来源：国际投行研究报告 雅诗兰黛下跌19% 增长恐慌拖累美股再次下跌！ 疲软的劳动力市场数据和对AI的忧虑进一步拉低美国股市，标普500指数年内转跌。软件股也再次大幅 下跌；比特币下跌13%，拖累Strategy股价下跌19%。 标普500指数信息技术板块下跌1.7%。微软(Microsoft)下跌5%，Salesforce回落4.7%。这轮跌势继续冲击 半导体公司，包括Advanced Micro Devices，该公司收盘下跌3.9%；以及英伟达(Nvidia)，该公司收盘下 跌1.4%。 Alphabet股价下跌0.5%，此前这家谷歌(Google)的母公司表示，今年可能进行最高可达1,850亿美元的人 工智能相关资本投资。高通(Qualcomm)发布的疲软预测拖累了这家芯片制造商的股价，其股价下跌了 8.5%。 雅诗兰黛(Estée Lauder)股价下跌19%，在标普500指数成份股中跌幅最大，此前这家美妆集团表示，预 计今年与关税相关的不利因素将使其利润减少约1亿美元。发动机制造商康明斯(Cummins)股价下跌 11%，创下自2020年3月新冠疫情爆发之初以来的最大单日百分比跌幅。 投资者涌入公 ...

Core Viewpoint - The article highlights investment opportunities in the textile, apparel, and jewelry industries for 2026, focusing on outdoor apparel companies that combine functionality and fashion, distinctive gold jewelry brands amid high gold prices, and leading manufacturers with global layouts and improving customer cycles [1]. Group 1: Outdoor Apparel - The outdoor sports apparel sector is expected to outperform the industry, with brands that effectively blend functionality and fashion showing better growth trends. The market for functional products that cater to diverse consumer scenarios is anticipated to expand further in 2026 [4][7]. - The demand for functional footwear and apparel remains strong, driven by an increasing number of consumers participating in sports and outdoor activities. By 2024, the number of people regularly engaging in sports in China is projected to reach 38.5% [8][10]. - The outdoor apparel market is expected to grow at a CAGR of 10% from 2015 to 2025, outpacing the overall apparel market growth of 3% [8]. Group 2: Jewelry Sector - With gold prices remaining high, brands with distinctive products are expected to perform well. Gold prices have risen significantly, with a cumulative increase of 63% in 2025 and an additional 25% in early 2026, reaching historical highs [27]. - The jewelry sector is projected to benefit from increased consumer interest and spending, as the perception of gold jewelry as a store of value strengthens. The retail sales of gold and silver jewelry in 2025 increased by 12.8%, significantly outperforming the overall retail market growth of 3.7% [29][31]. - The article notes that brands with unique product offerings are likely to continue their strong performance, supported by improved supply levels and consumer aesthetic recognition [31]. Group 3: Global Manufacturers - Manufacturers with a global presence and a diverse customer base are expected to benefit from stable order sources, particularly as overseas brands in leisure and outdoor apparel continue to grow [33][42]. - The article indicates that the inventory levels in the U.S. apparel sector are low, which is expected to stabilize demand for apparel orders in 2026. The inventory turnover efficiency of major brands is improving, suggesting a positive outlook for manufacturers [38][40]. - The operational outlook for outdoor and leisure apparel brands is more favorable compared to traditional sports brands, with higher revenue growth and more optimistic guidance [42][43].

Core Viewpoint - Ralph Lauren reported strong third-quarter earnings and revenue, exceeding Wall Street expectations, but shares fell due to margin pressure warnings from tariffs [1][3] Group 1: Earnings and Revenue Performance - The company posted earnings per share of $5.82, slightly above analyst estimates of $5.78 [1] - Revenue rose 12% year over year to $2.41 billion, surpassing expectations of $2.30 billion [1] - On an adjusted basis, earnings per share reached $6.22, up 29% from a year earlier, while reported EPS increased 25% from $4.66 [2] - Revenue grew 10% in constant currency terms, with foreign exchange contributing approximately 220 basis points to growth [2] Group 2: Consumer Demand and Product Performance - Sales were driven by demand for products such as Polo shirts and leather handbags, with affluent consumers continuing to spend on luxury goods despite economic pressures on lower- and middle-income households [2] Group 3: Future Outlook - The company expects fourth-quarter operating margin to contract by approximately 80 to 120 basis points due to higher U.S. tariffs [3] - For fiscal 2026, the company raised its outlook for constant-currency revenue growth to the high-single-digit to low-double-digit range, up from the previous forecast of 5% to 7% [4] - Operating margin expansion is projected at 100 to 140 basis points, compared to an earlier estimate of 60 to 80 basis points [4] - Fourth-quarter revenue is expected to grow at a mid-single-digit rate in constant currency [4]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 27, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-13057 Ralph Lauren Corporation (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) 650 Madis ...

Core Insights - Ralph Lauren Corporation (RL) reported strong third-quarter fiscal 2026 results, with both revenue and earnings exceeding expectations, driven by robust holiday demand across various regions and channels [2][3][8] Financial Performance - Adjusted earnings per share reached $6.22, surpassing the consensus estimate of $5.80, and increased by 29% from $4.82 in the same quarter last year [3] - Net revenues grew 12% year over year to $2,406 million, exceeding the Zacks Consensus Estimate of $2,318 million, with a 10% increase on a constant-currency basis [3] - Global direct-to-consumer comparable store sales rose in high-single digits, supported by balanced growth in physical and digital channels, while global wholesale sales experienced robust double-digit growth [4] Regional Performance - North America: Revenues increased by 8% year over year to $1.1 billion, with retail channel comps rising 7% [7] - Europe: Revenues rose 12% year over year to $676 million, with a 4% increase on a currency-neutral basis [9] - Asia: Revenues increased by 22% year over year to $620 million, with comps up 20% [10] Margin and Cost Analysis - Adjusted gross profit margin expanded by 150 basis points year over year to 69.9%, driven by strong average unit retail growth and a favorable product mix [11] - Adjusted operating income was $503 million, with an adjusted operating margin increasing by 220 basis points to 20.9% [12] Financial Position - As of the end of the third quarter, the company had cash and short-term investments of $2.3 billion, total debt of $1.3 million, and total shareholders' equity of $2.9 billion [13] - Inventory increased by 15% year over year to $1.1 billion [13] - The company repurchased nearly $37 million of Class A Common Stock and returned about $500 million to shareholders through dividends and stock repurchases [14] Future Outlook - Following strong Q3 results, Ralph Lauren raised its full-year fiscal 2026 guidance, expecting revenue growth in the high-single to low-double digits on a constant currency basis [16][17] - For the fiscal fourth quarter, revenues are expected to grow in mid-single digits on a constant currency basis, with foreign currency expected to aid revenues by 200-300 basis points [20]

The company raised its full-year revenue growth outlook, supported by expanding margins and favorable pricing and product mix.The company increased average unit retail (AUR) by 18% across its direct-to-consumer network in the third quarter, exceeding expectations and reflecting continued brand elevation, strong full-price selling, and fewer promotions than planned.Quarterly MetricsThe company reported third-quarter adjusted earnings per share of $6.22, beating the analyst consensus estimate of $5.81. Quarte ...

Group 1: Jobless Claims Data - Initial Jobless Claims reached 231K, exceeding expectations of 212K and the previous week's 209K, marking the highest level of 2026 so far [2] - Continuing Claims increased to 1.844 million from a revised 1.819 million the prior week, still favorable compared to the past six months where it ranged between 1.93 and 1.97 million [3] Group 2: Earnings Reports - Bristol Myers-Squibb (BMY) reported earnings of $1.26 per share, beating the Zacks consensus of $1.15, resulting in a 9.57% earnings beat, with shares up 1.7% [4] - ConocoPhillips (COP) missed earnings estimates by 6 cents, reporting $1.02 per share, leading to a 5.6% earnings miss and a 3.3% drop in shares [5] - Ralph Lauren (RL) posted earnings of $6.22 per share, surpassing expectations of $5.80 with a 7.2% positive surprise, although shares fell 6.5% due to declining annualized revenue growth [6] - Tapestry (TPR) reported earnings of $2.69 per share, exceeding the Zacks consensus of $2.20, with shares up 5.9% [7] - Other notable earnings beats included Hershey's (HSY) at +21.28% and ArcelorMittal (MT) at +53.57%, while MasterCraft Boat (MCFT) had the largest beat at +81.25%, despite a revenue miss leading to a 1.2% drop in shares [8]

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company operates with a team of experienced and qualified news journalists across key finance and investing hubs including London, New York, Toronto, Vancouver, Sydney, and Perth [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The content delivered by the company includes insights across various sectors such as biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Utilization - Proactive is recognized for its forward-looking approach and enthusiastic adoption of technology to enhance workflows [4] - The company employs automation and software tools, including generative AI, while ensuring that all content is edited and authored by humans to maintain best practices in content production and search engine optimization [5]

Ralph Lauren Q3 earnings beat but shares slide on tariff-driven margin outlook Proactive uses images sourced from Shutterstock Ralph Lauren Corp (NYSE:RL) shares fell nearly 7% in early trading on Thursday, even after the luxury apparel maker reported fiscal third-quarter results that exceeded Wall Street expectations, as investors focused on its outlook for margin pressure in the fourth quarter. The company raised its full-year fiscal 2026 outlook, now expecting constant-currency revenue growth in the hi ...

Financial Data and Key Metrics Changes - The company reported a total revenue growth of 10% in Q3, exceeding the mid-single-digit outlook, with Asia leading at 22% growth, followed by North America at 8% and Europe at 4% [23][31] - Adjusted gross margin expanded by 140 basis points to 69.8%, driven by AUR growth and a favorable mix shift towards full-price businesses [24][33] - Adjusted operating margin increased by 200 basis points to 20.7%, with operating profit rising by 21% [25] Business Line Data and Key Metrics Changes - Core product sales grew in low double digits, driven by strong demand in categories like cotton cable knits and children's programs [13][24] - High-potential categories, including women's apparel and handbags, increased in high teens, outpacing total company growth [14][15] - Direct-to-consumer (DTC) business in North America increased by 7%, with retail comps up 7% and digital comps also growing by 7% [26] Market Data and Key Metrics Changes - Asia's revenue increased by 22%, with retail comp growth of 20%, driven by strong performance in China, which grew over 30% [29][31] - North America revenue grew by 8%, with strong performance across both DTC and wholesale businesses [26][27] - Europe saw a revenue increase of 4%, with healthy comps in full-price stores offset by softer outlet trends [28][32] Company Strategy and Development Direction - The company is focused on its "Next Great Chapter: Drive" strategic plan, which aims to elevate the brand, drive core products, and expand in key cities [8][20] - The strategy emphasizes a cinematic storytelling approach to marketing, aiming to connect deeply with consumers and enhance brand desirability [5][44] - The company plans to continue leveraging advanced technology, AI, and analytics to improve consumer engagement and operational efficiency [7][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the brand's resilience and ability to navigate an uncertain global environment, focusing on long-term growth and value creation [20][30] - The outlook for fiscal 2026 has been raised, expecting constant currency revenues to increase in the high single to low double digits [31][33] - Management remains cautious about the North American operating environment due to ongoing consolidation in the wholesale channel [32] Other Important Information - The company added 2.1 million new consumers to its DTC businesses in Q3, reflecting strong momentum among younger consumers [11][12] - The launch of "Ask Ralph," an AI-powered digital shopping assistant, is expected to enhance customer engagement and provide valuable first-party data [78] - The company opened 32 new stores globally, expanding its presence in key markets [18] Q&A Session Summary Question: How is the company thinking about sustaining longer-term brand momentum with increased marketing? - Management emphasized the importance of cultural moments and experiences in attracting and retaining consumers, alongside consistent execution across all business aspects [42][44] Question: What are the drivers of the raised outlook for Q4? - Management noted continued global momentum across regions and channels, particularly in North America and Asia, despite expected moderation in growth due to timing of wholesale receipts [46][47] Question: Can you elaborate on the drivers of AUR increase and any price resistance from consumers? - Management highlighted that AUR growth was driven by reduced promotional activity and strong full-price demand, with no observed price resistance from core customers [50][54] Question: What is the outlook for Europe and the impact of outlet performance? - Management confirmed that Europe is expected to grow at the high end of mid-single digits, with a focus on enhancing quality of sales and reducing promotional activity in outlets [59][64] Question: What are the early learnings from the implementation of Ask Ralph? - Management reported encouraging early reviews and insights from consumer interactions, with plans to expand features and integrate further into the digital ecosystem [77][78]