Ralph Lauren Corp forecast full-year sales below analysts’ estimates on Thursday, anticipating a further hit from store closures in parts of Europe and Japan due to Covid-19 curbs, even as demand rebounds in China and the United States.

The retailer, popular for its Polo shirts, said it expects fiscal 2022 revenue on a constant currency basis to increase about 20 percent to 25 percent. Analysts were expecting a 31.1 percent rise.

Shares of the company were down 3 percent before the bell.

Net revenue rose to $1.29 billion in the fourth quarter from $1.27 billion a year earlier. Analysts on average had expected revenue of $1.21 billion, according to Refinitiv IBES data.

The company reported a net loss of $74.1 million, or $1.01 per share, compared with a loss of $249.0 million, or $3.38 per share, a year earlier.

Reporting by Mehr Bedi and Nivedita Balu in Bengaluru; Editing by Sriraj Kalluvila