“All of those things, I believe, are a good indicator of where we’re headed, and early signs within China, for example, are very strong, positive consumer reviews and initially positive share growth, so we’re headed in the right direction but probably not quite at the clip you saw in quarter four.”

In context

“tle bit lower. If you look at the average, we’re still returning $14 billion to $15 billion to share owners, which is right in line with what we’ve been doing over previous years. On SK-II, 20% growth in the quarter looks great on the headline. Just keep in mind, we’re building that off of a very weak base period with Shanghai lockdowns, so I wouldn’t want you to extrapolate that straight into fiscal ’24. I think most importantly, the team is doing a great job in putting SK-II on a solid footing both from a channel perspective, making sure that the pricing across different channels - travel retail, l domestic travel retail and domestic markets, is in a sustainable place. They are investing in the core equity of the brand with a new campaign, and they are building retail support and trial. All of those things, I believe, are a good indicator of where we’re headed, and early signs within China, for example, are very strong, positive consumer reviews and initially positive share growth, so we’re headed in the right direction but probably not quite at the clip you saw in quarter four. Operator: The next question comes from Mark Astrachan of Stifel. Please go ahead. Mark Astrachan: Yes, thanks, and good morning everyone. I actually ironically wanted to ask about SK-II, but more in a portfolio construct view. How do you think about prestige beauty fitting into your portfolio? I think it’s been a question for years in terms of just go to market and synergies with the rest of the beauty business. You’ve obviously done some selective M&A, not necessarily co-selling that with SK-II in certain businesses and markets, so I guess as you take a step back and look at the volatility, obviously it’s partly COVID related, over the last three, four years there’s been volatility there, markets improving but some signs that the go-to-market that existed three years ago, four years ago”