Ralph Lauren (NYSE:RL) reported its Q3 results on Thursday, with EPS of $3.35 coming in better than the Street estimate of $2.92. Revenue was $1.83 billion, beating the consensus estimate of $1.76 billion, as there was continued demand for their high-end clothing and accessories. This came as a surprise amid expectations of wealthy customers reducing their spending on luxury items.

On the margin front, the gross profit margin was roughly in line with Street forecasts and was down 80 bps year-over-year as FX pressure offset better pricing, product mix elevation, and lower air freight expenses.