Ike Boruchow

Framed NA Coach on a ~30% two-year stack ('comping the comp'); NA guided low-single-digit overall, with Coach NA above Investor Day expectations.

Scott outlined the growth algorithm: AUR growth of inflation plus a point, unit growth via customer acquisition, and 1-2 points from new door expansions. Todd reinforced with conviction in the $10B Coach target.

Joanne cited new customer acquisition led by Gen Z, digital-led growth meeting customers where they are, and significant share gains outpacing industry. Todd added: 20+ years in China, hundreds of stores, Clot collaboration reinforcing brand relevance, targeted city-by-city marketing. Europe winning through non-traditional locations, wholesale, digital, and value proposition.

Joanne cited structural advantages: massive TAM with low share, new customer acquisition at point of market entry, and compounding acquisition plus retention. Todd provided 5 Ps framework: product pipeline, people (90% DTC), place (1000 stores + new formats), promotion (11% marketing spend, +43% YoY), and price ($200-500 sweet spot).

Joanne emphasized rising retention rates as foundation for growth. Scott framed $0.60 as one-time step-up with confidence in full mitigation over time. Todd added bag charms driving repeat frequency.

Joanne articulated 4 structural advantages: emotional consumer connections, high margins/DTC model, diversified supply chain, and compelling global value. Noted on track for $5 EPS consistent with 2022 Investor Day.

Todd confirmed no single family exceeds 10% of sales showing diversified growth. Scott cited 200bp gross margin expansion and 100bp op margin expansion for full year.

Scott confirmed significant capacity and all vehicles on table but declined to give specific buyback numbers pending deal outcome. Todd provided bullish China color with distribution growth opportunities.

Pressed on how fast the cost base can be right-sized given topline deleverage; Frank cited active workstreams but said it was too early to share beyond 2026 guidance.

Meghan said inventory came in cleaner than guided (units up 6% vs high-single-digit guide) with better composition entering spring. FY2026 inventory units approximately flat to slightly down through the year including Q1 to support full-price inflection.

Calvin acknowledged core and seasonal colors are the opportunity area, guests are shifting spend to truly new styles like Glow Up and Daydrift. Overall traffic macro is the main drag on comp performance.

Calvin noted no material change from Q4 trends between men's and women's. Meghan offered that Americas low-to-mid single digit range captures potential uptick but they're being thoughtful given uncertainty.

McDonald pointed to four confidence drivers: guest engagement and loyalty remaining strong, guest response to newness when present, 24 million Essential membership members, and strong matriculation of younger recently acquired guests. Emphasized the opportunity is in revenue per guest related to newness, not guest acquisition.

Hartshorn said domestic freight deleverages on higher fuel, with the magnitude depending on where fuel prices go from here; Ross does not hedge fuel.

Hartshorn confirmed self-checkout in 80 stores with lower shrink, higher customer adoption, and sales impact. Works best in high-volume stores. Rolling out to more stores next year with details at 2026 preview.

Orvos explained Q3 margin pressure is primarily from unfavorable packaway timing plus new DC ramp-up costs, with packaway expected to revert favorably in Q4.

Hartshorn corrected freight comment to tailwind. On consumer trends, said it's too early to isolate weather, tax refund timing, and external macro factors.

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Friend clarified Q4 NA wholesale +10% was driven partly by lower returns, reserves, cancellations and discounts, flagged a tough Q2 compare, but did not confirm specific declining quarters.

Elliott declined to commit to an inflection quarter, citing brands, sports, and geos on different timelines; Matt said NA momentum is building and FY26 wholesale modest growth commitment is unchanged, but will continue taking it 90 days at a time.

Matt confirmed year-over-year headwinds across revenue, margin, and demand creation will all be more significant in Q4 than Q3 due to staggered timing of repositioning actions across geographies.

Matt confirmed SG&A guidance includes the prior-year restructuring charge in the comparison base.

John said freight was in line with expectations; Ernie noted TJX's flexible warehouse model handles weather swings.

Ernie confirmed minor category deemphasis on a couple of tariff-impacted items by reducing internal sales plans for a couple of months, but the market cycle comes back as competitors accumulate excess. On consumer health, Ernie pointed to extremely high merchandise availability across good-better-best as evidence other retailers are struggling, but no direct data beyond what is publicly available.

John noted ocean freight is only 20-25% of total freight, with no cost increases seen. Freight accurately reflected in forecast based on current knowledge.

Ernie confirmed no meaningful macro change in Europe; the 7% comp was driven by strong execution and favorable cooler weather. He acknowledged the comp should normalize as weather benefit fades.

CFO confirmed flat to up 20bps operating margin guidance and said the long-term 12% target is unchanged despite already running above it.

Chris confirmed modest Q3 shrink improvement and expects full-year FY2025 shrink lower than FY2024. Believes opportunity remains to reduce further. Declined to quantify the specific benefit.

Paula declined to give specific merch margin guidance but reiterated rational promo expectation. Gross margin deleverage primarily from fixed cost deleverage on flat-to-1% comp.