Ralph Lauren lowers full-year sales view, second-quarter results fall

(Reuters) – Ralph Lauren Corp on Friday reported lower quarterly earnings and reduced its full-year sales forecast because of its ongoing closures of locations in China and the discontinuation of its American Living brand, warning that the global economy is still threatening demand for its fashion items. Ralph Lauren’s sales have been hurt by its phasing out of stores and boutiques operated by local partners in China. It plans to replace the stores over time with company-run shops in what it has said will be better spots that elevate its image. …