Ralph Lauren ended fourth quarter and fiscal year 2017 with double digit revenue declines, but came out ahead of Wall Street’s estimates.

Net revenue decreased 16 percent to $1.6 billion in the fourth quarter, and declined 10 percent to $6.7 billion for FY2017. International revenue for the fourth quarter declined 9 percent while North American revenue was down 21 percent compared to the same period one year ago.

Ralph Lauren’s wholesale business in the fourth quarter declined 17 percent to $777 million, and 15 percent to $2.8 billion for FY2017, mostly due to slow North American sales during both periods.

“The retail landscape today is more dynamic than ever, but within this environment, our brand continues to be one of the most recognized and beloved all over the world,” said Ralph Lauren, executive chairman and CCO. “Our performance for the year reflects our work to strengthen our brand and I am confident that the actions we are taking, combined with our strong heritage, position us well to succeed. I am very excited to partner with Patrice Louvet, who will join as our CEO in July, as we continue our evolution.”

The company reported a net loss per diluted share of $204 million, or $2.48 per share for the fourth quarter. On an adjusted basis, net income was $74 million, or $0.89 per diluted share for the fourth quarter—exceeding Wall Street’s expectations of $0.79 cents.

The company saw a net income of $41 million, or $0.49 on a reported basis, compared to $74 million or $0.88 on an adjusted basis for the same period last year.

FY2017 saw a net loss of $99 million, or $1.20 per share. On an adjusted basis, net income was $477 million, or$5.71 per diluted share, compared to net income of $296 million, compared to $4.62 per diluted share on a reported basis and $6.36 per diluted share for FY2016.

“Fiscal 2017 was an important year as we strengthened the foundation of the company. We created operational efficiencies, increased the productivity of our assortment and improved quality of our sales,” said Jane Nielsen, Ralph Lauren chief financial officer.

For FY2018 Ralph Lauren anticipates an operating margin around 9-10.5%, with a net revenue down to the low double-digits.

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