Ralph Lauren Corp exceeded expectations for first-quarter revenue on Tuesday as easing Covid-19 restrictions spurred a rebound in demand for its high-end apparel, sending its shares 10 percent higher in premarket trading.

The luxury goods industry has bounced back this year from pandemic-driven weakness in 2020, as the resumption of social gatherings in China and the United States encourages people to splurge on their wardrobes.

New York-based Ralph Lauren’s net revenue rose nearly threefold to $1.38 billion in the quarter ended June 26 from a year earlier, when Covid-led store closures across the globe hammered its business.

Analysts had expected revenue of $1.22 billion, according to Refinitiv IBES data.

Ralph Lauren said it expects fiscal 2022 revenue to rise 25 percent to 30 percent on a 53-week reported basis. It previously forecast a 20 percent to 25 percent increase on a 52-week comparable basis.

By Uday Sampath; Editors: Aditya Soni and Shounak Dasgupta

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