Mike Binetti

Could you speak a little bit to the Canada slower sales outlook in first quarter?

are you seeing better traction with the high-value guests as you start to flow the newness in

you did mention there are some signs of trade down in third quarter

I just wanted to check if you're starting to see some of those issues in Canada or what's causing some slower trends there

you started the year guiding gross margin flat and finished up 65 basis points

It looks like one of the key drivers of the gross margin in third quarter was lower inventory provisions. Would you just remind us how influential that could be in the fourth quarter?

if the negative 2% to 4% in fourth quarter is reported or currency

can you help us think about that within the context of the holiday book that you said was positive last quarter

how you phase the cost in bringing investments back into the business along the way and the pace of those investments

Can you just tell us a little bit about how those contribute to the mid single digit growth this year

If you think about the 4% to 5% total growth this year, D2C faster than wholesale AUR, you set up mid singles again

it sounds like in Europe, the decision was made in the outlets to pull back a little bit. I think you said there was an investment to drive durable growth

Is there an opportunity for the units to help you start to outpace the AUR growth as you look at the rest of the year

second quarter guidance, a lot better than we had expected. Glad to see it. I know there's a little bit of FX helping out

it sounds like you're kind of included pricing in full for the tariffs that are on the table right now for the back half of the year

The hundred basis point increase to the revenue outlook ex currency, but only twenty basis points or so of operating margin

can you start to lever SG&A excluding marketing on the single-digit growth

On U.S. wholesale, down 3% in the quarter. You said it should trend forward at a pace close to sell-out from here

does SG&A average on the 6% or 7% comp in the second quarter? Or the 2% to 3% comp that is baked in the back half

you gave us kind of a higher new store productivity assumption last year or last quarter, Michael, as far as modeling out

Can you just walk us through, is there something unique in the first quarter that you're kind of going forward to get to that 7% to 8% comp

how do you think about what to invest in and accelerate those things that are working to keep the top line going versus how you think about flowing through some of the earnings

The original guidance you gave us for the year, the high end was $6.55, good performance against what you were planning in the first half

the different scenarios that you're looking at for 2Q, but, you know, that would land us between a zero and a three comp

it looks like second quarter through fourth quarter same-store sales allows for comps to be flatter, maybe just a touch negative

This is a really big margin beat for a one comp, guys. Is there any near-term change in the leverage point we should think about

How do we think about that through the year? I know you don't guide on margins just conceptually

if you did see something clear in a sequential improvement in traffic

at a high level how you thought about the macro and building the strategy into the macro this year or any differences you think are important versus the past few years

in third quarter, you'd I think you'd started the guidance at about five to 15 basis points of improvement on a two to three comp. You obviously beat it by a lot. Sounds like freight was a key upsi...

did overall traffic accelerate? Or is it it same as 1Q? And then on the merch margin, you said it was flat

is there any pricing that's already contemplated in 2H since you -- Ernie commented earlier that you're using this as an opportunity to buy inventory closer to market

flow through for the year on a two, three comp is ten basis points. If we exclude the the currency

puts and takes we should start thinking about qualitatively to consider with respect to what would be a normal year

glad to hear your confidence on Marmaxx here in November. If you would mind just double clicking on it for a minute

I just want to confirm what we heard before on the quarter-to-date commentary for Coach

when the Gen Z cohort really cycles into the existing customer bucket

There was a lot of quarters in a row where the total growth at Coach looked exactly like AUR growth in the mid-teens. And then last quarter, saw the unit contribution looks like increased to about ...

should we think about continuing that wider spread of Coach total growth AUR, so a similar big unit spread like that?

How are you guys leveraging de minimis in the past? And how does that change? Maybe how much of the 230 basis point is from de minimis?

On the gross margin, nice to see the beat in the quarter. As I think about the contribution, Kate Spade coming in a little above the 100 basis points for the company

Is there a point where Brooklyn and Tabby and the franchises that you've spoken about today, all the new consumers you've brought in, the good retention rates, that Joanne talked about start to tra...

it looks like there's about a $12 million drag on wholesale in the quarter. Scott, I think you referenced it for a second there. Maybe that it gets better through the year

Can you help us understand some of the assumptions at the high end and the low end of the comp range flat to positive low singles in the back half