Matt Boss

Maybe if you could just elaborate on the strength on further out bookings. I think you cited well into 2028

could you outline the drivers of ROIC above 16% in the PROPEL plan

What have you embedded on the cost management side that could be potential offsets to the cost headwinds

have you seen anything irrational at all? And does your guidance for the 3% normalized yields for the year, does that require today's level of momentum to sustain?

Are there any constraints we think about delivering on your algorithm for cost to grow below yields

maybe there's a way to think about what inning you see the overall story in today

how best to think about the margin opportunity, which I think you cited as so much more from here with the last two quarters now exceeding 2019.

could you speak to improvements in product and experience so far that you think is translating to today's above plan pricing and onboard spend?

how are you thinking about capital allocation priorities beyond debt pay down? As you approach investment-grade metrics?

could you elaborate on new customer acquisition that you're seeing across the portfolio maybe tied to the new marketing that you cited

how best to think about maybe a reasonable spread between yields and cruise cost multiyear

could you elaborate on the foundation that you've laid over the last two years which you think has positioned the company

could you speak to the consistency of comps that you saw in the fourth quarter, drivers of acceleration in both the traffic and transaction

how would you assess the current health of your low to middle-income customer, maybe leveraging your latest survey work?

on your forecast for increasing pressure, on the low-income consumer as the year progresses, what are you seeing in your survey work today across your income, customer cohorts?

how do you see traffic progressing through the year? And any change in comps in May that you've seen relative to the 2.4% comp in the first quarter?

could you recap learnings from your Back to Basics strategy in 2024? And just how would you rank incremental initiatives that we should consider for 2025?

have you seen any notable change in consumer spending or behavior between consumables and discretionary from your low-income customer?

could you walk us through drivers of the first quarter beat relative to your outlook from back in March?

could you maybe speak to the progression of comps and traffic in the quarter?

on gross margin, can you speak to some of the puts and takes within the outlook for roughly flat?

could you provide some additional color on your monthly comp cadence in the fourth quarter and elaborate on what you saw in traffic?

could you elaborate on drivers of the same-store sales acceleration that you saw in October? Speak to comp trends that you've seen in November that support the 4% to 6% comp guide?

Where are you seeing the largest gains by income demographic, if you broke it down

could you elaborate on the breakdown of your mid-single-digit first quarter comp? And maybe more specifically, I think what stood out is the almost equal contribution from traffic and ticket

could you elaborate on trends you're seeing from higher income versus middle and lower

could you speak to customer demand trends across income cohorts best you can decipher out. Any notable trends you're seeing between consumables and discretionary?

how much of the decline do you see tied to more transitory items?

could you maybe speak to the bridge from 4% underlying revenue growth in the fourth quarter to the 1% to 3% in the first quarter

could you speak to the cadence of demand that you saw in the third quarter, elaborate on trends quarter-to-date, maybe notably the slowing trend that you cited post Black Friday

are there any puts and takes for us to consider as we model operating margins relative to this year?

could you maybe just elaborate on some of your comments before on changes in the industry that I think you said is challenging your core assortment

could you elaborate on what you saw or how you saw traffic trends progress over the course of the second quarter?

could you elaborate on the slight increase in markdowns now contemplated in the full year outlook?

could you elaborate on the progression of comps that you saw over the course of the first quarter?

could you elaborate on sales metrics in the U.S. as you've introduced recent newness?

could you elaborate maybe on the cadence of traffic in North America as the third quarter progressed and into holiday?

Could you speak to actions maybe more in the immediate term to support improvement in booking trends

any areas of incremental low-hanging fruit that you see to further rationalize the cost structure

If you could elaborate on the progression of booking trends that you saw through the third quarter and into October.

could you speak to early indications of demand for Great Stirrup Cay

have you seen any notable change with recent on-board spending

could you elaborate on recent changes in the booked position for 2025 and early '26

update us on health of the global Sportswear backdrop

turnaround is in middle innings. Could you elaborate maybe where you've scored runs so far versus where you have opportunity remaining

could you help elaborate on some of the early wins under your belt that you cited

could you maybe elaborate on the accelerated actions under your sport offense realignment

could you help rank the fields of play opportunities you see by category

could you speak to the drivers of durable growth multiyear, which seem intact here regardless of the macro

could you elaborate on the further acceleration and momentum into 2026 that you cited? And just larger picture, how do you see your portfolio differentiated today relative to that $2 trillion total...

maybe could you just elaborate on the progression of global demand that you saw over the course of the third quarter any change in momentum at all that you've seen in October

could you elaborate on the continued acceleration in demand that you cited for your brands and experiences

what have you embedded for close-in demand in the back half relative to the outperformance that you saw in the first half

could you speak to drivers of the better-than-planned performance in the first quarter? Maybe elaborate on business in April

walk through the areas of this year's guidance where you embedded expanded assumption ranges tied to the current macro backdrop

any specific areas that you're seeing notable acceleration globally

what is your confidence in mid single digit same store sales off this higher base?

What were the largest drivers And are they sustainable in years 2 and 3 of the plan?

As you increase the marketing budget, how are you and the team thinking about sustaining longer-term brand momentum

the company continues to outperform expectations despite the caution that you've been calling out

what have been the largest drivers of upside? How much of this do you see as sustainable

how are you thinking about the health of your consumer across regions, in today's more uncertain backdrop

could you speak to the foundational investments that are now in place that are really driving the double-digit growth in Europe and China

Could you elaborate on the enablers driving the outsized level of growth that you're seeing in Europe and China?

Have you seen any change in customer behavior so far in the second quarter or just any change in trends maybe if we are thinking about by category

how durable you believe that the drivers that is putting together these kind of comps are today

how does that inform your opportunity to expand the unit growth opportunity over time?

how would you bridge the more than 600 basis points of comp improvements relative to low single digits over the last 4 quarters?

could you help break down the inflection in same-store sales? Or the 500 basis points sequential acceleration that you saw?

could you speak to notable areas of sequential top line improvement that you saw and elaborate on the sharp rebound in July

could you elaborate on the cadence of comps or drivers of the sharp improvement that you cited as the first quarter progressed

anything in areas of the country where the weather has been more conducive and just to give maybe some confidence on what you're seeing

could you elaborate on your top strategic priorities. Any areas that you believe may require any level of structural change

can you elaborate maybe on the opportunities to improve merchandising execution that you cited?

How much runway do you see left on these marketing improvements that you've had

is it value? Is it product improvement, or is it just great management here?

what's your ability to further accelerate your offense globally if we're thinking about this year, maybe to take advantage of disruption in the marketplace

at Marmaxx, new customer acquisition, relative to expanded basket from your existing core

could you speak to the consistency of your comps despite the volatile macro backdrop and elaborate on the strength that you've seen to start the third quarter

could you speak to the progression of comp trends that you saw at Marmaxx in March and April maybe relative to the start of the quarter

on the continued strength in transactions, the across divisions that you saw in the fourth quarter, maybe could you elaborate on new customer acquisition trends

could you speak to the cadence of comps at Marmaxx or maybe outside of hurricane and weather disruption

could just outline or elaborate on the drivers of the third quarter merchandise margin expansion

what does that mean for operational gross margin drivers in terms of AUR, AUC, just how to think about operational gross margin from here

could you elaborate on the compounding flywheel effect of this new customer acquisition at the Coach brand

your fiscal 2026 earnings guide of $6.40 to $6.45, it's 15% or 80¢ higher than your forecast just three months back

can you break down the drivers of the material 2-year inflection this quarter? And then second, is there anything beyond just prudent macro planning that you've embedded in the back half guide

how best to think about the inflection in units that you're seeing despite the impact of lower promotions?

if you could elaborate on the new customer acquisition that you cited. It seems like it's really driving the inflection in North America

could you speak to new customer acquisition trends in North America and Greater China and specifically elaborate on opportunities you see to further accelerate growth

could you elaborate on the drivers of outperformance relative to what you're seeing in the category over the past 12 months? And maybe if you could just speak to recent global demand trends