THE NEWS: Clothing and home goods maker Ralph Lauren Co. on Wednesday reported its fiscal-first quarter net income rose 5 percent on strong growth in North America and a lower tax rate.

THE CONTEXT: Revenue rose 4 percent but fell short of expectations, pressured by weakness in Europe and a pullback in distribution in China. The 45-year-old company sells its products at department stores and specialty stores as well as its own retail locations.

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THE FORECAST: For the second quarter, New York-based Ralph Lauren expects revenue to decline by a mid-single digit percentage, due partly to the stronger dollar.