Ralph Lauren Q1 loss reaches 128 million dollars, sales down 66 percent

Ralph Lauren reported net loss in the first quarter of 128 million dollars or loss of 1.75 dollars per diluted share on a reported basis. On an adjusted basis, net loss was 133 million dollars or loss of 1.82 dollars per diluted share. This compares to net income of 117 million dollars or 1.47 dollars per diluted share on a reported basis, and net income of 142 million dollars or 1.77 dollars per diluted share on an adjusted basis, for the first quarter of fiscal 2020. Revenue decreased by 66 percent to 487 million dollars on a reported basis and down 65 percent in constant currency, with declines across all regions due to Covid-19 business disruptions. Foreign currency negatively impacted revenue growth by approximately 100 basis points in the first quarter.