It was almost a gold medal quarter for Ralph Lauren (RL).

But silver will have to suffice.

Shares of the apparel retailer fell slightly in Tuesday trading following a better-than-expected quarter of profits.

The company bucked the degree of soft results seen at rivals such as Levi's (LEVI), Lululemon (LULU), Nike (NKE), and VF Corp. (VFC) amid consumer pullback in discretionary spending.

Ralph Lauren's more refined assortment of high-end styles drove consumers into its stores globally — particularly in Europe, Japan, and China. Sales lifts from Ralph Lauren outfitting the US Olympics team and other events like the US Open also aided performance.

"I think it's pretty clear wherever you look that the overall consumer is being pressured by the cumulative effect of inflationary pressures and interest rates," Ralph Lauren CEO Patrice Louvet told me on Yahoo Finance's Market Domination Overtime.

"As far as our core consumer is concerned, we actually find them to be very resilient."

Ralph Lauren exited the quarter with inventory levels down 13%, while also reaffirming its sale and profit goals for the fiscal year.

"Solid [earnings] print with much better than expected results in Europe, North America a bit softer (but some timing shift impact), and Asia strong and in-line with the street (a positive given the negative noises from other consumer companies there recently). Think the stock moves higher on this," said JPMorgan's team following the earnings report.

Where the company saw a downturn was in its North American business.

Ralph Lauren continues to contend with dual headwinds of exiting underperforming department store locations and more cautious US shoppers.

In North America, the company's wholesale sales fell 13%, while e-commerce sales dropped 4%. Comparable sales at its physical stores increased 3%.

"So we've basically guided that this year we'll close about 45 doors in total. I think over the next two to three years, we'll probably close 150 doors," Louvet said.

"We're really clear that we're working for the long term. We're working to make sure that this brand comes through in all the touch-points consistent with Ralph's vision. We apply a pretty rigorous filter to where we show up and how we show up," he continued.

Q1: The earnings rundown

• Net sales: $1.5 billion, +1% from the prior year vs. $1.49 billion estimate

  • North America revenue: -4% to $608 million vs. $619 million estimate

  • Europe revenue: +6% to $479 million vs. $447 million estimate

  • Asia revenue: +4% to $391 million vs. $386.4 million estimate

• Adjusted gross margin: 70.5% vs. 70.2% estimate

• Adjusted EPS: $2.70, up 15% from the prior year vs. $2.47 estimate

• Q1 North America wholesale sales: -13%

• Q1 operating margins: rose in all business segments, led by Europe and Asia

• Q1 inventory: -13%

• Full Fiscal Year Guidance

  • Constant currency sales: +2% to +3% (reiterated)

  • Operating profit margins: +100 to +120 basis points (reiterated)

Three times each week, I field insight-filled conversations with the biggest names in business and markets on my Opening Bid podcast. Find more episodes on our video hub. Watch on your preferred streaming service. Or listen and subscribe on Apple Podcasts, Spotify, or wherever you find your favorite podcasts.

In the below Opening Bid episode, retail expert and investor Jeff Macke shares his top plays in the consumer sector and what names to avoid.

Brian Sozzi is Yahoo Finance's Executive Editor. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn. Tips on deals, mergers, activist situations, or anything else? Email [email protected].

Click here for all of the latest retail stock news and events to better inform your investing strategy