International News

Ralph Lauren’s Comparable Sales Drop

June 9, 2017

Ralph Lauren Corp’s quarterly sales dropped at established stores as fewer customers visited. The company expects the sales to see decline in the current quarter. Same-store sales during the quarter fell by 12%, widely missing the 6.5% decline analysts polled by Consensus Metrix had expected. Ralph Lauren, like other apparel chains, has been struggling with weak sales due to sluggish spending on apparel and accessories. The company’s margins have taken a hit as competition in the industry has intensified. The company has been trying to reduce costs by cutting jobs and shuttering stores, including its flagship Fifth Avenue store in New York. On a post-earnings conference call, Ralph Lauren said it pulled back inventory with its wholesale partners, lowered sales in the off-price channel, engaged in fewer promotional periods, shuttered stores and exited brands in the quarter