Ralph Lauren quarterly revenue misses estimates

(Reuters) – Ralph Lauren Corp missed estimates for quarterly revenue on Tuesday, as it struggled to recover from the widespread coronavirus closures earlier this year of outlets and department stores across the world.

The company reported a net loss of $127.7 million, or $1.75 per share, in the first quarter ended June 27, compared with a profit of $117.1 million, or $1.47 per share, a year earlier.

Net revenue fell to $487.5 million from $1.43 billion, missing analysts’ average estimate of $615 million, according to IBES data from Refinitiv.

(Reporting by Uday Sampath in Bengaluru; Editing by Anil D’Silva)