NEW YORK (AP) — Ralph Lauren is closing stores, focusing more on its most popular brands and trimming layers from its management team seven months after bringing in a new CEO to reverse its declining fortunes.

Shares of the New York company tumbled 8 percent early Tuesday.

Ralph Lauren Corp. says it expects to save between $180 million and $220 million a year. That's on top of $125 million in cost cuts from last year.

It expects revenue to fall in the mid-single digits during the current quarter, and fall in the low double digits for the year.

Company founder Ralph Lauren stepped down as CEO in November and the company hired Stefan Larsson from Old Navy to replace him.