Ralph Lauren misses revenue estimates, sees more pandemic pain ahead

[PARIS] Ralph Lauren 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 per cent to US$1.19 billion in the quarter ended Sept 26, missing analysts' average estimate of US$1.21 billion, according to IBES data from Refinitiv.

The company reported a net loss of US$39.1 million, or 53 cents per share, compared with a profit of US$182.1 million, or US$2.34 per share, a year earlier.

REUTERS