Jewish Billionaire Ralph Lauren Beats Wall Street Expectations With $1.96 Billion Quarter, As Demand For Luxury Clothing Continues Growing Worldwide

Sales rose 14% from the same period last year, helped by strong demand in North America and Asia. Revenue in China jumped more than 40%, while total Asian sales climbed 24% to $589 million.

North American revenue increased 13% to $740 million, while European revenue rose 7% to $594 million. The company also said customers continued paying higher prices, with average prices across its stores increasing 15%.

The strong quarter pushed Ralph Lauren to raise its full-year outlook. The company now expects revenue to grow between 5% and 6% this year, while profit margins are also expected to improve.

Ralph Lauren shares rose nearly 5% after the report, adding roughly $223 million to the Jewish billionaire founder’s personal holdings on paper. The company also returned more than $300 million to shareholders through dividends and stock buybacks.