Ralph Lauren back in black

Ralph Lauren Corp. swung to a profit in its second quarter as it continued its drive to increase its prices.

Maintaining its first-quarter momentum, the luxury apparel retailer reported net income of $193.3 million, or $2.57 per share, in the quarter ended Sept. 25, after a loss of $39.1 million, or $0.53  per share, in the year-ago period. Adjusted earnings were $2.62 per share, easily topping analysts’ estimates of $2.00.

Revenue rose 26% to $1.504 billion from $1.194 billion, topping estimates ahead of $1.468 billion. Average unit retail Increased 14%, driven by continued brand elevation and strong full-priced selling trends. Global digital ecosystem revenues grew 45%, with 35% growth at the company’s owned digital channels.

North America revenue increased 30% to $703 million. In retail, comparable store sales in North America were up 31%, with a 31% increase in brick-and-mortar stores and a 32% increase in digital commerce. North America wholesale revenue increased 23%.

"We delivered another quarter of strong progress on our fiscal 2022 plan, with second-quarter results exceeding our expectations across all key financial, operating and consumer health metrics," said Patrice Louvet, president and CEO. "Ralph Lauren remains on offense — our market share is growing and we are increasing our investments to deliver on further opportunities for growth. Even as we continue to navigate a volatile global environment, we are confident in our ability to sustain our momentum."

[Read More: Ralph Lauren enters virtual shopping arena]

Ralph Lauren expects to resume share repurchases in the second half of fiscal 2022, with about $580 million remaining under its buyback program.