Ralph Lauren misses revenue estimates, sees more pandemic pain ahead

Net revenue fell about 30%

  
A security guard stands outside the Ralph Lauren store during the outbreak of the coronavirus disease (COVID-19), in Beverly Hills, California, U.S., July 30, 2020.

A security guard stands outside the Ralph Lauren store during the outbreak of the coronavirus disease (COVID-19), in Beverly Hills, California, U.S., July 30, 2020.

REUTERS/Mario Anzuoni

Ralph Lauren Corp missed revenue estimates for the second quarter on Thursday, as fewer customers spent on its high-end apparel and accessories during the COVID-19 pandemic.

The luxury apparel retailer said it expects third quarter and full year earnings to continue to be adversely affected by the pandemic that has dulled consumer demand.

Net revenue fell about 30% to $1.19 billion in the quarter ended Sept. 26, missing analysts' average estimate of $1.21 billion, according to IBES data from Refinitiv.

The company reported a net loss of $39.1 million, or 53 cents per share, compared with a profit of $182.1 million, or $2.34 per share, a year earlier.

(Reporting by Uday Sampath in Bengaluru; Editing by Shinjini Ganguli) ((UdaySampath.Kumar@thomsonreuters.com; within U.S.+1 646 223 8780; Twitter: @sampath_uday; Reuters Messaging: UdaySampath.Kumar.thomsonreuters.com@reuters.net))

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