“But we're in the midst of selling in our trade program, which we think is a sustainable position on the retail fixture at retail. That will take place as we progress into the New Year.”

In context

“se. The FDA still needs to get through its authorizations and we believe that is going to cause transition in the marketplace as well. I tried to step you through the plan with NJOY as we progress through what we did in the third quarter as we progress through the fourth quarter, but I'll just highlight it. We really wanted to make sure we had the foundation built. And so the focus was on making sure that the supply chain would support the increased line, and we feel good about that. We wanted to fill the inventory gaps and improve visibility in the stores that NJOY was already present, and we've made significant progress on that. Then we're going to expand to 70,000 stores by the end of the year, really with some disruption at retail, we feel like the visibility will continue to improve. But we're in the midst of selling in our trade program, which we think is a sustainable position on the retail fixture at retail. That will take place as we progress into the New Year. And I highlighted the equity campaign is really establishing the brand equity for NJOY and being able to unveil that as we progress into the New Year for the consumer. Pamela Kaufman: Thank you. I will pass it on. Billy Gifford: Thank you. Operator: Thank you. And we will take our next question from Bonnie Herzog with Goldman Sachs. Please go ahead. Bonnie Herzog: All right. Thank you. Good morning, everyone. Billy Gifford: Good morning, Bonnie. Bonnie Herzog: Good morning. I had a question on your guidance. You narrowed it, but essentially lowered your EPS growth this year. And then your new EPS guidance this year is below your mid single digit algo. So I guess I'm trying to understand how much of this is due to planned investments as you build your smoke-free vision versus maybe greater”