The second quarter was disappointing for Ralph Lauren
The past quarter wasn’t too kind to the luxury lifestyle brand Ralph Lauren.
The brand's net losses came in at $127.7 million, or $1.75 per share. At the same time last year, it had a net income of $117.1 million.
Its revenue came lower than last year's figures and missed this year's consensus of $600 million. Revenue dropped from the previous year's $1.43 billion to $487.5 million. Ralph Lauren marked only one increase – that being in digital sales. Due to the pandemic and stores being closed for ten weeks during the quarter, online sales grew 13%.
Ralph Lauren's stock price fell 4.6% during today's pre-market trading. Since the beginning of the year, shares lost 40.5%, while USA500 added 2%.
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Sources: marketwatch.com, businesswire.com
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