Core Viewpoint - Ralph Lauren Corp's shares fell nearly 7% despite exceeding fiscal Q3 expectations, primarily due to concerns over margin pressure in Q4 [1] Financial Performance - The company reported Q3 earnings per share of $5.82, surpassing the consensus estimate of $5.78 [2] - Revenue increased by 12% year-over-year to $2.41 billion, exceeding analysts' expectations of $2.3 billion, driven by strong holiday demand and spending from higher-income consumers [3] Geographic and Channel Performance - Performance was broad-based, with global direct-to-consumer comparable sales growing at a high-single-digit rate and wholesale revenue increasing by double digits [4] - Asia experienced strong growth at 20%, while Europe saw a slowdown to 4% [7] Margin Outlook - The company raised its full-year fiscal 2026 outlook, expecting constant-currency revenue growth in the high-single- to low-double-digit range and operating margin expansion of approximately 100 to 140 basis points [1] - However, Q4 operating margin is expected to contract by approximately 80 to 120 basis points on a constant-currency basis due to higher US tariffs and increased marketing spending [2] Analyst Sentiment - Jefferies analysts maintained a "Buy" rating with a price target of $425, indicating potential upside from current levels of about $330 [6] - Analysts noted that while Q3 results exceeded estimates, the Q4 guidance appears prudent, reflecting moderation in North American sales but still above expectations [6][7]