Ralph Lauren says North America sales to come under pressure; shares fall

(Reuters) – Ralph Lauren Corp (RL.N) said it expects sales in North America for the rest of the year to be pressured by a tough retail environment and weakness in spending by foreign tourists, sending its shares down about 4%.

Chief Executive Officer Patrice Louvet said the company has taken a slightly more cautious view of the retail environment for the year ahead, but continues to “clearly see challenges with brick-and-mortar traffic… including foreign tourist volatility.”

“We still expect Q1 will be the strongest quarter of the year as the North America retail environment has become somewhat more volatile in recent months,” Chief Financial Officer Jane Nielsen told analysts.

Reporting by Nivedita Balu in Bengaluru; Editing by Shailesh Kuber and Anil D’Silva

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