Ralph Lauren Corporation, a leading designer of premium lifestyle products, reported 30 per cent revenue decline to $1.2 billion in its second quarter (Q2) fiscal 2020 ended on September 26, compared to revenue of $1.7 billion in same period last year. Company incurred a net loss of $39.1 million compared to net income of $182.1 million in Q2 FY19.
“Looking across the first half of the fiscal year, we continued our elevation journey while fast-tracking connected retail and our company-wide digital transformation,” Patrice Louvet, president and chief executive officer at Ralph Lauren, said in a press release.
Gross profit for Q2 FY20 fell to $799.4 million (Q2 FY19: $1.0 billion). Company’s operating loss was $20.3 million during the period compared to operating income of $233.1 million in Q2 FY19.
Revenues in North America region dropped to $542.9 million ($881.2 million). In Europe, revenues slipped to $359.5 million ($480.2 million). While revenue in Asia came down to $236.6 million ($255.3 million).
“Looking ahead, we will continue to work proactively to deliver an elevated experience that inspires consumers around the world and creates value for all of our stakeholders,” Louvet said.
Fibre2Fashion News Desk (JL)
Ralph Lauren Corporation, a …