“Second, our efficiency efforts are tracking slightly ahead of our expectations. Year-to-date, we achieved 170 basis points of in-store operational efficiencies along with great progress out of store, positioning us to deliver our $3 billion savings target through fiscal year 2026 with line of sight to even more opportunity beyond that.”

In context

“onalized offers. This shift is geared towards our more occasional customers to attract and inject them to our stores and apps. Now some of these actions will take time to fully materialize. However, through our investments in our customer experience and focused execution, we do expect to deliver some benefit in the current fiscal year. As a result of what has changed, our revenue and comp guidance as well as the related flow-through to margin and earnings is impacted. In addition, the continued headwinds impacted our global store growth expectations. Now before I share the details of our revised fiscal year 2024 guidance, I'll share what remains the same. First, we have confidence in the effectiveness of our proven Triple Shot strategy, as our biggest opportunity lies in our execution. Second, our efficiency efforts are tracking slightly ahead of our expectations. Year-to-date, we achieved 170 basis points of in-store operational efficiencies along with great progress out of store, positioning us to deliver our $3 billion savings target through fiscal year 2026 with line of sight to even more opportunity beyond that. Third, while our Channel Development segment is the smallest of our segments, it complements our portfolio, capturing customer occasions beyond our stores; and our performance in that segment continues to deliver. Lastly, we must continue investing in the fundamentals and competitive moat of our business, our partners, our stores and our customers, as we believe these investments will drive long-term growth and industry leadership beyond these transitory headwinds. Based on these facts, we are revising our full year fiscal 2024 guidance to: global revenue growth of low single digits from our previous range of 7% to 10%; global and U.S. comps of low single-digit decline to flat, both from the previous range of 4% to 6% growth; China comp of single-digit decline from the previous expectat”