Ralph Lauren Sales Slip In COVID-19 Crisis

The coronavirus shutdown in the U.S. caught the tail end of the company’s fiscal fourth quarter, pushing sales down 15 percent.

The coronavirus shutdown in the U.S. caught just the tail end of Ralph Lauren Corp.’s fiscal fourth quarter but still delivered a serious blow. 

For the fiscal fourth quarter ended March 28, Ralph Lauren’s net losses tallied $249 million — or losses of $50 million excluding restructuring charges — down from earnings of $31.6 million a year earlier. And revenues fell 15 percent to $1.27 billion from $1.51 billion.

The current quarter will take an even harder hit, but the company is focusing now on moving into the future. 

Ralph Lauren has opened about two-thirds of its stores in Europe and nearly half of its doors in North America and is learning to operate in a changed world. 

“From the onset of COVID-19, our teams moved quickly around the world to protect the safety and well-being of our employees, consumers and communities, while also taking steps to ensure our long-term financial health and bring relevant digital commerce and experiences to our consumers,” said Patrice Louvet, president and chief executive officer. “As we manage for the near- and long-term, we remain committed to consistently delivering sustainable growth and value creation for all of our stakeholders. We are confident in our ability to do this thanks to the strength of our business, our balance sheet and our brands, and especially the resilience and commitment of our diverse global teams.”

Ralph Lauren, executive chairman and chief creative officer, said: “For more than 50 years, we have embraced the idea of timelessness — it defines not only our products but our business and our culture. It has guided us through the best and the worst of times and will carry us through this unprecedented challenge, too. Together our leaders and teams worldwide remain focused on not only enduring through this global pandemic but thriving for decades to come, and supporting the communities where we operate around the world.”