NEW YORK (AP) – Ralph Lauren swung to a first-quarter loss as it spends heavily to turn itself around, but the damage was not as bad as many had expected and its shares rose faster than any other Wednesday on the Standard & Poor’s 500.
Just months after taking over as CEO for founder Ralph Lauren late last year, Stefan Larsson initiated significant changes. He is the first person other than Lauren to hold the title.
In addition to slashing costs to right the company’s balance sheet, Larsson tightened its focus on the brands that made Ralph Lauren known worldwide.
While the company is shutting 10 percent of its stores, it is pushing the core brand aggressively, which has been prominent at some very high-profile events.
“One of those proud moments was our presence at Wimbledon earlier this summer and another was the Olympic ceremony this last Friday,” Larsson said in a conference call Wednesday. “Where we could see team U.S.A. walking to the stage and demonstrating the strength of American iconic style.”