Ralph Lauren Corp expects its fiscal 2021 results to be significantly hit by the COVID- 19 crisis. As reported by IBES data from Refinitiv, the company recently posted a bigger-than-expected quarterly loss as stores across the world were forced to close due to the Covid-19 pandemic.
The company’s shares, which have fallen over 30 per cent so far this year, fell 2.5 per cent in premarket trading. Its net revenue fell by 15.4 per cent to $1.27 billion in the fourth quarter ended March 28, but was slightly above analysts' average estimate of $1.22 billion.
The company reported a net loss of $249 million, or $3.38 per share compared with a profit of $31.6 million, or 39 cents per share, a year earlier. Excluding certain items, it lost 68 cents per share, while analysts were expecting a loss of 40 cents.