Ralph Lauren Corporation (NYSE: RL) reported its financial results for the quarter ended March 28, 2020, on Wednesday before the market opens. The results missed analysts’ expectations.
The company slipped to a loss in the fourth quarter of 2020 from a profit last year, due to the impact of the COVID-19 pandemic crisis. The top-line declined by 15% on a reported basis and was down 14% in constant currency. This reflects adverse impacts related to COVID-19 and Hong Kong protest business disruptions.
The company is suspending all future guidance due to the high level of uncertainty and the evolving situation surrounding the global pandemic. Ralph Lauren expects its financial results for both fiscal 2021 and the first quarter to be significantly negatively impacted by the pandemic.
Though the timing and path of recovery in each market present many uncertainties, the company has developed scenarios through which it plans to safely return its businesses to growth and value creation.
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