Ralph Lauren posted a decline in quarterly revenue for Q3 2016, citing the now familiar reasons of warmer temperatures, a decline in tourist traffic and negative impact from foreign currency.

Following the brand’s announcement, shares fell 12.6% at $101 in premarket trading on Thursday, according to Reuters.

Net revenues for the third quarter were down 1% on a constant currency basis to $1.9 billion, missing the guidance provided in November of 0%-2% reported revenue growth. While international net revenue grew 6% in constant currency in the third quarter, North American revenue declined 4%.

The company’s net income was $131 million or $1.54 per diluted share, as compared to reported net income of $215 million, or $2.41 per diluted share, for the third quarter of fiscal 2015.

Wholesale segment sales decreased 3% on a constant currency basis to $786 million, with a decline in North American sales offsetting increased sales in Europe. Retail sales were in line with the prior year on a constant currency basis as growth in new stores and e-commerce was offset by negative comparable store sales.

Gross profit for the third quarter was $1.1 billion, excluding restructuring and other charges of $10 million.

The company is adjusting its fiscal outlook for 2016. The company expects consolidated net revenues to be up approximately 1% in constant currency, as compared to previous guidance of 3-5% in constant currency.

Ralph Lauren, executive chairman and chief creative officer, said, “2015 was a year of transition.” He continued, “While our recent results have been disappointing, I am greatly encouraged by the changes that are already taking place since the appointment of Stefan Larsson as our new CEO.”

Larsson said, “While we are disappointed with the current business results, I was brought on board as CEO to institute change that will drive improved performance and strengthen Ralph Lauren’s position among the top luxury companies in the world.”