Ralph Lauren has reported yet another loss, making it the fashion outlet’s ninth straight fall in quarterly sales at established stores. Fewer customers are in turn visiting RL locations, as the company’s shares are currently down three percent, which accounts for levels last seen during the financial recession.
In addition, Ralph Lauren expects sales to continue to decline in the current quarter.
The company has experienced a 16.3 percent fall in overall sales to $1.57 billion, as the low numbers are predominantly due to sluggish spending on apparel and accessories.
Still, RL is attempting to dig itself out of a hole that continues to get deeper, recently hiring P&G executive Patrice Louvet as its CEO.
“Ralph Lauren has been turning itself around for a very long time. It goes back to over two years now,” said Neil Saunders, managing director of GlobalData Retail. “There is a lack of confidence among investors that the company would be able to pull through all the initiatives it is now talking about.”
Now, Ralph Lauren expects current quarter net revenue to sink in the low double-digit percentage range.