Ralph Lauren Corp reported its ninth straight fall in quarterly sales at established stores as fewer customers visited its stores, sending the company's shares down 3 percent to levels last seen during the financial recession. The company also said it expected the sales decline to continue in the current quarter. Same-store sales during the quarter fell 12 percent, widely missing the 6.5 percent decline analysts polled by Consensus Metrix had expected.

That contributed to a 16.3 percent fall in overall sales to $1.57 billion, also hurt by a drop in the average transaction size as company's move to sell more items at full price discouraged shoppers. As a result of these efforts, selling, general and administrative expenses fell about 15 percent in the fourth quarter ended April 1. Cost of goods sold slumped nearly 13 percent.

On a post-earnings conference call, Ralph Lauren said it pulled back inventory with its wholesale partners, lowered sales in the off-price channel, engaged in fewer promotional periods, shuttered stores and exited brands in the quarter. Ralph Lauren's gross margins on an adjusted basis rose 90 basis points to 55.4 percent.

Copyright Reuters, 2017