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US fashion company Ralph Lauren reports FY21 revenues of $4.4 bn
21 May 21 2 min read
Ralph Lauren Corporation, a US-based leading designer of premium lifestyle products, reported 29 per cent revenues decline to $4.4 billion in its fiscal 2021, ended on March 27, 2021, compared to the revenues of $6.1 billion in the previous fiscal. The company incurred a net loss for the year of $121.1 million (FY20: income $384.3 million).
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“This has been a year of profound challenge and reflection – both for our company and for communities around the world. For us, it was a reminder of the importance of staying true to our core vision – anchored in the ideas of timelessness and authenticity – while embracing new ways of connecting with people,” Ralph Lauren, executive chairman and chief creative officer, said in a press release.
Gross profit for FY21 fell to $2.8 billion ($3.6 billion), while operating loss was $43.6 million (operating profit: $317.0 million).
The company’s revenues in North America region dropped 37 per cent to $2.0 billion ($3.1 billion), while in Europe, revenues plunged 29 per cent to $1.2 billion ($1.6 billion). Revenues in Asia grew 1 per cent to $1.0 billion.
“This fiscal year, we fundamentally repositioned our company for long-term success – accelerating our digital and marketing capabilities, eliminating structural headwinds, focusing our brand portfolio and realigning our cost structure – all while continuing our brand elevation journey around the world,” Patrice Louvet, president and chief executive officer at Ralph Lauren said.
“In the fourth quarter, our teams demonstrated incredible resilience, leading us to achieve better than expected operating results across all regions as our brand resonated with new and existing consumers. Looking ahead, even as the environment remains volatile, with the strength of our brand, our teams and operational position, we are confident in our ability to deliver sustainable long-term growth and value creation in fiscal 2022 and beyond,” Louvet concluded in the release.
Fibre2Fashion News Desk (JL)
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