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Page 5 of 9
we are making progress towards our long-term financial goals.
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2023 Q1
6 Oct 22
clearing marketplace capacity to align seasonally relevant product
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2023 Q1
6 Oct 22
we expect this to have a transitory impact on gross margins this fiscal year
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2023 Q1
6 Oct 22
And still achievable
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2023 Q1
6 Oct 22
the structural things that we've laid out in our strategy, we believe, are strong today
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2023 Q1
6 Oct 22
there will be some residual liquidation that takes place in the third quarter
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2023 Q1
6 Oct 22
as it relates to the margin impact, the second quarter will be the largest impact.
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2023 Q1
6 Oct 22
it's a 150 basis point annual impact, which we believe is transitory
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2023 Q1
6 Oct 22
we have a portion of that inventory being seasonally out of relevance, we've decided to take that inventory and more aggressively liquidate it
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2023 Q1
6 Oct 22
early order holiday and to have that arrive earlier, we effectively have a few seasons landing in the marketplace at the same time
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2023 Q1
6 Oct 22
Because we had late product arriving for the spring, summer and fall seasons,
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2023 Q1
6 Oct 22
China grew ahead of our plan, 13% decline was better than we were anticipating
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2023 Q1
6 Oct 22
we're seeing some softness in the U.K., and it's being more than offset by strength across the rest of the EMEA portfolio, in France, Germany, Italy, Spain, et cetera
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2023 Q1
6 Oct 22
we have not yet seen any signs of slowdown
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2023 Q1
6 Oct 22
We were able to liquidate more units than we planned, and we saw a higher full price realization in Greater China than we had planned.
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2023 Q1
6 Oct 22
China as an example, where we know that the marketplace has been more promotional because of what's transpired with regards to the COVID-related disruption
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2023 Q1
6 Oct 22
In EMEA, as I mentioned, we saw significant gross margin expansion again this quarter and a very high level of full price realization.
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2023 Q1
6 Oct 22
EMEA and APLA, strong consumer demand with a strong pipeline.
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2023 Q1
6 Oct 22
e're really focused on trying to clear through that late off-season apparel inventory that we have predominantly in North America, but we do have a little bit of it in EMEA and APLA as well.
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2023 Q1
6 Oct 22
We are seeing strong consumer demand, strong average weekly sell-through and high full price realization.
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2023 Q1
6 Oct 22