Ralph Lauren said it expects net revenue for the current fiscal year to fall in the low-double digit percentage range, hurt partly by store closures, pullback in inventory receipts and weak traffic.
The company said it expects to record restructuring charges of up to $400 million and an inventory reduction-related charge of up to $150 million, mostly in the current fiscal year.
The restructuring measures are expected to result in annualized savings of about $180-$220 million.
The company had about 493 directly operated retail stores and employed about 26,000 people, roughly 15,000 of who work full time as of April 2.
Shares of the retailer had recouped losses and were trading down 4.8 pct at $91.96. Up to Monday's close of $96.33, the stock had fallen nearly 14 percent this year.