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CEO Ernie Herrman described performance as balanced across all income and age demographics, highlighting a successful focus on attracting younger shoppers. CFO John Klinger reported that while there was a minor impact from reduced Canadian cross-border shopping, it was not material to the total. He stated there was no significant impact observed at the southern border stores and that sales were consistent across all U.S. geographies.

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CEO Ernie Herrman stated that direct-sourcing is less than 10% and they don't plan to significantly change that balance. He confirmed they are leaning towards buying more "hand to mouth" to capitalize on expected opportunities. CFO John Klinger addressed demographics, noting that store performance shows strength across all income bands, leaning slightly towards lower-income demographics, which aligns with transaction-driven growth as consumers seek value.

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CEO Ernie Herrman attributed the success to superior execution in flowing fresh merchandise, particularly around the holiday season, and a better balance of 'good, better, best' products. He noted strong home category performance also contributed. Herrman expressed confidence in continued strong performance, citing the seasoned management teams in both divisions.

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CFO John Klinger stated there has been no change in their view of the consumer. Regarding future margins, he reiterated the company's model where a 3-4% comp can yield flat to 10 basis points of margin expansion, but declined to provide specific FY26 guidance, emphasizing that top-line growth is the biggest lever.

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Arc'teryx CEO Stuart Haselden quantified the outlet sales decline as a 'mid-single-digit drag' on the overall comp but emphasized the positive shift toward a healthier, full-price business. Regarding inventory, he noted they are still chasing demand for certain footwear and apparel items like the Plakea pant. CFO Andrew Page added that he is comfortable with inventory levels, attributing the increase partly to strategic early receipts and reduced use of air freight.

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CFO Andrew Page stated that both the performance and sport style categories are strong, with sport style being the primary growth driver. While not providing specific AUR figures, he confirmed that average order values (AOV) and average selling prices (ASP) are trending positively. He also confirmed that the company has not seen any 'air pockets' in demand and that broad-based strength continues.

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CFO Andrew Page noted that both performance and sport style categories are strong, with sport style being the largest growth driver. While not providing specific AURs, he confirmed that both average order values and average selling prices are increasing. He stated that the company has not seen any 'air pockets' in demand and that broad-based strength has continued.

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Arc'teryx CEO Stuart Haselden reported that footwear grew over 60% in 2024 to just under 10% of sales, with a long-term target of over 20%. The women's business outpaced overall brand growth, reaching nearly 40% of sales in Q4 and a mid-20s percentage for the full year. He reiterated that wholesale remains a critical channel for footwear expansion, particularly in the U.S.

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Mehdi Bouyakhf, President of EMEA, confirmed that the trend of a softer April/May followed by a record June was a market-wide phenomenon, not just in EMEA. He highlighted strong B2B sell-through (up 20-25%) and significant growth in same-store sales, indicating robust demand across channels as consumers make more deliberate purchasing choices.

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CFO Ivica Krolo confirmed the key drivers for gross margin improvement are better absorption at the Pasewalk facility and favorable pricing effects. He explained that pricing is reviewed surgically on a style-by-style basis each season with the goal of maintaining a globally aligned pricing architecture, rather than being tied to specific regional events.

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VP, Global Finance Alexander Hoff clarified that the facility's impact in Q1 was the same as the prior year, not an incremental pressure. He expects the headwind to lessen and turn positive quarter-by-quarter starting in the back half of the year. He noted pricing is adjusted surgically style-by-style to offset inflation but declined to provide specific quarterly revenue guidance.

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Niko Weake, President of EMEA, stated that fiscal 2025 growth will be balanced between B2C and B2B, with owned retail expansion adding weight to the B2C channel over time. CFO Erik Massmann addressed gross margin, noting that Q4 2023 was not a comparable base due to non-cash accounting true-ups. He guided for a modest full-year gross margin improvement in fiscal 2025, with EBITDA margin expected to increase by up to 50 basis points.

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Chairman and CEO Edward Rosenfeld explained that order cancellations were highly concentrated in the value price channels, specifically mass and off-price, which accounted for approximately 95% of the organic wholesale revenue shortfall. While these channels are ordering again, he anticipates continued pressure in Q3. Rosenfeld noted that Q2 gross margin pressure from tariffs was 230 basis points, net of supplier discounts, and while not providing specific guidance, he expects a significant impact to persist in Q3.

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Chairman and CEO Edward Rosenfeld outlined a three-part strategy to mitigate tariff impacts: diversifying production out of China (already reduced from 71% to 58% of U.S. imports), negotiating price concessions with factories, and implementing selective, surgical price increases in the fall. He stated that due to market fluidity, specific gross margin guidance would not be provided. Regarding Kurt Geiger, Rosenfeld confirmed that no meaningful upfront investment or initial operating margin drag is anticipated.

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EVP & CFO Harmit Singh explained that due to the fluid situation, the guidance assumes an additional 30% tariff for China and an additional 10% for all other countries. He noted that any pricing actions would be targeted and minimal, with the primary focus being on reducing promotions and driving full-price sales through new product introductions rather than broad-based price hikes.

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CFO Harmit Singh noted that Q1's broad-based growth indicates strong brand momentum and a generally resilient consumer across regions. He stated that the company is actively tightening promotions and focusing on full-price sales, as strong consumer demand and healthy inventory levels do not necessitate increased discounting.

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CFO Harmit Singh explained that while specific square footage isn't disclosed, the company opened over 100 system doors in 2024 and plans for 50-60 in 2025, primarily in Asia and Europe. He highlighted strong DTC performance, including 11 consecutive quarters of positive comps, high-teens e-commerce growth, and strong performance from new doors, which has improved the company's 'hit rate' on new store investments.

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Interim CEO & Chairman Ronald Sargent highlighted another strong quarter for Our Brands, noting a significant opportunity for further growth driven by quality, value, and innovation. He stated there were no significant regional differences to report, with good performance across the chain. EVP & CFO David Kennerly added that the higher-income consumer continues to behave rationally, with normal trends in categories like premium wines and fresh produce.

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Interim CEO & Chairman Ronald Sargent highlighted another strong quarter for 'Our Brands,' noting it creates great value and differentiates Kroger, citing the new Simple Truth protein line as an example of innovation. He saw no significant regional differences in performance. EVP & CFO David Kennerly added that the high-income consumer continues to behave rationally, with normal trends in premium and fresh categories.

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CEO Steven Lawrence declined to speculate on FY26 tariffs but emphasized the strategy of diversifying the sourcing base. EVP & CFO Earl Carlton Ford IV and Lawrence explained the current gross margin guidance is supported by multiple scenarios and mitigation tactics, including partnering with factories, leveraging their pricing optimization engine, and taking selective price increases on ancillary items rather than key traffic-driving products.

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CFO Eva Boratto reported a 160 basis point expansion in gross margin, with merchandise margin up 100 basis points. This was driven by low-single-digit mix-adjusted AUR increases, product cost savings from value engineering, and lower transportation costs. She also noted 50 basis points of favorable B&O leverage from exiting a fulfillment center and lower depreciation. Boratto confirmed that royalty payments for collaborations are recorded within the merchandise margin.

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CFO Eva Boratto stated that China represents about 10% of the supply mix, which is factored into guidance, while Canada and Mexico combined are about 7%. CEO Gina Boswell added that adjacent categories are expected to become a larger percentage of the mix in 2025, viewing them as large addressable markets with the potential to become future core businesses.

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CFO Eva Boratto stated that Q3 merchandise margin was flattish year-over-year and is expected to be flattish again in Q4, with overall gross margin improvement coming from B&O efficiencies. CEO Gina Boswell explained that the 1% AUR increase was driven by product mix, reflecting the success of their 'good, better, best' strategy and innovation across various price points.

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CEO J.K. Symancyk explained that tariff impacts are incorporated into the full-year guidance and are being managed through three primary levers: assortment architecture, optimizing country of origin sourcing, and adjusting the timing of receipts. He noted that natural diamond prices have stabilized, while lab-grown diamond (LGD) prices continue to deflate, which has enabled LGD expansion in fashion and remains an AUR-accretive opportunity. CFO Joan Hilson added that LGD price decreases are slowing and highlighted that refined promotional strategies, such as a 20% reduction in discounting at Jared, are also helping to offset cost pressures.

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COO & CFO Joan Hilson projected the engagement market to range from up low-single-digits to down low-single-digits, with AURs down low-single-digits to flat. She expects fashion AUR to grow, aided by the lab-grown diamond mix. CEO James Symancyk stated the promotional environment is stable and margin expansion will come from execution, not a change in promotions. Hilson confirmed disciplined inventory management remains a key cash flow lever, though no specific target was given.

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Executive Joan Hilson stated that lab-grown diamond costs are declining faster than retail prices, a gap Signet manages by introducing new, branded designs in Bridal and Fashion. She noted little price resistance to rising gold costs. Regarding digital banners, she did not comment on specific operating margins but emphasized that driving top-line growth and mixing in more finished jewelry are key to improving their profitability.

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CEO Virginia Drosos and CFO Joan Hilson addressed the questions. Drosos confirmed engagement units are growing quarter-to-date and that the company's strategy results in a higher average transaction value (ATV) for lab-created diamonds than for natural diamonds. Hilson clarified that reaching the +5% annual unit growth target would require high single-digit to low double-digit growth in Q4, a trajectory supported by current positive trends.

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CEO Winnie Park clarified that shipments were paused but orders were not canceled; the product is now flowing since the tariff rate was reduced. She also stated that the company saw even sales growth across all customer income cohorts during the quarter.

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Interim President and CEO Kenneth Bull stated that there are always trends to pursue across the company's eight 'worlds.' Executive Chairman Thomas Vellios elaborated that for Five Below, 'newness' itself is a trend; the key is to create excitement through a constant flow of new, focused items. He suggested this internal focus on newness, rather than reliance on external macro trends, is what will reinvigorate the business and drive conversion.

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CEO Michael Creedon clarified that the company is not pursuing a simple 'break the dollar' strategy, but is strategically using its five levers to manage costs. He noted the chain's average unit retail is still only $1.35. He confirmed that the expanded assortment from the multi-price strategy is resonating particularly well with higher-income customers, who are a key driver of new customer growth.

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CEO Mike Creedon clarified that targeted price increases are a response to the broad inflationary environment, not just tariffs. He aims to grow both ticket and traffic but highlighted Q4's ticket strength as proof of the multi-price strategy's power. He reiterated the transaction is a 'clean deal' where all assets convey, with the exception of approximately 300 dark stores from a prior closure event for which Dollar Tree remains responsible.

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CEO Michael Creedon clarified that targeted price increases are a response to the broad inflationary environment, including wages, not just tariffs. He expressed a goal of growing both traffic and ticket to achieve the comp guidance, highlighting Q4's ticket strength. He reiterated that it is a 'clean deal' with no lease guarantees beyond existing dark stores from prior closures.

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COO Mike Creedon asserted that the shift in behavior is due to macro-driven belt-tightening, not competitive losses, pointing to continued traffic and new customer growth. CFO Jeff Davis added that regarding the strategic review of Family Dollar, the company is evaluating a wide range of options, including those with outside parties, and is pleased with the progress, but continues to operate both businesses to maximize value.

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COO Mike Creedon attributed the customer behavior to macro-driven 'belt tightening' rather than competitive losses, pointing to continued traffic growth and new customer acquisition. Regarding the strategic review, CFO Jeff Davis stated that they continue to operate both businesses to maximize value while evaluating a wide range of options, including those involving external parties. He confirmed they are pleased with the review's progress.

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CEO Richard Dickson noted that Old Navy is gaining share across both top and bottom income cohorts, while Gap is gaining in top and middle cohorts, indicating broad consumer appeal. CFO Katrina O'Connell specified that the positive company-wide comp was driven by increases in both traffic and average transactions. She added that AUR was down modestly, primarily due to higher promotional activity at Athleta.

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President and CEO Lauren Hobart declined to provide specific overlap data pre-close but noted that about 30% of DICK'S stores are in malls. She emphasized a key strategic benefit is gaining access to a different, more urban customer base. Executive VP & CFO Navdeep Gupta added that more details would be shared after the transaction is finalized.

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Co-President and COO Francis Conforti explained that direct pre-pandemic comparisons are less relevant due to the significant mix shift between store and digital channels. He emphasized the primary focus is on improving maintained margin via lower markdowns. He noted the next step is to leverage occupancy and fixed costs as the brand returns to positive comps, which is anticipated in the second half of the year.

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Executive Shea Jensen stated that for Urban Outfitters, brand growth outpaced total brand growth in Q4, and growing national brands remains a key strategy guided by customer demand. For Anthropologie, executive Tricia Smith highlighted that own-brand penetration is a strategic driver, having reached 70% in women's apparel with continued growth opportunities in key house brands like Pilcro and Maeve.

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Executive Shea Jensen stated that Urban Outfitters is actively evaluating its flexible lease portfolio to rightsize productivity, which will involve closures, downsizes, and relocations. CFO Melanie Marein-Efron noted that store opening plans for other brands will be similar to FY'25. Nuuly President David Hayne projected mid-double-digit revenue growth for Nuuly in the next year, with a continued focus on improving profitability.

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Shea Jensen, President of Urban Outfitters North America, explained that the brand is still in a 'test and learn' phase with marketing, currently focusing on social media engagement, and did not provide a specific timeline for a broader marketing push. She stated the ideal store size is smaller, around 6,000 to 8,000 square feet, and the company will evaluate each location's size and placement as leases come up for renewal.

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CFO John David Rainey and Walmart U.S. CEO John Furner explained that reaching eCommerce profitability was a significant milestone. Rainey attributed the success to network densification, which spreads delivery costs over more volume, and customers' willingness to pay for expedited delivery. Furner added that years of investment in a unified app, fulfillment centers, and leveraging stores for omni-channel solutions were crucial. He also highlighted the positive impact of a better business mix, including advertising and data services.

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Walmart U.S. CEO John Furner attributed lower markdowns to strong inventory management enabled by technology, and noted that gross margin also benefited from newer businesses like advertising. Walmart International CEO Kath McLay highlighted Canada's strong performance, with e-commerce growth up 30% and accelerating quarterly, driven by a focus on value and convenience.

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CFO Jim Swanson clarified that the $40-$45 million figure represents the direct cost of the incremental 10% universal tariff in the U.S. CEO Tim Boyle described vendors as long-term partners and stated they will work together to mitigate costs through various means, such as adjusting shipment timing or destinations. He declined to name top customers but confirmed that Columbia does not have any single customer representing 10% or more of sales.

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EVP and COO Chuck Ward reported strong activewear performance and market share gains, driven by product innovation, which offset a down market. President and CEO Glenn Chamandy confirmed that channel inventories are balanced with no signs of destocking. EVP and CFO Luca Barile explained that the guidance incorporates current tariff measures, noting the impact on Gildan is significantly less than the 10% headline rate due to the high U.S. content in its products. Mitigation strategies include selective price increases and supply chain flexibility.

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CEO Glenn Chamandy stated that Gildan is widening its competitive advantage as competitors weaken, noting Delta's Chapter 11 filing creates a future market share opportunity. He mentioned that pricing is now stable after some temporary pressure from competitor liquidations. President of Sales, Chuck Ward, added that POS improved through the quarter, with June at mid-single digits, and that fleece and ring-spun categories continue to show strength and market share gains.

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CFO Meghan Frank clarified that the notable shift in traffic was primarily a U.S. trend, with no material changes seen in Canada or other international markets. She did note a slight headwind in China due to the timing of the Lunar New Year. She added there were no meaningful regional differences within the U.S. and did not comment on weather, stating a focus on controllable factors.

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CFO Meghan Frank stated that overall traffic trends were positive across both e-commerce and stores in the Rest of World segment. CEO Calvin McDonald characterized the promotional environment as intense but not necessarily more so than the prior year. He emphasized that Lululemon continues to operate as a regular-price-driven business, unlike others in the premium athletic space, and was pleased with the guest response to this strategy during the holiday kickoff.

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CFO Meghan Frank stated that May's trend was similar to Q1, followed by a softer performance in June and July. She did not provide specific quarter-to-date details but affirmed the Q3 guidance of 6-7% growth is appropriate. Frank also noted that the 'Breathe Through' product withdrawal had a negligible financial impact as it was a small-scale test and learn initiative.

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CFO Meghan Frank stated that May's trend was similar to Q1, followed by a softer June and July. She did not provide specific quarter-to-date figures but noted the Q3 guidance of 6-7% growth is appropriate given Q2's performance and macro uncertainty. Frank confirmed the financial impact from the 'Breathe Through' product withdrawal was negligible as it was a small test.

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CFO Mike Mathias stated that the guidance assumes 'very low to minimal' incentive compensation. He sized the OFFLINE business at approximately $600 million, calling it the company's fastest-growing segment. He also confirmed that the company has significant 'open-to-buy' for the back half, providing flexibility to adjust inventory based on trends.

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CFO Mike Mathias explained that the choppiness was observed after the back-to-school peak and was exacerbated by warm weather, though trends improved during key holiday weeks. He affirmed the company's goal to leverage SG&A expenses on its 3% to 5% comparable sales growth algorithm next year through continued cost discipline.

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Mike Mathias, CFO, shared that quarter-to-date, the American Eagle brand's trend is consistent with Q2, while Aerie's performance has accelerated to a level similar to its Q2 ex-swim results. For fiscal 2025, he indicated that while plans are still being finalized, the goal is to manage SG&A dollar growth to a rate below the company's target revenue growth of 3-5%.

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EVP Richard Gomez responded that the company has adopted a conservative posture for its discretionary businesses due to market volatility. He indicated that the frequency businesses (Food & Beverage, Essentials) are expected to continue delivering single-digit growth, which has been their more predictable trend. The company did not provide a more granular breakdown by category or a specific forecast for food inflation.

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CFO Robert Ball attributed about 5 percentage points of the inventory increase to freight, noting that costs will remain a headwind in H1 before flipping to a tailwind in H2 as they lap last year's disruptions. He expects inventory costs to normalize through H1, with the goal of ending the year with units aligned with sales. CEO Fran Horowitz-Bonadies stated that the company expects balanced growth across all geographic regions in 2025, similar to the performance in 2024.

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CEO Fran Horowitz-Bonadies explained that A&F's future growth stems from its transformation into a lifestyle brand with a broader addressable market, expanding into categories like Best Dressed Guest and YPB. COO Scott Lipesky added that international growth is focused on reintroducing the brand in the U.K. and Germany. Regarding capital allocation, he noted that cash should increase by year-end and that share repurchases will remain the primary use of excess cash, supported by strong operating cash flow.

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CEO Fran Horowitz-Bonadies described A&F's 'next act' as continuing its evolution into a lifestyle brand for a broader age demographic with expansion in categories like YPB and Best Dressed Guest. COO Scott Lipesky highlighted international growth in the UK and Germany. While not providing a specific cash target, he expects the year-end balance to be higher and confirmed that share repurchases remain a primary use of excess cash.

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CFO & COO Scott Lipesky stated that Q2 saw double-digit growth in each month and that the promotional environment is rational, with the company's actions driven by its own inventory and performance. He noted there is no specific year-end cash target, but after paying off debt, the focus for excess cash will shift to share repurchases while maintaining a strong balance sheet to fund investments. CEO Fran Horowitz-Bonadies reiterated that promotions are managed weekly based on business needs.

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Group President and COO Michael Hartshorn identified the Pacific Northwest and Texas as top-performing regions in Q4. Regarding immigration, he noted the company over-indexes to the Hispanic customer and will monitor policy impacts. He attributed the recent sales slowdown primarily to traffic, pointing to external volatility.

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CEO Barbara Rentler clarified that execution issues were related to merchandise mix rather than the brand strategy itself. Group President & COO Michael Hartshorn declined to quantify the shrink benefit but confirmed it was a significant factor in the Q3 beat and that full-year shrink is expected to be flat. He added that while it is too early to comment on specific Northeast store productivity, the company is pleased with initial results.

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Group President and COO Michael Hartshorn confirmed that the comp was driven by both higher traffic and a higher basket. The basket increase was due to higher AUR, partially offset by fewer items per transaction. He declined to provide a specific AUR figure but linked the increase to the company's branded strategy. He noted that customers are clearly seeking value amid persistent inflation.

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CEO Reade Fahs reiterated that managed care is 40% of the business and growing at a high single-digit rate, with a future milestone of 50%, though no timeline was given. He confirmed that January sales were strong but acknowledged geographic variability in the February softness, stating that while weather was a factor, they remain cautious about other potential causes.

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CEO Reade Fahs stated that the 30-35 new stores in 2025 will be America's Best brand only and located exclusively in remote-enabled states. CFO Melissa Rasmussen noted that capital will be reallocated to the existing fleet, resulting in some moderation in CapEx. Regarding host relationships, Fahs said that while they are always evaluating opportunities, the primary focus is on transforming the core America's Best brand.

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CEO Stephen Bratspies projected the U.S. segment to be roughly flat and International to be up low-single digits on a constant currency basis, noting no major shifts in retailer ordering patterns. CFO Markland Lewis guided for a 20-30 basis point full-year gross margin increase, with a stronger year-over-year uplift in the first half due to input cost tailwinds and the timing of cost-saving benefits.

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CEO John Idol conceded the merger process was 'highly distracting' but stated its termination allowed management to make bold and swift strategic changes, particularly at Michael Kors. He confirmed there are no major leadership gaps, as very few people left. CFO Tom Edwards projected fiscal 2026 CapEx to be approximately $125 million, similar to fiscal 2025, primarily to support the Michael Kors store renovation program and technology investments.

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CEO Stefano Caroti did not disclose the specific percentage for the specialty running channel but confirmed HOKA continues to perform well there. Regarding retail, he outlined a strategy focused on key global cities like London, Paris, and Shanghai, but did not provide a specific store count for FY26. CFO Steve Fasching added that FY25's significant wholesale door expansion will not repeat to the same degree, affecting year-over-year growth comparisons.

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CEO Antony Spring stated that quarter-to-date promotions are approximately comparable to last year, with margin impacts stemming more from product mix and liquidations rather than a higher overall discount rate. COO & CFO Adrian Mitchell addressed store closures, explaining that since most are in markets with other Macy's locations, the comp impact is expected to be limited, and a specific strategy is in place to retain customers by directing them to nearby stores.

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Outgoing CEO John Swygert stated that deal flow is strong across all departments with no shortages, highlighting a recent improvement in HBA. CFO Robert Helm reiterated that the long-term gross margin target remains 40%. He acknowledged the margin drag from consumables but noted they drive valuable customer frequency and the impact can be offset by supply chain efficiencies.

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CEO Todd Vasos explained that remodels typically drive ticket first through an enhanced offering, with traffic following as word of mouth spreads. CFO Kelly Dilts confirmed that the SG&A leverage point remains in the historical 2% to 4% comparable sales growth range.

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CFO Jill Timm noted that market share loss is spread across retailers like Amazon and off-price, exacerbated by Kohl's lack of opening price point value. She stated that no floor space needs to be given up due to the large store format; it's a matter of rebalancing assortment. Regarding stores, she reiterated that over 90% are cash-positive, so while they will address underperformers, widespread closures are not the focus.

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CEO Kevin Plank explained that the underdog persona applies to professional athletes as well, citing Stephen Curry as a prime example of an athlete who wasn't the biggest or fastest but changed his sport through hard work. CFO Dave Bergman addressed inventory, noting that while industry levels are improving, retailer conservatism persists. He stated that Under Armour's own inventory is in good shape, with the majority being current season, and the company expects levels to decline further by year-end.

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CFO Dave Bergman explained the second-half guidance reflects developing pressures in APAC, higher ocean freight costs, and negative FX impacts. He also noted that H1 profitability is amplified by a planned insurance recovery and a shift in marketing spend to H2. Regarding factory outlets, Bergman confirmed that tests with lower promotions yielded mixed results, as they gave up some revenue, and the company is still in a "test and learn" phase for that channel.

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Coach CEO Todd Kahn explained that the brand saw mid-single-digit AUR growth, led by North America, and he expects this to continue. He attributed the gains not to simple price increases but to a healthier business mix, including less discounting and strong demand for new full-priced products like the Brooklyn bag. He also highlighted the success of selling the iconic Tabby bag at full price in outlet channels, demonstrating that consumers see 'brand' over 'channel'.

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EVP & CFO Matthew Friend acknowledged losing market share in the Running specialty channel after pulling back years ago but did not quantify the peak-to-trough decline, instead focusing on the current strategy to reconnect with runners. Regarding Q2 margins, he stated the pressures from promotions and deleverage are broad-based across all geographies rather than being concentrated in a single region.

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CEO Tom Chubb identified cooler weather regions like the Midwest and New England as relatively stronger, though all regions were soft. CFO Scott Grassmyer added that Marlin Bar locations also held up better. Regarding pricing, Grassmyer noted that the promotional level is reverting closer to pre-pandemic norms, driven by lower full-price sell-through. Chubb stated they do not plan to reprice existing products but may adjust the assortment mix in the future to feature more accessible price points, citing underinvestment in opening price point dresses as a Q2 misstep.

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CEO Mary Dillon clarified that strengthening sales were driven by the Lace Up plan's success, allowing for a pullback in promotions. Regarding Nike, she expressed confidence in the partnership, highlighting key collaborations and confirming a return to growth with the brand in Q4, supported by a strong order book.

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