The iconic American brand widely identifiable by its polo-player-on-horseback logo has stumbled upon some divots.
Ralph Lauren announced fourth-quarter and full-year earnings on Thursday and reported a 29% decrease in revenue, down to $4.4 billion for the year.
North American revenue decreased by 37% and European by 29%, but business in Asia stayed afloat with a 1% bump in annual revenue.
Founded by its namesake designer in 1967, the brand was created with sports in mind. Its first full line of clothing was dubbed “Polo” — and the rest is history.
More than five decades later, Ralph Lauren is still close to athletics. Earlier this month, the brand launched an apparel collection with MLB.
The collaboration is just the latest sports addition to Ralph Lauren’s sports portfolio.
- Polo Ralph Lauren is the official outfitter of the U.S. Open, Australian Open, and Wimbledon. (Lacoste sponsors the French Open.)
- The brand is currently selling official 2021 PGA Championship apparel.
- Most famously, Ralph Lauren has outfitted Team USA since the 2008 Olympics.
Revenue from the first three months of 2021 reached $1.29 billion — a modest 1% increase year-over-year but a sign that pandemic-related losses may be in the rearview.
Ralph Lauren stock closed at $121.87 on Thursday, down nearly $9 for the day, but still over $52 higher than time this time last year.