.RalphLauren has been hit hard by the COVID-19 shutdown, but is using the crisis to drive new areas of growth.
Ralph Lauren Corp. was hit hard by the coronavirus shutdown in the first quarter, but is angling to accelerate out of the crisis.
The company said its Ralph Lauren digital comparable sales growth rose to 13 percent with digital operating margin expanding more than 1,000 basis points compared with a year earlier. “The past few months have marked a period of extraordinary challenge, but also agility and resilience,” said Patrice Louvet, president and chief executive officer. “Our financial performance this quarter reflects an unprecedented three months of COVID-19-related impact around the world. 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.
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