Chaging your product-loop.liquid to something like noted below will be a starting place. This does not change your CSS (styles) so you'll need to do extra work to make the layout work for less items.
All we are doing is changing the loop from 4 to 3 such as:
{% cycle 'featured': '', '', '', ' last' %}
to
{% cycle 'featured': '', '', ' last' %}
As always, backup first before making any change.
{% capture collection_handle %}{{ product-loop | handleize }}{% endcapture %} {% if collection_handle == "" %}<div id="product-loop-{{ product.handle }}" class="product{% cycle 'featured': '', '', ' last' %}"><div class="image"><a href="{{ product.url }}"><img src="{{ product.featured_image.src | product_img_url: 'large' }}" alt="{{ product.featured_image.alt | escape }}" /></a></div> {% if settings.use_caption %}<div class="caption clearfix"><a href="{{ product.url }}"><span class="title">{{ product.title }}<br /><small class="price{% if product.compare_at_price > product.price %} sale{% endif %}"> {{ product.price | money }}{% if product.compare_at_price > product.price %} <del>was {{ product.compare_at_price | money }}</del>{% endif %} </small></span></a></div> {% else %}<div class="details clearfix"><a href="{{ product.url }}"><span class="title">{{ product.title }}</span></a></div> {% endif %}</div> {% else %}<div id="product-loop-{{ product.handle }}" class="product{% cycle 'featured': '', '', ' last' %}"><div class="image"><a href="/collections/{{ product-loop }}{{ product.url }}"><img src="{{ product.featured_image.src | product_img_url: 'large' }}" alt="{{ product.featured_image.alt | escape }}" /></a></div> {% if settings.use_caption %}<div class="caption clearfix"><a href="/collections/{{ product-loop }}{{ product.url }}"><span class="title">{{ product.title }}<br /><small class="price{% if product.compare_at_price > product.price %} sale{% endif %}"> {{ product.price | money }}{% if product.compare_at_price > product.price %} <del>was {{ product.compare_at_price | money }}</del>{% endif %} </small></span></a></div> {% else %}<div class="details clearfix"><a href="/collections/{{ product-loop }}{{ product.url }}"><span class="title">{{ product.title }}</span></a></div> {% endif %}</div> {% endif %} {% cycle 'clear-table': '', '', '<div style="clear:both;"></div>' %}