American fashion retailer Ralph Lauren has seen its revenue fall by 18.2 per cent to post US $ 1.43 billion in the third quarter that ended 26 December 2020.
The fall wasn’t surprising considering the terrible impact the pandemic and its aftermath has had on the retailer in 2020.
The adjusted net income declined by more than 42 per cent to clock US $ 125 million during the same period. The operating income too dropped by 19.5 per cent to reach US $ 170 million.
Talking of gross profit, the numbers fell to US $ 930 million from US $ 1.08 billion attained during the third quarter of the previous year.
The fourth quarter too, retailer believes, could see a fall in revenue, but the retailer has, reportedly, expressed its intent to bring down costs by consolidating corporate offices and renegotiating store rents.
Despite the fall in numbers and the ongoing uncertainty about the pandemic, Ralph Lauren is optimistic. Patrice Louvet, President and CEO, Ralph Lauren, said that the Group is committed to emerge stronger as it continues to invest in important areas like digital transformation, while adopting a disciplined approach with expenses.
The retailer is majorly known for its apparels, fashion accessories and fragrances ranging from mid-range to luxury segments.