Ralph Lauren Corporation delivered QQ1 2025 results that reflect a normalization phase after a period of elevated demand in prior periods. Reported revenue of $1.512B declined 21.8% year-over-year and 3.6% quarter-over-quarter, underscoring ongoing discretionary consumer softness in a high-value apparel category. Despite the top-line pressure, the company maintained a robust gross margin of 70.5%, and leveraged tight cost discipline to generate an operating margin of approximately 13.8% and a net margin of 11.1%, with net income of $168.6M and diluted EPS of $2.61. Free cash flow remained constructive at $243.9M, supported by solid operating cash flow of $277.3M and disciplined capital allocation including $201.2M of share repurchases and $47.5M in dividends.