Ralph Lauren gives competitive holiday season, currency, geopolitical risks, and macro headwinds for weak sales. Ralph Lauren forecasts revenue to be flat in Q4 including a -5.5% currency headwind. Q3 revenue came in below expectations at $2.033B vs $2.11B - $2.13. Q3 EPS also disappointed, $2.41 vs $2.52 - $2.62. I don't see how management can say they executed well in the quarter. The call makes management seem disconnected from the reality of their results. RL was down -18.2% today.