“And the bigger impact of this will be in the first half of this year, but we are planning for meaningful sequential improvement in the second half of the year.”

In context

“hted in my prepared remarks is that, those specific classic franchises that we were talking about underperformed our overall digital business results in the fourth quarter. And so, when we look at our updated guidance of down mid-single digits for the full year, there's really three things that are driving the change. One, I'll start with FX, our outlook on foreign exchange and the strength of the US dollar had a one-point impact relative to 90 days ago. We've softened our outlook for greater China, and that also similarly had a level of impact for the full year guidance. And then the majority of the remainder of the change is related to the more aggressive actions that we're taking on our key franchises across the total marketplace, but really with the compounded impact on total digital. And the bigger impact of this will be in the first half of this year, but we are planning for meaningful sequential improvement in the second half of the year. And that's how I think about the revenue differences relative to -- the revenue differences relative to what we said 90 days ago. On the first quarter, the other impact was timing. And we saw the 6/18 period come earlier into May than we had in the prior year, and that had an impact on Q4's results, but also an impact on Q1's results. And we saw some favorable shipment timing in North America as we prepare to go live with our ERP and also just better general product availability. So that also had an impact on the first quarter numbers. John Donahoe: And I just want to add 1 more thing that you, Matthew, you've heard Matt and I both talk about it. It's an intangible thing, but I think it's just so important, which is, the heart and hustle of our team, which has just been extraordinary over”