Ralph Lauren Corporation, an American fashion company has reported a decline of 66% in revenues of $ 487.5 million in Q1 FY20 as compared to the revenues of $ 1428.8 million during the previous year. The company has also recorded a net loss of $ 127.7 million as compared to the net income of $ 117.1 million in Q1 FY19.

Gross profit for Q1 FY20 fell to $348.7 million (Q1 FY19: $920.8 million). Operating loss for the reported period was $168.0 million compared to an operating income of $143.3 million in Q1 FY19.
“The past few months have marked a period of extraordinary challenge, but also agility and resilience. Our financial performance this quarter reflects an unprecedented three months of COVID-19-related impact around the world,” Ralph Lauren, executive chairman, and chief creative officer, said in a press release.
“We are taking the opportunity to leverage this period of disruption to accelerate our core strategic focus areas, drive new areas of growth, and realign our resources accordingly,” Lauren said.