Ralph Lauren misses revenue estimates as pandemic hammers demand – ZAWYA

Ralph Lauren misses revenue estimates as pandemic hammers demand – ZAWYA

Ralph Lauren misses revenue estimates as pandemic hammers demand Shares of the New York-based fashion house fell 5% in premarket trading    A security guard stands outside the Ralph Lauren store during the outbreak of the coronavirus disease (COVID-19), in Beverly Hills, California, U.S., July 30, 2020. Ralph Lauren Corp said on Tuesday its quarterly revenue plunged by nearly $1 billion, as it struggled with coronavirus-led store closures and a slowdown in demand for luxury goods across the world.The big drop in revenue and a larger-than-expected loss pushed shares of the New York-based fashion house down nearly 7% in trading before the bell.The company's revenue slumped 77% in North America, with analysts saying demand for high-end handbags, apparel and accessories is not expected to rebound quickly as the global economy enters a recession.The big drop in revenue and a larger-than-expected loss pushed shares of the New York-based fashion house down nearly 7% in trading before the bell.Ralph Lauren Corp said on Tuesday its quarterly revenue plunged by nearly $1 billion, as it struggled with coronavirus-led store closures and a slowdown in demand for luxury goods across the world.The company's revenue slumped 77% in North America, with analysts saying demand for