Ralph Lauren Corp expects third quarter and full year earnings to be adversely affected by the pandemic. The company missed its revenue targets for the second quarter as fewer customers spent on its high-end apparel and accessories. Ralph Lauren’s net revenue fell by about 30 per cent to $1.19 billion in the quarter ended September 26, missing analysts’ average estimate of $1.21 billion, according to IBES data from Refinitiv.

The company continued its expansion journey fast-tracking Connected Retail and its company-wide digital transformation. It also began to simplify its organizational and cost structures to position the company for future growth.

Looking ahead, the company will continue to work proactively to deliver an elevated experience that inspires consumers around the world and creates value for all of our stakeholders. It reported a net loss of $39.1 million, or 53 cents per share, compared with a profit of $182.1 million, or $2.34 per share, a year earlier.