Ralph Lauren (RL) reported first-quarter earnings a few weeks ago. Weak results were expected, as the company's first-quarter felt the full-blown effects of the pandemic.
That said, we believe performance should trend higher from here. Many companies we have been following point to April as being the trough of the pandemic. Since then, many businesses have opened their doors and are seeing sequential month-to-month improvements and even some are seeing positive comps in June.
RL is on a similar path albeit at a weaker pace. The company still sees pressure weighing on its