Ralph Lauren (New York) announced its fiscal fourth quarter results, which ended March 28. Its net losses came to $249 million (a loss of $50 million if excluding restructuring charges, WWD reports), which was down from earnings of $31.6 million last year.
Despite the loss, brand is currently focusing on reopening its stores which were temporarily closed due to the COVID-19 pandemic. Currently about half of its U.S. stores are open while another two-thirds are opening across Europe.
WWD reports Ralph Lauren’s President and Chief Executive Officer said, “As we manage for the near- and long-term, we remain committed to consistently delivering sustainable growth and value creation for all of our stakeholders. We are confident in our ability to do this thanks to the strength of our business, our balance sheet and our brands, and especially the resilience and commitment of our diverse global teams.”