Ralph Lauren quarterly revenue misses estimates

Ralph Lauren quarterly revenue misses estimates

Ralph Lauren Corp missed estimates for quarterly revenue on Tuesday, as it struggled to recover from the widespread coronavirus closures earlier this year of outlets and department stores across the world.

The outbreak of the coronavirus disease (COVID-19) in Beverly Hills
FILE PHOTO: A security guard stands outside the Ralph Lauren store during the outbreak of the coronavirus disease (COVID-19), in Beverly Hills, California, U.S., July 30, 2020. REUTERS/Mario Anzuoni

REUTERS: Ralph Lauren Corp missed estimates for quarterly revenue on Tuesday, as it struggled to recover from the widespread coronavirus closures earlier this year of outlets and department stores across the world.

The company reported a net loss of US$127.7 million, or US$1.75 per share, in the first quarter ended June 27, compared with a profit of US$117.1 million, or US$1.47 per share, a year earlier.

Net revenue fell to US$487.5 million from US$1.43 billion, missing analysts' average estimate of US$615 million, according to IBES data from Refinitiv.

(Reporting by Uday Sampath in Bengaluru; Editing by Anil D'Silva)

Source: Reuters

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