v3.26.1
Restructuring and Other Charges
12 Months Ended
Mar. 28, 2026
Restructuring and Related Activities [Abstract]  
Restructuring and Other Charges Restructuring and Other Charges, Net
A description of significant restructuring and other activities and their related costs is provided below.
Fiscal 2026 Restructuring Activities
During Fiscal 2026, the Company recorded $25.9 million of cash-related restructuring charges, primarily associated with severance and benefit costs. As of March 28, 2026, the remaining liability related to the cash-related charges was $20.4 million, reflecting cash payments of $5.5 million made during Fiscal 2026.
Fiscal 2025 Restructuring Activities
During Fiscal 2025, the Company recorded restructuring-related charges of $20.4 million, comprised of cash-related restructuring charges of $15.5 million, primarily associated with severance and benefit costs, and non-cash-related charges of $4.9 million, primarily related to stock-based compensation expense recorded in connection with an employment separation agreement. As of March 28, 2026 and March 29, 2025, the remaining liability related to the cash-related charges was $3.3 million and $10.9 million, respectively, reflecting cash payments of $7.6 million and $4.6 million made during Fiscal 2026 and Fiscal 2025, respectively.
Fiscal 2024 Restructuring Activities
During Fiscal 2024, the Company recorded restructuring-related charges of $55.8 million, comprised of cash-related charges of $54.5 million, primarily associated with severance and benefit costs, and non-cash-related charges of $1.3 million. As of March 28, 2026, March 29, 2025, and March 30, 2024, the remaining liability related to the cash-related charges was $1.8 million, $8.0 million, and $30.2 million, respectively, reflecting reductions of $6.2 million, $22.2 million, and $24.3 million during Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively, primarily related to cash payments.
Other Restructuring Activities
In connection with the Company's former Club Monaco business, which was sold as part of restructuring activities during the fiscal year ended April 2, 2022, the Company recognized income of $2.1 million, $2.8 million, and $7.0 million during Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively, within restructuring and other charges, net in the consolidated statements of operations related to cash consideration received from Regent, L.P. The Company donated this income each year to The Ralph Lauren Corporate Foundation, a non-profit charitable foundation, which resulted in related offsetting donation expenses of $2.1 million, $2.8 million, and $7.0 million during Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively. The income and related offsetting donation expense amounts during Fiscal 2026, Fiscal 2025, and Fiscal 2024 were all recorded within restructuring and other charges, net in the consolidated statements of operations. Refer to Note 9 of the Fiscal 2025 10-K for additional discussion regarding the Company's sale of its former Club Monaco business.
Other Charges
Next Generation Transformation Project
The Company began a multi-year global project in Fiscal 2024 that is expected to significantly transform the way in which it operates its business and further enable its long-term strategic pivot towards a global direct-to-consumer-oriented model (the "Next Generation Transformation project" or "NGT project"). The NGT project is expected to continue over the next several years, with implementation expected to occur in phases by region and/or capability, and involves the redesigning of certain end-to-end processes and the implementation of a suite of technology systems on a global scale. Such efforts are expected to result in significant process improvements and the creation of synergies across core areas of operations, as well as financial planning and reporting, better enabling the Company to optimize inventory levels and increase the speed with which it reacts to changes in consumer demand across markets, among other benefits. During Fiscal 2026, the Company continued to advance key workstreams under the NGT project including completion of global design templates that support its core enterprise resource planning platform and related processes, automating certain distribution center operations, and progressing the global roll-out of merchandise allocation and long-range demand planning tools.
In connection with the NGT project, the Company recorded other charges of $83.9 million, $25.2 million, and $5.1 million during Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively.
Previously Exited Real Estate
The Company recorded other charges of $8.3 million, $11.4 million, and $14.0 million during Fiscal 2026, Fiscal 2025, and Fiscal 2024, respectively, related to rent and occupancy costs associated with certain real estate locations previously exited in connection with the Company's past restructuring activities for which the related lease agreements have not yet expired. In addition, during Fiscal 2025, the Company recorded impairment charges of $0.8 million to write down long-lived assets in connection with certain North America wholesale shops that were expected to close earlier than the end of their original estimated useful lives due to the related wholesale customer declaring bankruptcy. No impairment charges were recorded during Fiscal 2026 or Fiscal 2024. See Note 11 for further discussion.
Interchange Case Settlements
During the fourth quarter of Fiscal 2026, the Company entered into settlement agreements with Visa, Inc., Mastercard Incorporated, and other named parties to resolve credit card interchange fee litigation matters in which the Company was a plaintiff. As a result of these settlements, the Company received $24.2 million of cash proceeds, net of legal fees, which were recognized as gains during the fourth quarter of Fiscal 2026. The Company donated these proceeds to The Ralph Lauren Corporate Foundation during the fourth quarter of Fiscal 2026 and recognized a related offsetting donation expense of $24.2 million. The settlement gains and related offsetting donation expense were recorded within restructuring and other charges, net in the consolidated statements of operations.