Ralph Lauren (NYSE: RL) posted a wider-than-expected quarterly loss and suspended its future guidance amid the continuing uncertainties stemming from the coronavirus pandemic.
Many of Ralph Lauren's stores around the world, and many of the department stores that carry its apparel, home goods, and accessories, were forced to close during the quarter that ended on March 28, as local and national governments imposed social-distancing measures to try to slow the spread of the COVID-19 virus. Sales were also hit by the ongoing protests in Hong Kong, a key market for the company, it said.
Ralph Lauren said most of its physical stores in Asia, about two-thirds of its stores in Europe, and roughly half of its stores in North America have now reopened. But the company's sales may take time to rebound, with consumers reducing discretionary spending amid a likely global recession.