ralph lauren\'s comparable sales fall for ninth straight quarter
Ralph Lauren (RL. N)
The report said that as the number of customers visiting its stores decreased, the company\'s quarterly sales fell ninth in a row, bringing the company\'s shares down 3% to levels during the financial downturn.
The company also said it expects sales to continue to decline this quarter. Same-
In the quarter, the sales of stores decreased by 12% year on year, and there were generally 6 missing.
Metrix had expected 5% analysts to be surveyed.
This contributed to 16.
Total sales fell 3% to $1.
57 billion, as companies sell more goods at full prices, the decline in the average transaction size has also hit shoppers.
Ralph Lauren, like other clothing chains, has been working to address weak sales due to weak clothing and accessories spending.
As competition in the industry intensified, the company\'s profit margin was hit.
To reverse the situation, major changes have taken place in the company\'s top management.
On Wednesday, the company hired P & G executive Patrice Louvet as CEO after his predecessor resigned after more than a year in the position.
\"Ralph Lauren has been turning around for a long time.
This goes back more than two years ago, \"said Neil Saunders, managing director of global data Retail.
\"Investors lack confidence that the company can complete all the initiatives it is talking about now.
\"The company has been trying to reduce costs by cutting jobs and closing stores including New York\'s Fifth Avenue flagship store.
Due to these efforts, sales, general and administrative expenses decreased by approximately 15% in the fourth quarter ended April 1.
The cost of merchandise sales fell by nearly 13%. On a post-
Ralph Lauren said on the earnings call that it reduced inventory with wholesale partners and reduced off-site sales
Price channel, less promotion cycle, closed the store this quarter, quit the brand. The cost-
According to Thomson Reuters I/B/E/S, the cut also helped the company publish an adjusted profit of 89 cents per share, exceeding analysts\' expectations of 11 cents.
Ralph Lauren\'s adjusted gross profit margin rose by 90 basis points to 55 basis points. 4 percent.
The company suffered losses this quarter, mainly due to restructuring and severance spending exceeding $0. 3 billion.
Ralph Lauren said it is expected that
Quarterly net income will fall at a low level
Digital percentage range.