Ralph Lauren Corporation, a leading designer of premium lifestyle products, reported 18 per cent revenues decline to $1.4 billion in its third quarter (Q3) fiscal 2021, ended on December 26, 2020, compared to revenues of $1.7 billion in same period previous fiscal. Company’s net income for Q3 FY21 was $119.8 million (Q3 FY20: $334.1 million).
“For more than 50 years we have stayed true to a set of values that define us among them timelessness, quality, perseverance and optimism,” Ralph Lauren, executive chairman and chief creative officer, said in a press release. “And in this period of great challenge and change, it is these values that are enabling us to authentically and deeply connect with our consumers around the world.”
Gross profit for Q3 FY21 fell to $930.4 million (Q3 FY20: $1.0 billion). Company’s operating income was $170.4 million ($224.4 million).
Revenues in North America region for the quarter, dropped 21 per cent to $715.4 million ($910.6 million), while in Europe, revenues plunged 28 per cent to $315.6 million ($437.8 million) and in Asia, revenues fell 14 per cent to $329.6 million ($289.6 million).
“We remain focused on emerging from this period in a position of strength as we invest in key areas like our digital transformation, while taking a disciplined approach with expenses and ensuring we have the right resources, footprint and brand portfolio to support future growth and value creation,” Patrice Louvet, president and chief executive officer at Ralph Lauren, said.
Fibre2Fashion News Desk (JL)
Ralph Lauren Corporation, a leading designer of premium lifestyle products, reported 18 per cent revenues decline to $1.4 billion in its third quarter (Q3) fiscal 2021, ended on December 26, 2020, compared to revenues of $1.7 billion in same period previous fiscal. Company's net income for Q3 FY21 was $119.8 million (Q3 FY20: $334.1 million).