Online Sales Help to Recovery to Ralph Lauren

Online Sales Help to Recovery to Ralph Lauren

Ralph Lauren Corp said on Wednesday that the increase in online shopping has helped return in China and is on track to recover from the financial damage caused by the COVID-19 restrictions in other markets. In China, an important growth market for luxury goods companies, online sales increased by 76% in the fourth quarter. The New York-based company said it increased the number of stores that can fulfill online orders in the country during the outbreak, and offers digital services such as advising clients and styles about large spending customers. Ralph Lauren, who is currently trying these services in North America and Europe, said that sales centers in China could return to crisis situations by the second quarter of sales growth. "Ultimately, we have the opportunity to gain market share as we come out of this crisis," said Patrice Louvet, chief executive. Ralph Lauren noted that because people spend more time at home, home wear and athletic items are in great demand. The company also stated that spring collections stored in warehouses can still be sold later in the year. According to Refinitiv's IBES data, net revenue fell 15.4% to $ 1.27 billion in the fourth quarter, but analysts' average estimate was slightly above $ 1.22 billion. Excluding some items, 68 cents per share lost analysts awaiting 40 cents loss. Shares of the company increased about 2% in the morning transactions.