Coronavirus: US Daily Death Toll Back Above 1,000 — As It Happened

US retailer Ralph Lauren reported a steeper than expected drop in quarterly revenue and warned that its results for the remainder of the year would be "significantly" affected by the pandemic.

The New York-based company known for its preppy Americana said its fiscal first-quarter revenue fell 66* per cent from a year ago to $487m in the three months ending June 27. That missed analysts' expectations for $615m, according to a Refinitiv survey. Shares fell more than 3 per cent in pre-market trading, having already been down 40 per cent year to date.

In North America, revenue fell 77 per cent from a year ago to $165m. Same-store sales, a measure of sales in stores open at least a year and digital sales, fell 64 per cent.

Performance improved on a month-by-month basis across all regions throughout the quarter driven by a 13 per cent rise in like-for-like ecommerce sales. In China, the company expects growth to return to pre-pandemic levels in the current quarter.

The New York-based company reported a net loss of $128m or $1.72 a share, compared with a profit of $117m or $1.47 a share in the same quarter a year ago. Adjusting for one-time items the company reported a loss of $1.82 a share, against analysts' projections of $1.75.

US deparment stores and retailers have struggled to recover from coronavirus lockdowns that began in mid-March and have only gradually eased. The turmoil pushed a number of companies, many that were saddled with too much debt, to file for bankruptcy. Those that had invested in their online and direct-to-consumer business were better positioned to benefit during the upheaval.

Nearly all Ralph Lauren stores have reopened across North America, Europe and Asia, but continue to operate at "limited hours and consumer capacity". However, a resurgence of coronavirus in parts of the US has triggered a fresh wave of concerns for US businesses.

Ralph Lauren, which has suspended future guidance, said it expected results for the current quarter and remainder of the year to be "significantly adversely impacted by the pandemic and prolonged demand recovery".

The company ended the quarter with $2.7bn in cash and investments and $1.9bn in total debt.

*Note: The piece was amended to show revenues fell 66 per cent

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