Ralph Lauren's forecast for revenue falls short on pandemic uncertainty. Shares of the company, best known for its Polo shirts, tumbled 8 percent. This comes as the global luxury industry seems to be making a quicker-than-expected comeback from the pandemic blow.
"We're not completely done with COVID, as you look at what's happening in Japan, what's happening in parts of Europe and other parts of Asia," Chief Executive Officer Patrice Louvet told analysts. A spike in infections forced many governments to put their economies back into lockdown. Consequently, this severely constrained a major market for high-fashion labels and reining in the momentum from digital sales across geographies.
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Ralph Lauren also said it expects significantly high...