Oct 29, 2020
Ralph Lauren misses revenue estimates, sees more pandemic pain ahead
Oct 29, 2020
Ralph Lauren Corp missed revenue estimates for the second quarter on Thursday, as fewer customers spent on its high-end apparel and accessories during the Covid-19 pandemic.
The luxury apparel retailer said it expects third quarter and full year earnings to continue to be adversely affected by the pandemic that has dulled consumer demand.
Net revenue fell about 30% to $1.19 billion in the quarter ended Sept. 26, missing analysts’ average estimate of $1.21 billion, according to IBES data from Refinitiv.
"Looking across the first half of the fiscal year, we continued our elevation journey while fast-tracking Connected Retail and our company-wide digital transformation," said Patrice Louvet, President and Chief Executive Officer.
"We also began the hard but necessary work of simplifying our organizational and cost structures to position the company for future growth. Looking ahead, we will continue to work proactively to deliver an elevated experience that inspires consumers around the world and creates value for all of our stakeholders."
The company reported a net loss of $39.1 million, or 53 cents per share, compared with a profit of $182.1 million, or $2.34 per share, a year earlier.
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