“We expect to continue to see headwinds from the franchise management actions that we're taking there.”

In context

“Max 95 are really good examples this quarter. And then we see those continuing throughout FY '26. Look at running, Vomero 5, P-6000, Shox doing well, and we will take the consumer somewhere new in '26 with the Ava Rover and family. So in the end, it's going to take time to flow into the market, but we're confident in the product pipeline. It's getting stronger with each season. Matthew Friend: And Matt, I would just add that, as Elliott said, we're pleased with the progress we're making on the Win Now actions and the fourth quarter reflected the largest financial impact of our Win Now actions. And so our guidance for Q1 in revenue down mid-single digits, it's really reflective of a continuation of some of the trends that we see in Q4, such as the classics, our classic footwear franchises. We expect to continue to see headwinds from the franchise management actions that we're taking there. We expect to continue to be liquidating excess inventory through our factory stores and through some value partners on the wholesale side. And we expect digital traffic to be down as we spend less money on performance media and also manage our classic franchises. That's being offset in the first quarter by what I highlighted last quarter, which was our fall order book. We said last quarter that our fall order book almost offset the decline that we were managing in our classic footwear franchises. And now with our holiday order book being up with North America, EMEA and APLA only partially being offset by Greater China, and newness across performance and sportswear that Elliott just referenced offsetting our classic franchises, we're seeing improvement in the revenue trend. As we look to t”