Ralph Lauren Corporation, a global leader in premium lifestyle products, has announced its third-quarter financial results for the current fiscal year.
The fashion retailer’s net revenue noted a 4 per cent decline to US $ 1.6 billion on a reported basis while the same on a constant currency basis dropped by 6 per cent.
As per the press statement issued by the fashion brand, the decline has happened majorly because of the initiatives taken by it to increase sales, reduce promotional activities, and elevate its distribution. Additionally, the departure of some of its private brands and lower consumer demand have also impacted its business adversely.
Ralph Lauren’s gross profit for the reporting quarter stood at US $ 996 million. The fashion brand’s operating expenses during the third quarter were US $ 807 million on a reported basis, including US $ 27 million in restructuring-related and other charges.
The company’s operating income for the third quarter was US $ 189 million.
Region-wise, Ralph’s operating income from North America, Europe and Asia stood at US $ 197 million, US $ 81 million and US $ 44 million, respectively.
In view of third quarter results, the fashion company now expects to note an 8-9 per cent drop in its net revenue for the full fiscal. For the fourth quarter, it expects an 8-10 per cent revenue decline.
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