Ralph Lauren on Thursday forecast annual revenue growth below market expectations and named Justin Picicci as its chief financial officer succeeding Jane Nielsen.

The company said it expects annual revenue to rise in low-single digits, centering on about 2% to 3%, compared with market expectations of a 3.98% increase to $6.89 billion.

The company reported fourth-quarter revenue of $1.57 billion that edged past estimates of $1.56 billion, as per LSEG data.

The apparel maker’s shares, which have risen about 16% so far this year, were down 1% in volatile premarket trade.