Ralph Lauren (NYSE:RL) shares fell nearly 3% in pre-market Thursday trading despite the company reporting better-than-expected results for its first quarter.

The company reported adjusted EPS of $2.34, beating the consensus estimate of $2.13. Ralph Lauren posted revenue of $1.50 billion, slightly higher than the estimated $1.48B.

RL’s North America revenue reached $631.7 million, falling just short of the estimated $649.6M. Europe revenue performed strongly, reaching $450.5M, surpassing the estimated $418.1M.

Similarly, Asia revenue came in at $377.5M, exceeding the estimated $372.6M. The revenue from other non-reportable segments amounted to $36.8M, slightly below the estimated $39.5M.

“Our solid first quarter performance highlights the unique power and relevance of our iconic brand with consumers around the world along with our diversified engines of growth,” said Patrice Louvet, President and Chief Executive Officer.

The adjusted gross margin came in at 68.8%, outperforming the estimated 68.2%. At the end of FQ1, the company operated a total of 560 directly operated stores and has 721 concessions, slightly fewer than the estimated 729.

Looking ahead, Ralph Lauren reiterated its full-year fiscal 2024 outlook, expecting low-single-digit net revenue growth, along with adjusted gross and operating margin expansion in constant currency.