Ralph Lauren Corp. shares sank 6% in Thursday premarket trading after it reported fiscal third-quarter same-store sales declines. The clothing and accessories company had a net loss of $81.8 million, or $1 per share, compared with income of $81.3 million, or 98 cents per share, for the same period last year. Adjusted EPS was $2.03, exceeding the $1.87 per share FactSet consensus. Sales totaled $1.64 billion, down from $1.71 billion last year but ahead of the $1.63 billion FactSet consensus. Same-store sales fell 5% globally, and fell 10% in North America. The company attributed sales declines in North America to a number of factors including brand exits, reduced promotional activity and lower consumer demand. Ralph Lauren expects fourth-quarter revenue to fall 8% to 10%. Ralph Lauren shares are up nearly 28% for the past three months while the S&P 500 index is up 9.5% for the period.
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