The fashion house also reinstated the quarterly dividend at 68.75 cents a share, in line with the payout pre-pandemic.
Shares of the New York company at last check dropped 8.3% to $120.21.
Ralph Lauren narrowed its net loss to $74.1 million, or $1.01 a share, from $249 million, or $3.38 a share, in the year-earlier quarter.
The latest adjusted earnings were 38 cents a share.
The latest GAAP results missed the FactSet consensus estimate of a net loss of 64 cents a share but beat the adjusted estimate of a loss of 72 cents.
For the quarter ended March 27, revenue rose 1% to $1.29 billion, exceeding the FactSet estimate of $1.21 billion.
"This has been a year of profound challenge and reflection – both for our company and for communities around the world," Executive Chairman and Chief Creative Officer Ralph Lauren said in a statement.
"This fiscal year, we fundamentally repositioned our company for long-term success – accelerating our digital and marketing capabilities, eliminating structural headwinds, focusing our brand portfolio and realigning our cost structure – all while continuing our brand elevation journey," President and Chief Executive Patrice Louvet said.
Comparable-store sales in Asia increased 23% while North America reported a 3% rise in this key metric. But comparable-store sales in Europe dropped 45%.
For the first quarter, Ralph Lauren expects revenue to more than double, up 140% to 150%, the company said.
For fiscal 2022, Ralph Lauren expects constant-currency revenue to increase 20% to 25%.
The next dividend is payable on July 9 to holders of record June 25.