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Ralph Lauren : to shut down Fifth Avenue Polo store

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04/23/2017 | 02:16am CEST

Ralph Lauren Corp. said Tuesday that it is shuttering its high-profile Polo store on New York's Fifth Avenue, less than three years after opening it.

The closure, which will happen later this month, is part of the New York fashion company's plan to save $140 million annually. The company said it will close other stores, cut jobs and shut some corporate offices, but did not provide details.

The company is trying to turn its business around in the face of falling revenue. Like other traditional brands, Ralph Lauren has been hurt by sluggish performance at major department stores as shoppers increasingly skip the mall and shop online.

CEO Stefan Larsson, who was hired less than two years ago to revive the brand, is leaving next month. The company's chief financial officer, Jane Nielsen, will lead the company until a successor is found.

The three-story Fifth Avenue store was opened in late 2014 as a home for Ralph Lauren's Polo brand clothing. Soon after, the company opened the nearby Polo Bar Restaurant, which it will continue to operate.

A coffee shop inside the Fifth Avenue store will be closed, but the company said it is looking at ways to keep the Ralph's Coffee brand alive. Clothing will be moved to its other New York stores, including its Madison Avenue flagship. The company did not give a date for the Fifth Avenue store closure.

(c) 2017 Standard Publications Ltd. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ($)
Sales 2017 6 646 M
EBIT 2017 670 M
Net income 2017 469 M
Finance 2017 358 M
Yield 2017 2,57%
P/E ratio 2017 60,55
P/E ratio 2018 14,98
EV / Sales 2017 0,92x
EV / Sales 2018 1,00x
Capitalization 6 488 M
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Ralph Lauren Corp Technical Analysis Chart | RL | US7512121010 | 4-Traders
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Mean consensus HOLD
Number of Analysts 19
Average target price 78,4 $
Spread / Average Target -0,64%
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Stefan Larsson President, Chief Executive Officer & Director
Ralph Lauren Chairman & Chief Creative Officer
Jane Hamilton Nielsen Chief Financial Officer
Frank A. Bennack Independent Director
Arnold H. Aronson Independent Director
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