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Shares of the New York-based company rose 1% in premarket trading. They have fallen 23% this year.
The spending power of higher-income 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 COVID-19 restrictions across the globe.
The company forecast fiscal 2023 revenue to increase in high single digits on a constant currency basis, compared with Wall Street’s expectation of an increase of 3.6%, according to IBES data from Refinitiv.
The 55-year-old apparel and footwear brand’s 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.
