Benno Dorer: Yes, perhaps detailed. Too early to talk about the specific guidance for next year. But what I can tell you is what we’re seeing. The business has certainly seen sequential improvements in Q3, was about flat at minus 1% in constant currency. And that’s been better than in previous quarter. And we’ve seen that momentum carry forward into January, as the country continues to reopen. So we’re certainly cautiously optimistic, especially for the back half of fiscal year 2024. But it’s too early to say when and how much the momentum picks up. There’s certainly a possibility that we may see more momentum earlier and we’re watching that closely. We should be in a much better place to predict that and give an update in May.
But what we do know is, first, that there’s a long-term investment case that’s quite strong. We have a nascent, but growing outdoor and active markets, and we have leading brands that serve that. It’s a great white space for many of our brands. It’s a great space to apply our digital capabilities, as we all know, that market is very strongly driven by digital capabilities and that’s, of course, an area of focus for us as a company. And what you should also know is that, we’re willing to invest in that momentum. So as we continue to see, hopefully, a pickup in consumer off-take, we will invest in an increase in brand penetration, which in many cases quite a bit lower than here in our home market. We have an opportunity to enter new categories and also enter with new brands and Supreme and Ultra are just two examples of brands that have a strong right to win in that market.
And we will apply our marketing prowess to drive localized and engaging omnichannel experiences. And the teams did a nice job there that maybe hasn’t shown in results just yet, given the state of the country. But we feel bullish about the long-term prospects, and we could be, knock on wood, at an inflection point that could lead to much stronger momentum, certainly, throughout the calendar year of 2023.
Jay Sole: Got it. Thank you so much.
Operator: Thank you. And with that, I’ll hand the floor back to Benno Dorer for closing remarks. Thank you.
Benno Dorer: Yes. Thank you all for joining today. As you hopefully will have heard from us today, our commitment to our consumers, our people, our shareholders and also VF’s purpose in service of the greater good is what’s going to continue to guide all of our actions. And the last two months in the CEO role, for me, have reinforced my excitement in the company’s potential. And add to that, that we have a clear view of the areas which are critical to help us realize it. And those are world-class leadership, the company’s executive leadership team and its broader organization is stable. Talented and committed to leading this great company, improved execution near term. Clearly, we have a clear idea of what must be done to improve performance, and we’re starting to implement aggressive actions to do so.
And that starts with a much greater focus on the consumer to realize our brand’s full potential, a future with sharpened strategies, the right investments, exciting product innovation and excellent marketplace execution and importantly, financial strength and predictability. The board and I are committed to strengthening our financial position and also to returning to consistent value creation, emphasizing a unique portfolio of core brands. So in a nutshell, we’re confidence that — we’re confident we’re taking the right steps to improve the strength and consistency of VF’s performance to deliver strong shareholder returns over the medium and long-term and we look forward to updating you on our progress in May. Thank you all, and have a good rest of the week.
Operator: Thank you. This concludes today’s conference. All parties may disconnect. Have a great evening.
