Nathan Bomey

USA TODAY

Upscale fashion retailer Ralph Lauren said Tuesday that it would cut jobs and shutter its Polo store on Fifth Avenue in New York City as it seeks cost savings amid a sputtering turnaround effort.

The company said the moves would save $140 million in annual expenses and would cost $370 million in one-time restructuring charges.

The plans include an unspecified number of store closures, "a reduction in workforce" and closure of certain corporation operations, according to a public filing.

The company declined to release details, though it had already announced 50 store closures during the fiscal year ending March 31.

But the moves follow a turbulent period defined by falling revenue, lower profit and the announced departure of the company's CEO, Stefan Larsson, who had creative differences with chief creative officer, executive chairman and company namesake Ralph Lauren. Larsson, whose departure was announced in February, officially exits May 1.

Ralph Lauren CEO to depart, shares down 10%

The retailer said Tuesday in a public filing that its latest moves were in addition to a plan announced in June 2016 to shed $180 million to $220 million in costs. The company's stock (RL) fell 2.1% to $79.66 at 9:52 a.m.

The initiative, which the company dubbed the Way Forward Plan, now also includes "the restructuring of its current digital operations and the shift to a more cost-effective, flexible e-commerce platform" in a deal with software provider Salesforce, according to a public filing.

"Together, these actions are an important part of the Company’s efforts to achieve its stated objective to return to sustainable, profitable growth and invest in the future," the company said.

The new strategy includes exploration of "new retail concepts," such as the Ralph's Coffee brand, and "developing new store formats," the company said.

The changes come amid considerable upheaval for retailers that rely heavily on physical stores.

Net revenue for the quarter ended Dec. 31, which included the critical holiday shopping season, fell 11.9% to $1.7 billion. Net income declined 37.4% to $82 million.

The company has suffered from a heavy reliance on department store business, namely including its deal with Macy's, and insufficient online business.

"Other headaches included bloated inventory, frequent mark-downs, too much business in too many outlet stores, and a new generation of customers who act, think, communicate and dress differently than the brand’s previous generations," consumer product marketing consultant Jane Singer wrote in February for a retail analysis for The Robin Report.

But Singer added that Ralph Lauren retains a uniquely American image that continues to give the brand life.

Still, Larsson's sudden departure "significantly reduces our conviction" in projected finances, UBS analyst Michael Binetti wrote in a recent report.

Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey.