Ralph Lauren Corp beat quarterly revenue estimates and raised its annual forecast on Thursday, benefiting from soaring demand for luxury goods in the United States and Europe, sending its shares up 7% in premarket trade.

Ralph Lauren's market-beating sales extend a string of strong performances from global luxury groups, including Versace owner Capri Holdings, LVMH and Prada , as customers coming out from lockdowns splurge on high-end fashion, propelling sales to pre-pandemic levels.

The retailer's net revenue rose 27% to $1.82 billion in the third quarter ended Dec. 25. Analysts on average had expected revenue of $1.64 billion, according to Refinitiv IBES data.

The retailer said it expects constant currency revenue for fiscal year 2022 to rise 39% to 41%, compared with a prior forecast of a 34% to 36% increase.