Ralph Lauren Corp. shares slid 10% in premarket trade Thursday, after the company said its chief executive is leaving and warned of charges to cover a restructuring program. The designer apparel brand had net income of $82 million, or 98 cents a share, in its fiscal third quarter, down from $131 million, or $1.54 a share, in the year-earlier period. Adjusted per share earnings came to $1.86 a share, ahead of the FactSet consensus of $1.64. Revenue came to $1.7 billion, down 12% from the year-earlier quarter, to match the FactSet consensus. Chief Executive Stefan Larsson said he has mutually agreed with the company to part ways. Larsson will stay on until May 1, while a search for a replacement is carried out. CFO Jane Nielsen will lead the company’s Way Forward plan in the interim, which aims to achieve $180 million to $220 million of annualized savings. The company is still expecting fiscal 2017 revenue to decline at a low-double digit rate. It expects operating margins of about 10% as cost savings kick in. For the fourth quarter, the company is expecting revenue to be down in the mid-teens. It expects to book restructuring charges of about $400 million and a $150 million inventory charge. Shares have fallen 22% in the last 12 months, while the S&P 500 has lost 20%.
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