“And so that business in the second half will be more full price, it will be more profitable, but there will be a revenue headwind from the compare to the higher level of off-price liquidation in the prior year.”

In context

“e, Jay. What I was specifically referring to there is, we started our Win Now actions as Elliott came back 8 months ago. And we highlighted them on our Q2 call, and it set us on an accelerated path to change the trajectory that the company is on. And one of the things that, that required us to do is to move quickly to shift our product portfolio and address some of the aged inventory that was sitting in the marketplace. And so we started to move more aggressively with that through sales-related returns, through more discounts to our retail partners so that they could mark down that inventory and move it through, and as well as selling off-price product to our value partners. When we get into the second half of fiscal year '26, we expect to be in a clean marketplace, a healthy marketplace. And so that business in the second half will be more full price, it will be more profitable, but there will be a revenue headwind from the compare to the higher level of off-price liquidation in the prior year. Operator: Our next question comes from the line of Brooke Roach with Goldman Sachs. Brooke Siler Roach: Elliott, I'm curious on your thoughts on the China marketplace and the opportunity to drive full recovery there over time. I understand there's some unique characteristics of the marketplace that are making it a little bit more difficult to clean it up as quickly as the other geos. Can you talk about the time line and the cadence of what we should see over the course of the next fiscal year as you look to return that to growth? And how are you thinking about the competitive and operating environment for the brand there today? Elliott J. Hill: Thanks, Brooke. Let me start with making certain that you hear this, that we do believe in the long-term opportunity in China. There are some stru”