The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
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NEW YORK, United States — 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 percent to $1.19 billion in the quarter ended September 26, missing analysts' average estimate of $1.21 billion, according to IBES data from Refinitiv.
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.
By Uday Sampath; editor: Shinjini Ganguli.
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