{
  "report_rows": [
    {
      "kpi": "Revenue growth (FX-neutral)",
      "prediction": "BEAT",
      "answer": "pred ~10% vs. cons 8%",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted EPS",
      "prediction": "BEAT",
      "answer": "pred ~$4.55 vs. cons $4.29",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted operating margin",
      "prediction": "BEAT",
      "answer": "pred ~18.7% vs. cons 18.3%",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY27 revenue growth (cc, full year)",
      "prediction": "BETTER",
      "answer": "guide raised to ~6-7% vs. cons ~5% (FY27)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY27 operating margin expansion (full year)",
      "prediction": "UNCHANGED",
      "answer": "guide +40-60 bps vs. cons ~+50 bps (FY27)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "AUR growth (Q1, high-single-digit)",
      "prediction": "BETTER",
      "answer": "pred ~9% vs. cons ~8% (FQ1 FY27)",
      "confidence": "LOW"
    },
    {
      "kpi": "Tariff/IEEPA refund optionality (2H commentary)",
      "prediction": "UNKNOWN",
      "answer": "guide excludes refunds (upside ~unquantified) vs. cons $0 assumed (2H FY27)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": -2.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -3.5,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "Classic 'clean beat, priced-for-perfection' RL setup (year-ago FQ1 fell ~6.5% on a beat-and-raise). Even with an FX-neutral revenue/EPS beat and a modest FY raise, the out-period math is unfavorable: FY27 margin expansion is front-half weighted with a tariff step-up assumed in 2H and stiffening Asia/China (+40%) and AUR (+14%) compares, so 2H estimates get trimmed even after a Q1 beat. That, plus a rich valuation only ~8% off highs, pulls the initial negative reaction further over the week as sell-side normalizes out-quarter numbers.",
  "day5_confidence": "MEDIUM"
}