“Most notably, in the third quarter, we'll continue to experience some spillover impact from our inventory actions in the range of $200 million.”

In context

“-single-digit range. On the operating margin line, our most recent guidance anticipated a fall season operating margin rate and a range centered around 6%. This expectation is nearly double our spring result. And notably, if we hit that rate in the fall, it would exceed the fall season rates we were delivering prior to the pandemic. And today, similar to my commentary on the top line, based on the success of our Q2 inventory actions and our current performance, we remain positioned to deliver an operating margin rate in a range around 6% in the fall season. Between the last 2 quarters of the year, we expect our third quarter rate will be well below our Q3 performance over the last couple of years, while our fourth quarter rate should be much more in line with our recent Q4 experience. Most notably, in the third quarter, we'll continue to experience some spillover impact from our inventory actions in the range of $200 million. In contrast, in Q4, we'll be annualizing meaningful cost headwinds that surfaced a year ago, which will make the year-over-year comparison more favorable despite the current headwinds we're facing. All that said, while we typically anticipate something closer to a balance of upside and downside potential when we make any forecast, the macro and consumer risks in the back half of this year feel skewed to the downside. That's why even in the face of consistent business trends in recent months, we've undertaken the significant cost and effort to remove risk from our inventory commitments. It's why we're stubbornly focused on real-time monitoring and communication of evolving conditions, and why we've asked our team to build flexibility and agility into their plans. With that mindset, if tr”