Ralph Lauren Affirms FY17 Outlook - Quick Facts

(RTTNews) - While reporting its second-quarter financial results today, apparel maker Ralph Lauren Corp. (RL) affirmed its financial outlook for fiscal 2017.

For the third quarter, the company expects consolidated net revenues to be down low-double digits to down low-teens on a reported basis.

For fiscal 2017, Ralph Lauren affirmed its outlook for consolidated net revenues to decrease at a low-double digit rate, consistent with the Way Forward plan. Key elements include a proactive pullback in inventory receipts, store closures, pricing harmonization and quality of sales initiatives.

The company expects its fiscal 2017 restructuring activities to result in approximately $180 million to $220 million of annualized expense savings related to its initiatives to streamline the organizational structure and right-size its cost structure and real estate portfolio.

Ralph Lauren expects to incur restructuring charges of about $400 million as a result of the fiscal 2017 restructuring activities and about $150 million inventory charge associated with the company's Way Forward plan.

These charges are expected to be substantially realized by the end of fiscal 2017. In the second quarter of fiscal 2017, the company recorded $150 million in restructuring, related impairment and inventory charges.