Ralph Lauren at the Ch‰teau de Versailles Dinner celebrating the designer.

Ralph Lauren Corp. was hit hard by the coronavirus shutdown in the first quarter, but is angling to accelerate out of the crisis. 

For the quarter ended June 27, Lauren’s revenues fell 65.9 percent to $487.5 million from $1.4 billion a year earlier. Net losses totaled $127.7 million, or $1.75 a diluted share, down from earnings of $117.1 million, or $1.47, a year earlier. Adjusted losses per share tallied $1.82 and compared with adjusted earnings of $1.77 a year earlier. 

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.

READ MORE:  WWD talks to ceo Patrice Louvet about the results and Ralph Lauren’s plans to accelerate out of the crisis.

And Ralph Lauren’s average unit retail price increased 25 percent, driven by geographic and retail channel mix shifts and the company’s continuing efforts to elevate the brand and improve the quality of its sales. 

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.”

Ralph Lauren, executive chairman and chief creative officer, also acknowledged the extraordinary times and voiced some optimism.  

“We are living through an incredible period of change — whether related to the devastating spread of COVID-19 around the world or the call to systemically address racial injustice,” Lauren said. “Through it all, we are focused on continuing to build a business that stands the test of time — staying true to who we are while taking action that enables us to deliver our brand vision for decades to come.”

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