(Reuters) – Ralph Lauren Corp (N:) reported a bigger-than-expected 66% fall in quarterly revenue on Tuesday, as it struggled with the coronavirus-led closures of its outlets and department stores across the world.
Shares of the New York-based fashion house fell 5% in premarket trading.
The company’s quarterly revenue slumped 77% in North America, with analysts saying demand for high-end handbags, apparel and accessories is not expected to rebound quickly as the global economy enters a deep recession.
The company reported a net loss of $127.7 million, or $1.75 per share, in the first quarter ended June 27, compared with a profit of $117.1 million, or $1.47 per share, a year earlier.
Excluding certain items, Ralph Lauren reported a loss of $1.82 per share, while analysts were expecting a loss of $1.72 per share.
Net revenue fell to $487.5 million, missing analysts’ average estimate of $615 million, according to IBES data from Refinitiv.
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