GlobalData Retail has revealed Ralph Lauren Corp’s revenue plunged nearly $1 billion in the first quarter ended June 27, as the company struggled with coronavirus-led store closures and a slowdown in demand for luxury goods across the world. The company's revenue slumped 77 per cent in North America, with analysts not expecting demand for high-end handbags, apparels and accessories to rebound quickly as the global economy enters a recession.

Ralph Lauren is more exposed to the health crisis than other apparel companies as its jackets, coats and dresses are designed for social or formal occasions. The company’s net revenue fell by 66 per cent to $487.5 million, missing analysts' average estimate of $615 million, according to IBES data from Refinitiv.

Ralph Lauren also reported a mere 3 per cent rise in North American online sales, a far cry from triple-digit sales increases recorded by a number of US retailers. The company reported a net loss of $127.7 million, or $1.75 per share, in the first quarter ended June 27, compared with a profit of $117.1 million, or $1.47 per share, a year earlier.