 1 in premarket trading. They have fallen 23 this year. pdivdivdiv classBodysc17zpet90 cdBBJodiv

　　pThe spending power of higherincome consumers has stayed unaffected by higher prices of essentials, and they are now spending more on fashion as they attend more social events with a broader easing of COVID19 restrictions across the globe.p

　　pThe company forecast fiscal 2023 revenue to increase in high single digits on a constant currency basis, compared with Wall Streets expectation of an increase of 3.6, according to IBES data from Refinitiv.p

　　pThe 55yearold apparel and footwear brands net revenue rose 18 to 1.52 billion in the fourth quarter. Analysts polled by Refinitiv, on average, had expected revenue of 1.46 billion.p

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　　pp Reporting by Praveen Paramasivam in Bengaluru Editing by Shinjini Gangulip

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