05:54
+17 C°
Traffic jam:   0
$
71.6797
87.3274

Ralph Lauren to close a dozen shops worldwide

6 February 2021
2251
1 min.
2
Ralph Lauren to close a dozen shops worldwide

Ralph Lauren shops to be cut globally

US premium clothing manufacturer Ralph Lauren said it plans to cut up to 30% of its corporate real estate in North America, reduce space in Europe and Asia and close up to a dozen shops worldwide.

The company is also assessing its distribution centre situation with a view to consolidating operations to ensure sustainability and efficiency.

Combined, the company expects to reduce its gross annual pre-tax costs by about $200 million to $240 million.

The new measures are designed to improve the company's position, drive business growth and attract more young customers.

Ralph Lauren's adjusted earnings per share for its fiscal third quarter were $1.67, compared with the consensus forecast of $1.63 by analysts surveyed by FactSet. Revenue for the brand was $1.433 billion, down from last year's $1.751 billion and FactSet's forecast of $1.472 billion. Online sales were up more than 20%, the company said

CEO Patrice Louvet spoke about the online shopping tours project the company launched for flagship boutiques in Beverly Hills, New York and Paris. An online flagship boutique in Hong Kong was also launched during the quarter.

The company also launched an online Ralph Lauren Vintage shop, which sells one-of-a-kind pieces. The launch of the shop comes on the back of growing sales of second hand clothing, which is particularly popular with younger shoppers and those concerned about the environment.

Since the beginning of the year, the company's capitalisation has increased by 3.8%.

Persons1 and Companies1 in the news

Chief Executive Officer
1 place
FactSet
1 place
Section:

Discussion

Rating companies
Tesla
66 Mention
Apple
65 Mention
Nasdaq
61 Mention
Amazon
54 Mention
Dow Jones
49 Mention
Facebook
49 Mention
Microsoft
35 Mention

NEW YORK NEWS

News from GlobalNY.biz is the freshest and most relevant information about high-profile events in the region. The task of the resource's news feed is to convey to readers with maximum accuracy and objectivity information about important events in business, politics, economy, healthcare, culture and other spheres of life in New York.
GlobalNY.biz news is a coverage of economic processes taking place in New York, the latest news of public life, incidents and an overview of political events. New York news is information about the activities of small and medium-sized businesses, the work of housing and communal services and utilities, the implementation of significant projects.
The site's journalists describe not only the life of the region, but also talk about the current state of the US economy. Everything you need to know about innovations in the field of industry and agriculture, economy and power is collected in the "News" section at GlobalNY.biz.
New York news quickly informs the reader, shows the real picture and opens up hot topics. Communication with government structures and business enables us to provide our readers with reliable, information-rich material. The main page of the portal contains the key news of New York!
Alena Potapova

Development Director