Ralph Lauren (NYSE:RL) earnings for the fashion company’s fiscal first quarter of 2021 have RL stock taking a beating on Tuesday. That’s due to its adjusted losses per share of $1.82 missing Wall Street’s estimate for a loss of $1.72. Its revenue of $487.5 million is also a far cry from analysts’ estimate of $615.02 million.
Here’s what else went wrong for Ralph Lauren in its most recent earnings report.
- Adjusted per-share losses are a massive decline compared to adjusted EPS of $1.77 in the same period of the year prior.
- Revenue for the quarter is sitting 66% lower than the $1.43 billion reported in fiscal Q1 2020.
- Operating loss of $168 million is a negative change year-over-year from an operating income of $143.3 million.
- The Ralph Lauren earnings report also has it bringing in a net loss of $127.7 million.
- That’s a major drop from the company’s net income of $117.1 million reported during the same time last year.
Ralph Lauren, executive chairman and chief creative officer of the company, said this during the earnings report.
“We are living through an incredible period of change — whether related to the devastating spread of COVID-19 around the world or the call to systemically address racial injustice. Through it all, we are focused on continuing to build a business that stands the test of time — staying true to who we are while taking action that enables us to deliver our brand vision for decades to come.”
Ralph Lauren isn’t providing guidance at this time due to the novel coronavirus. This has it following a trend of companies withholding guidance during the pandemic.
RL stock was down 5.2% as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.