Ralph Lauren CEO Patrice Louvet told CNBC's Jim Cramer he has faith in the brand's core consumer.
Ralph Lauren's report saw revenue come in at $1.50 billion, topping the $1.48 billion consensus estimate, according to Refinitiv. However, the company failed to raise its full-year guidance, and its stock was down nearly 5% by Thursday's close.
"Frankly, I think it's important to look beyond one quarter," Louvet said. "There is a lot of volatility right now, there's a lot of uncertainty across the channels. What we feel really good about is our core consumer, which, you know, is a more elevated consumer, is resilient." He added that consumers are shifting their wardrobe out of the Covid era and into a more "sophisticated casual" style, adding that the company is well-positioned for this shift as it's known for chinos, dresses and oxford shirts, among others.
Louvet stressed that Ralph Lauren is also focusing on high exposure and brand visibility, touting the celebrities that have appeared in its clothing such as Jennifer Lopez, Beyoncé, Ariana Grande, David Beckham and Jill Biden. "I think it's all about desirability in this space, right?" Louvet said. "That is the key operating word in the industry."
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