“As it relates to Greater China, we are managing sell-in. And by managing sell-in, we expect to continue the trend, like we saw this quarter, of sequential improvement in sell-through rates.”

In context

“we expect to continue to see improvement in underlying profitability in that geography, and the top line will be tempered a little bit, like we have been talking about, because we are anniversarying quite a bit of off-price liquidation in the prior year. But it is a healthier business. It is a more profitable business. And it is a sustainably growing business across all channels of the marketplace. As you go outside the U.S., I think that we have been clear that we believe that we can complete the Win Now actions in EMEA and APLA by the end of this calendar year. That is how you should read what we are communicating. I think that will continue to be us going deeper on cleaning up the marketplace, especially digital. And quarter by quarter, we are planning for improvements in sell-through. As it relates to Greater China, we are managing sell-in. And by managing sell-in, we expect to continue the trend, like we saw this quarter, of sequential improvement in sell-through rates. And so we are managing supply in order to be able to continue to shift the mix of inventory in that marketplace to be more full price and more healthy. And that is why I gave the commentary around, while the actions we are taking will create a headwind to revenue in Greater China, we do expect to see profitability bottom faster because it is going to be a healthier, more profitable business as we set that foundation for much more balanced growth as we go forward in China. Operator: And that will conclude the question and answer session and our call today. Thank you all for joining. You may now disconnect.”