“We’ve not embedded any tariff relief in our outlook. Therefore any rollback in tariffs will be a significant tailwind to our gross margin over time.”

In context

“jor whitespace we’re expanding our shelf space with Superdrug in the UK for fall 2022. On supply chain, as we spoke about in our last call, like many companies, we’ve had to navigate COVID restrictions in China. We feel great about how our team has risen to the challenge. Our overall in stock rates held at approximately 95% in Q1. We’re actively working to replenish out of stocks and a few holy grail products. Given our stronger than expected consumption, we ended the quarter a little lighter on inventory but expect to recover throughout Q2. Lastly on tariffs. As a reminder, the majority of our products are subject to list three tariffs at the 25% level. We’ve talked about carrying approximately 1000 basis points of cost pressure in our gross margin. And tariffs drive nearly half of that. We’ve not embedded any tariff relief in our outlook. Therefore any rollback in tariffs will be a significant tailwind to our gross margin over time. In summary, our core value proposition, innovation engine and ability to attract and engage consumers continues to fuel our performance. While the environment remains dynamic, I believe we’re well-positioned to continue to drive share gains and growth in both the top and bottom lines as reflected in our release guidance. I’ll now turn the call over to Mandy. Mandy Fields: Thank you Tarang. I am pleased to share the highlights of our first quarter results as well as our raised outlook for fiscal ‘23. We started our fiscal year significantly outperforming the category. Our first quarter net sales grew 26% year-over-year primarily driven by broad base strength across our national and international retailers. As Tarang spoke about, we saw better than expected elasticities from our recent pri”