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Ralph Lauren FY20: sales decline 2%; net income $348 mn
28 May 20 1 min read
Ralph Lauren Corporation, a leading designer of of premium lifestyle products, reported 2 per cent revenue decrease to $6.2 billion in fiscal year 2020 ended on March 28, 2020 compared to revenue of $6.3 billion in prior year. Net income for the year were $384.3 million (FY19: $430.9 million). Gross profit fell to $3.6 billion ($3.8 billion).
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“From the onset of Covid-19, our teams moved quickly around the world to protect the safety and well-being of our employees, consumers, and communities, while also taking steps to ensure our long-term financial health and bring relevant digital commerce and experiences to our consumers,” Patrice Louvet, president & chief executive officer at Ralph Lauren, said in a press release.
North America revenues decreased 2 per cent to $3.1 billion. Revenue of Europe were down 3 per cent to $1.6 billion. Asia reported 2 per cent revenue decline to 1.0 billion.
Retail sales for the year were flat at $3.7 billion. Wholesale channel reported a marginal decline to $2.2 billion ($2.3 billion).
Company reportedly suspended its outlook and expects its financial results for Q1 FY21 and complete fiscal 2021 to be significantly negatively impacted by the pandemic.
Fibre2Fashion News Desk (JL)
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