Shares in Polo Ralph Lauren Corp. (NYSE:RL) were out of fashion today after the clothing and accessories group reported declines in fiscal third-quarter same-store sales, though total revenue beat forecasts.
The NYSE listed group said its quarterly same-store sales fell 5% globally, and were down 10% in North America.
READ: Ralph Lauren shares tick higher premarket after market beating second quarter results
The company attributed the North America sales decline to a number of factors, including brand exits, reduced promotional activity and lower consumer demand.
Ralph Lauren said its total sales in the third-quarter were US$1.64bn, down from US$1.71bn last year but ahead of the consensus forecast for US$1.63bn.
The company said it expects its fourth-quarter revenue to fall between 8% to 10%.
The firm posted a third-quarter net loss of US$81.8mln, or US$1 per share, compared with income of US$81.3mln, or 98 US cents per share a year earlier, with adjusted EPS of US$2.03, exceeding the US$1.87 per share consensus.
In pre-market trading, Ralph Lauren shares were down 6.3% at US$107.10.