We are now closing in on the retail portion of corporate earnings season. Ralph Lauren Corp. (NYSE: RL) reported its fiscal fourth-quarter earnings Wednesday before the markets opened. The company had $1.41 in earnings per share (EPS) on $1.9 billion in revenue, which compares to Thomson Reuters consensus estimates of $1.32 in EPS and revenue of $1.88 billion. In the first quarter of the previous year, the company posted EPS of $1.69 on $1.87 billion in revenue.

In terms of the outlook for the 2016 fiscal year, the company expects consolidated net revenues to increase by mid-single digits in constant currency. Based on current exchange rates, foreign currency is expected to have an approximate 450 basis point negative impact on the fiscal 2016 revenue growth.

Ralph Lauren ended its fiscal fourth quarter with 466 directly operated stores, comprised of 143 Ralph Lauren stores, 64 Club Monaco stores and 259 Polo factory stores. At the same time, the company also operated 536 concession shop locations worldwide at the end of the period.

During this quarter, the board of directors authorized an additional $500 million stock repurchase program to purchase common stock. This will be added on to the $80 million available at the end of the fourth quarter of fiscal 2015 as part of a previously authorized stock repurchase program. Note that this repurchase program is around 3% of the Ralph Lauren’s total market cap of $11.6 billion.

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Jacki Nemerov, president and chief operating officer, took an optimistic point of view on earnings:

Our better-than-expected fourth quarter results were achieved in a challenging global macroeconomic environment, showcasing the operational discipline of our teams. While foreign exchange and global consumer spending remain unpredictable, we are taking decisive actions to offset some of these ongoing external pressures. We also believe the new global brand management structure will enhance the consistency of our brand presentation around the world and generate substantial operating efficiencies.

To end this fiscal fourth quarter, Ralph Lauren had $1.2 billion cash and investments.

Shares of Ralph Lauren closed Tuesday down 1.1% at $133.20. After the release of the earnings report, shares were down 2.8% at $129.50 in premarket trading Wednesday. The stock has a consensus analyst price target of $148.42 and a 52-week trading range of $127.29 to $187.49.

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