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Ralph Lauren shares plummet after lackluster quarter

Ralph Lauren’s 3-year-old turnaround bid isn’t galloping like a polo pony yet. The New York fashion giant’s shares plummeted 6.6 percent Tuesday after it reported lackluster second-quarter results, with experts fretting that millennials continue to ignore the brand’s fancy stores and pricey, preppy styles. The upscale clothing label invested heavily in marketing during the quarter to celebrate its 50th anniversary, spending 30 percent more this year than last on marketing. Nevertheless, sales of its double-breasted blazers, striped ties, shoes and accessories rose just 1.6 percent, to $1.7 billion. In North America, same-store sales dropped 1 percent. The results edged past Wall Street’s expectations, but “the beat was fa ...
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