Jeffrey N. Boyer
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to Q&A we our note. for up session, the Before open two lines I'd you items on like update of
regarding are of imposed the as and is been leather portion our in impacted first of tariffs. have our and The tariffs. China by of Based on some sourced watches be all from traditional excluded of will our packaging tariff A currently connected tariffs penalties. today, goods place out currently product
we in exposure expect these move our do the We impact actions products working given the currently on pricing are not a impacts. adjust and have these to Overall, mitigate actively the on place tariffs have and we taking, to material tariff we're sourcing limited to profitability.
year. regards of licensed exit next business item second the contract the The
have for Marc and watches We to agreement Jacobs to market, to an our brand. terminate manufacture, distribute rights the come licensing
address and scale preferences challenges industry to is agreement to overall this strategies have and the financial continues expected product business, in continue to closing, and this consumer maximize channels next year. and impact to shop, categories a the across our significant changes our profitability consumers not we while the In material opportunities. Given these of plans on see develop our performance
priority profitability. progress and important far the so one has in pleased improving we've step this an year number how our far been of Our particularly we're with with transformation come journey
global and While operating double-digit challenges our remain returning to improve our profits, energized long-term of to profitability reach we team focus our our actions stabilizing begin is sales. continue to goal excited and as on core to
Now, call I'd your to open the for like up questions.
