Ralph Lauren forecast annual revenue growth below market expectations. To make things better, the brand named Justin Picicci as its new CFO. BOF writes about this.
Shares of the fashion house, which have risen about 16% this year, fell 4.5 percent in premarket trading. The company expects full-year revenue to grow between 2% and 3%, missing market expectations of a 3.98% increase to $6.89 billion.
Ralph Lauren’s U.S. wholesale business has come under pressure as retailers and department stores limit orders and face weak consumer demand.
Let us remember that Prada Group summarizes the results of the first quarter of 2024. Thus, the conglomerate’s sales increased by 11% and amounted to 1,180 million euros. Exactly one year ago, the group’s figures amounted to 1,060 million euros.
