What happened Shares of Ralph Lauren (NYSE: RL) were slipping as coronavirus fears spooked investors in the luxury brand and in the broader market. As of 1:41 p.m. EST, the stock was down 6.4%. So what Stocks were down widely today as panic over coronavirus swept the market. Infection cases in countries like Italy, South Korea, Israel, and Iran soared over the weekend, making it clear that the disease, officially called COVID-19, has become a global epidemic, not just one restricted to China. Image source: Ralph Lauren. Ralph Lauren said in its third-quarter earnings report that it had shuttered about half of its 110 stores in China because of the virus. Investors were already nervous about the disease's impact on luxury brands like Ralph Lauren, as the Chinese make about a third of purchases in the global luxury market. Travel and tourism, which are similarly being impacted by the coronavirus, are also correlated with luxury spending, and less tourism likely means lower revenue for Ralph Lauren. The company then said on Feb. 13 that it expected revenue for its current quarter to be negatively impacted by $55 million to $70 million and for operating income in Asia to be down $35 million to $45 million due to the virus's impact in China, South Korea, and Japan. At the time, management also said the percentage of its China stores that were closed had risen to two-thirds. Notably, the stock didn't fall on that news, but investors seem to be taking that warning into account today. Now what Ralph Lauren's guidance will essentially wipe out all of the operating income it had in Asia in the fourth quarter a year ago. Analysts now expect earnings per share of just $0.64 for the quarter, down from $1.07 a year ago. About half of Ralph Lauren's sales come from outside North America, so the company could be hit again if coronavirus fears cause store closures in Europe and elsewhere in Asia. Don't be surprised if the disease takes a bigger toll this quarter than the company projected in its announcement earlier this month. 10 stocks we like better than Ralph Lauren CorpWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Ralph Lauren Corp wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of December 1, 2019 Jeremy Bowman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source