Investing.com -- Ralph Lauren Corporation (NYSE: RL) reported first-quarter earnings before the open on Thursday, with earnings and revenue topping expectations.

The fashion giant posted adjusted earnings per share of $4.59, surpassing the analyst estimate of $4.24, while revenue reached $1.96 billion, exceeding the consensus estimate of $1.85 billion. Revenue increased 14% on a reported basis and 13% in constant currency compared to the prior year period, driven by double-digit growth in Asia and North America.

The company raised its full-year fiscal 2027 outlook following the stronger-than-expected first quarter performance. Ralph Lauren now expects constant currency revenues to increase approximately 5% to 6% for the full year, up from its prior guidance. Operating margin is expected to expand approximately 60 to 80 basis points in constant currency, also an increase from previous expectations.

Shares rose 4% premarket following the results.

"We are off to a strong start in the second year of our Next Great Chapter: Drive plan, with broad-based performance across geographies, channels and consumer segments in the first quarter — exceeding our expectations and driving an increase in our full year fiscal 2027 outlook," said Patrice Louvet, President and Chief Executive Officer.

Asia revenue surged 24% on a reported basis and 25% in constant currency to $589 million, with China growing more than 40% YoY. North America revenue increased 13% to $740 million, while Europe revenue rose 7% on a reported basis and 5% in constant currency to $594 million. Global direct-to-consumer comparable store sales increased in the low-double-digits, with average unit retail growing 15% across the direct-to-consumer network.

Adjusted operating margin expanded 170 basis points to 18.7%, driven by strong full-price demand and expense discipline. The company maintained $1.9 billion in cash and short-term investments and returned more than $300 million to shareholders through dividends and share repurchases during the quarter.

For the second quarter, Ralph Lauren expects revenues to grow approximately 5% to 6% on a constant currency basis, with operating margin expanding approximately 80 to 100 basis points in constant currency.