(Bloomberg) -- Ralph Lauren Corp. will continue to raise its average retail prices, although at a more moderate pace than during the past couple of years, the company’s chief executive officer said. 

That’s in contrast to some peers, such as Capri Holdings Ltd., which said on Wednesday that it will pause price increases on concern that consumers are starting to pull back. The 10% average price increases at Ralph Lauren in the most recent quarter didn’t dissuade shoppers, Chief Executive Officer Patrice Louvet said in an interview Thursday. Revenue in the quarter ended Dec. 31 was $1.83 billion, above the average estimate compiled by Bloomberg of $1.76 billion.

“Average unit retail growth is an outcome of our brand-elevation work,” Louvet said. Ralph Lauren has been focusing during the past several years on bolstering the cachet of its brand, which has helped to underpin the price hikes. The increase in the most recent quarter followed a 19% rise last year. The pace of increases will moderate, Louvet said, amid an uncertain economic outlook. 

“We know we’re not operating in a vacuum,” he said. “We know that it’s a little more promotional out there and we want to work through our inventory levels.” 

That will ding profitability slightly. Ralph Lauren on Thursday lowered its forecast for operating margin to a range of 13.5% to 14% for the fiscal year, slightly below the previous outlook of 14%.

Ralph Lauren performed much better than Capri in department stores. Capri, which has a brand portfolio that includes Michael Kors and Versace, cut its outlook Wednesday on weak wholesale demand. Ralph Lauren shares rose as much as 5.3% in New York trading Thursday.

Read more: Capri plunges 25% as department-store weakness hits sales

US wholesale revenue at Ralph Lauren fell 2% in the most recent quarter. Sales would have increased by about 2%, Louvet said, if the company had been able to receive some merchandise that has been delayed in customs. He didn’t provide details on the delay or the status of the merchandise. 

Ralph Lauren has decreased its reliance on department stores and now, globally, it generates about 30% of revenue from the wholesale channel. In the US, Macy’s Inc. is its biggest partner. “This channel has been reset,” Louvet said. 

In general, he said, “our wholesale partners are being prudent on inventory.”

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