“As inventory supply normalizes, we would expect that to come back down to where our goals are at, but we’re also operating a far more agile operating model at this point in time.”

In context

“e connections that we’ve got with consumers. As we look to the balance of the year, we are expecting full-price realization to stay high and above, especially in North America and EMEA, that goal that we provided at Investor Day a couple of years ago, and we expect discount rates to remain low. The impact, as you look at sequential quarters is that we started to see improvements in markdown rates in the second half of last year in those two geographies in particular. And so, the year-over-year impact from tighter supply, higher full price realization, lower markdowns has a lesser of an impact in the second quarter. What I’d say longer term is we continue to evaluate full-price realization and the goals that we’ve set. And while we haven’t changed them, we are above in a couple of markets. As inventory supply normalizes, we would expect that to come back down to where our goals are at, but we’re also operating a far more agile operating model at this point in time and so -- led by NIKE Direct. And so, we’ll continue to evaluate it especially as it pertains to the long-term margin outlook we provided. We still are confident in that high 40s gross margin outlook through fiscal ‘25. But I think the effects that we’re seeing in this first year with tightened supply may just change the trajectory of how we get there. Operator: Your next question comes from the line of Matthew Boss with JP Morgan. Matthew Boss: So John, you cited the NIKE brand in a much stronger competitive position today relative to 18 months ago. I guess, maybe help us to think about that statement on a global basis, if we think about the acceleration you’re seeing in North America, maybe relative to underlying trends in Europe and Greater China, just as we think about that statement i”