Ralph Lauren Corp posted a bigger-than-expected quarterly loss on Wednesday as stores across the world that sell its jackets, coats and Polo shirts were forced to close due to the COVID-19 pandemic.
FILE PHOTO: Polo by Ralph Lauren store logo is seen on a shopping center at the outlet village Belaya Dacha outside Moscow, Russia, April 23, 2016. REUTERS/Grigory Dukor
Shares of the New York-based company, which have fallen over 30% so far this year, fell 2.5% in premarket trading. While nearly half of Ralph Lauren’s stores in North America are now open, demand for clothing from high-end fashion companies is not expected to rebound quickly as the global economy enters a deep recession.
Net revenue fell 15.4% to $1.27 billion in the fourth quarter ended March 28, but was slightly above analysts’ average estimate of $1.22 billion, according to IBES data from Refinitiv.
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