“And we expect to see those headwinds begin to moderate from there.”

In context

“be impacted from the strategic actions we've outlined, but also the timing of the tariff implementation relative to the actions that we're implementing. But we do expect that to moderate in the second half of the fiscal year. When I think about our '26 margins, I sort of step back and think of 3 dynamics that we have. One, we've got short-term product and channel mix headwinds that we're going to navigate through the year as we manage our product portfolio and shift our marketplace portfolio towards our wholesale partners. We've got the transitory impact of the Win Now actions which are largely impacting the first half of fiscal '26, and then we've got the newly implemented tariffs. And I said that's a 75 basis point impact on the year. It's a 100 basis point impact in the first quarter. And we expect to see those headwinds begin to moderate from there. Operator: Our next question comes from the line of Jonathan Komp with Baird. Jonathan Robert Komp: I want to follow up. There's obviously too many dynamics to think about guiding past Q1. But just given that wholesale is the largest driver of your business today and you are seeing the inflection in order growth, are there any scenarios where you could get back to total growth at any point in this year? Just trying to get a sense of how you're looking out on the horizon here. Elliott J. Hill: I'll take that, Jonathan. Let me start with -- what I would start with is, I've been here now 8 months and I'm even more convinced that the path back to sustainable profitable growth is through our Win Now actions and now implementing our sport offense. We're seeing signals that the actions are workin”