Gross profit for the fourth quarter was $966 million and gross margin was 63.4 per cent. On an adjusted basis, gross margin was 63.3 per cent compared to 62.9 per cent in the prior year period. Foreign currency negatively impacted gross margin by 80 basis points in the fourth quarter. Gross margin expansion was primarily driven by AUR growth across all regions as well as favourable channel and geographic mix shifts more than offsetting increased input costs from freight, raw materials and labour. Compared to fourth quarter fiscal 2020, adjusted gross margins expanded 420 basis points on a reported basis on strong AUR growth.
"From our latest fashion show to the launch of our powerful Morehouse and Spelman colleges collection, we continue to inspire people all over the world to dream," said Ralph Lauren, executive chairman and chief creative officer. "Whether it’s our clothes or how we think about our impact on the planet, we imprint all we do with a spirit of optimism and timelessness that give people a sense of possibility."
"Our teams around the world executed exceptionally well to deliver fourth quarter and full year results that exceeded our expectations as we continued to progress on our long-term strategic commitments," said Patrice Louvet, president and chief executive officer. "We have laid the groundwork for healthy sustainable growth and value creation in fiscal 2023. As we continue to navigate a highly dynamic global macroeconomic environment, our growth will be supported by the strength of our brand and multiple engines — from recruiting new high-value consumers to developing high-potential product categories and geographic and channel expansion."
For fiscal 2023, the company expects constant currency revenues to increase approximately high single digits to last year on a 52-week comparable basis, with our current outlook at around 8 per cent. Based on current exchange rates, foreign currency is expected to negatively impact revenue growth by approximately 400 basis points in fiscal 2023. On a 53-week comparable basis, fiscal 2023 revenue growth is also expected to be negatively impacted by approximately 100 basis points due to the absence of the 53rd week compared to the prior year.
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