Ralph Lauren Corporation

Ralph Lauren delivered a strong fiscal Q4 with GAAP revenue surging 16.6% year-over-year as constant currency growth of 12% significantly exceeded the mid single digit outlook, driven by Asia up 28% with China accelerating to over 50% growth, North America up 8%, and Europe up 6%. AUR increased 16% in Q4, reflecting continued brand elevation and full price selling momentum, while accelerator categories including women's apparel, outerwear, and handbags grew more than 20%. Operating margin contracted 60 basis points in Q4 to 9.7% as marketing investments rose to 8.1% of sales to support Winter Olympics and fashion presentations, though full year operating margin expanded 140 basis points to 15.4%. Management introduced FY2027 guidance of mid single digit revenue growth centered around 4-5% with 40-60 basis points of operating margin expansion, aligned with their three-year Next Great Chapter drive plan targets.