) on Thursday forecast annual revenue growth below market expectations and named insider Justin Picicci as its chief financial officer, effective immediately.
Ralph Lauren, much like its peers in the apparel space, resorted to promotions in markets like the United States in order to appeal to a more price-sensitive lower-income consumer. Wholesale revenue in Ralph Lauren's biggest market, North America, fell 2% in the quarter following a 15% fall in the prior quarter.
However, the company's fourth-quarter revenue of $1.57 billion edged past estimates of $1.56 billion, benefiting from robust demand in its direct-to-consumer channel in Europe and Asia.
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