Ralph Lauren Corp., the American luxury goods retailer, has reportedly witnessed a fall of 30 per cent in its second quarter revenues to clock US $ 1.19 billion.
That’s short of the estimated US $ 1.21 billion!
The retailer, however, registered adjusted quarterly earnings of US $ 1.44 per share beating the predicted 90 cents per share.
Following the announcement of Q2 results, the fashion retailer warned that with cases rising in North America and Europe, sales are going to be further hit.
The next quarter too may not be good for the retailer!
More on this, CFO Jane Nielsen said that with Germany and France ordering their economies to again go into lockdown following fresh coronavirus cases, and situation no different in North America, Ralph Lauren will not be guiding when it will return to pre-COVID levels.
Germany and France, notably, remain big markets for luxury fashion in Europe.
However, the retailer saw its sales rising in China, where things aren’t as bad as in Europe and North America. The shoppers are buying goods both online and from stores in China.
Ralph Lauren also saw its shares drop by 7 per cent, with annual losses exceeding 40 per cent.
Generating revenue of US $ 6.182 billion, some of its renowned brands include Polo Ralph Lauren, Double RL and Chaps brand, amongst others.