Good morning, everyone. I'm Janine Stichter. I'm the Consumer Retail and Lifestyle Brands Analyst at BTIG. Thanks so much for joining us today. Company has asked me to read a quick remark before we begin. So I want to remind everyone today that comments made during today's discussion may contain forward-looking statements which are subject to risks and uncertainties described in J.Jill's filings, available on the company's investor relations site. So with that, I'm pleased to have with me today the CEO of J.Jill, Claire Spofford, and then Mark Webb, COO and CFO. Thank you for joining us. Thank you. So for those of you who don't know J.Jill, it's a women's apparel brand, about 250 stores, and a very sizable e-commerce platform. And there's been a lot of positive transformational changes over the last several years. So I guess just to start with Claire, as we think about the last few years and what's gone on in the business, talk about the changes you've made to transform the business for profitable growth. Thank you, Janine, and thanks for having us. Yeah, we've been really focused over the last several years on full-price selling, really managing our product assortment and our promotional cadence to support that full-price selling. We've instituted some pretty profound operational disciplines in order to achieve the margin profile that we've achieved, being really disciplined with inventory, making sure that we earn our way into growth, and a real kind of relentless focus on maintaining margins, so as tight a promotional cadence as we can have, and really focusing our consumer on the full-price offering. So that's been sort of the foundation of what we've been doing. Oh, I get really loud when I go that way. That's the foundation. We've also been investing in our infrastructure. We implemented a new POS system last year, and we are in the middle of a fairly significant OMS project this year. It's on track to be implemented in 2025, and that will unlock a lot of omnichannel capabilities that we haven't had available to us prior, so this real focus on our consumer staying really close to her, making sure that our product assortments are relevant. We've worked on modernizing the brand and making it even more relevant to our current customer, but also, I think, relevant and positioned to bring a lot of new customers into the brand, so that's really been our focus, and we've really been pleased with the financial results that have come from that. And then maybe for Mark, as we think about this new foundation that you've built for profitable growth, where are the biggest top-line opportunities? And then margins, they're already very strong. You have high teens EBITDA margins. How do you think about where margins could go from here, or where should they settle in? That's a good question. The hallmark of the improvements that Claire just mentioned is the margin rate and the cash generation of the business. I think we're starting with margin. We feel like the margin, which as of Q3 on an LTM basis was almost 71%. That's an extremely healthy margin for us. The operating model is actually really strong in the high 60s. So it's more about maintaining the margin story for us. And then on the top line, as Claire mentioned, some of the system investments that we're implementing will help drive both comp and also support some non-comp growth as we start to expand our store base. So store sales opportunities are really to come from new stores, which are extremely profitable for us. We have a very healthy fleet, but opening a new store after a lot of the work that we've done the last several years gives us a lot of confidence using our online data and our prior knowledge of what we did revenue-wise and markets to open these stores. Feel like there's 20-25 stores over the near term and up to 50 stores over a five-year time horizon to grow, and then these initiatives around omni, which again, as Claire mentioned, we've achieved the performance that we've achieved without having the benefit of a lot of these systems, so we're looking forward to implementing, and then that supports drive both comp and non-comp as we look forward. Perfect. And then maybe just shifting gears towards more recent performance. You issued an update this morning. You reiterated your Q4 guidance for the quarter ending January. So it sounds like things are more or less on plan from when you reported in early December. Maybe just elaborate a little bit to the extent you can on what you've been seeing. What did you see over the course of holiday? Yeah, we were pleased to be able to reaffirm this morning. We did see holiday performance pretty much in line with our expectations. It's Q4 is a more promotional quarter, so it's a challenge creating the right balance of supporting the top line, making sure we're in the right place from an inventory standpoint coming out of the quarter, but not going too promotional. So it's always a balancing act, I think, for everybody, but particularly for us. We also pulled forward a full-price floor set a week earlier in between New Year's, sorry, Thanksgiving and Christmas. And we're really pleased with the full-price results of that. So we were able to sort of lean into full-price before we moved into the January promotional cycle. So pretty much in line with what we were expecting when we issued the guidance. Just how are you feeling about the overall health of the consumer? I think when we started the year, you kind of had an exuberant consumer. It felt like things were maybe a little bit better than you typically see. Then we went through some choppiness. Obviously, your consumer paid attention to the headlines, and there was election distraction. Where is she now? How is she feeling? Yeah, and for those of you who are not as familiar with the story, we have a wonderful consumer. We talk about her being relatively resilient, but obviously not impervious to what's going on in the macro environment. And so yes, we saw very, very strong consumer behavior early in the year, particularly in what we call our holiday time period, which is around Easter, Mother's Day. And then we did see some falloff over the summer in terms of her appetite, but it came back nicely and increasingly into the fall season. So the world has thrown a lot at us in the last few years, but we are very thankful that our consumer is who she is and relatively resilient. And we do a lot to stay very close to her. We do a lot of primary research with our consumers. We do a lot of listening in the stores, and we have a lot of feedback channels, and we try to really understand where she is and what she's thinking about, and then when we do a good job of providing the right product and the right experience for her, she's incredibly loyal. Average 10-year with the brand is 10 years, so we love who our consumer is, and I think we've been working hard to listen to her and to navigate the world as we've worked through the last year. I think we've all been trying to navigate the world. That's a fair statement. I mean, I guess with that, the promotional environment, it sounds like you actually were able to have strong full-price selling so far, maybe a little bit better than expected during the holiday period. How would you characterize the overall promotional environment? I think a lot of people thought it was going to be really promotional coming into holiday. And so far, it's not seeming like it shaped up that way. Yeah, I wouldn't say that it was a full-price focus abnormally, but we were able to see some of that in the quarter. I think the competitive environment in women's apparel continues to be challenging and the promotional environment. But again, we try to strike the right balance and stay true to kind of our tenets of supporting full-price selling how and when we can and promoting as little as possible as we navigate the fourth quarter and then move back into spring in the heart of our season. And then what about from a product standpoint? I think there were some execution missteps kind of midway through the year. Where are you on course correcting that? Yeah. Well, anyone in the women's apparel business will also know that there are always some product missteps, right? But we did underestimate the move away from dresses over the course of the, really over the course of the year, but particularly in that spring-summer time frame when it's a big part of the business and the move towards separates that has continued. And we've been navigating that and made adjustments as we look forward. And we are supporting our core franchises. We launched our Iconics program in September, I believe, which is in support of some of our core franchises, just refreshing the presentation, putting a spotlight on it, and supporting those core businesses that we feel not only bring our core customer back over and over again, but are great customer acquisition products as well. So it's always an adjustment, and there's always a lot of seasonality as well. But the team works hard to read it and react. And if something isn't working in season, we're clear-eyed about it. We identify it, we move it, and try to end up every period in the right inventory position. Yeah, maybe that's a point worth emphasizing. I think pre your tenure, maybe that wasn't the case as much. We'd sit on inventory longer. How has the strategy changed and how do you handle things that aren't performing? I think from an inventory management standpoint, we are operating pretty differently. We're very disciplined with our inventory buys, making sure that we earn our way into growth, making sure that we don't get ahead of ourselves so that when things don't go exactly the way we expect, we're not with a bigger problem, so we earn our way to that. We're very disciplined and as we look forward, we're excited for profitable growth. We feel like we've got the strong platform for that, and we'll continue to operate through that way. Great. And then one for Mark. You mentioned the return to store growth. I think you said 25 stores near term and 50 medium term. What gives you the confidence to re-expand this store base after you've gone through these years of consolidation? Now, why do you feel like you can start to grow again? Yeah, I think a large part of it is just making sure you get the right economics. And we're starting to see better economics come into that we need to fulfill that growth. And then really the sales call equation, right? So if you're brand new to opening stores, one of your biggest unknowns is what your sales call is going to be, what your sales volume is going to be. When you're going back into a market where you've done volumes, you get the right economics. You kind of know what your volumes are going to be. And we've had a mixture of stores. We're going to open net, we guided at Q3, and we're still working on the portfolio along the way, but we guided to be net four positive stores this year. That's nine opening and then expected to close five against that. The nine that we're opening are in a mixture of both existing markets that we're reentering and into new markets, and the new markets, we have online data. We're 50-50 online stores in our revenue base, so we have really good data from the online side, and then we have into reentry markets. We know what the revenue was and where it went and how the customer behaved when we closed. So those reentry markets become a very known commodity for us as we go back, and the healthy mixture of both of those really makes us confident in getting to those numbers. Great. And maybe just shifting back to margins a bit. This year, we have a few somewhat abnormal potential headwinds. We have potential tariffs. Seems like freight's still higher in the first half of the year. The port strikes seems like everything's okay for now, but who knows? It It could come back. How are you thinking about navigating those potential headwinds? And And maybe speak to how you're positioned. There's so many moving parts. If there's wood, I can knock on because every time I say something about ocean freight or something, it changes on a dime. But the reality is we are living with elevated freight rates this year. At some point, and what we indicated on the Q3 call for us, that tends to normalize out on a year-over-year basis in the first half of 2025. And again, everything else staying sort of the way they are now, that should represent opportunity at some point, likely in the later back half of the year from a freight rate perspective. Thank goodness the port strike was averted, so that was weighing on our minds. There was some freight sort of tracked into Q4 that we mentioned on the Q3 call that was related to the first port strike that occurred back in October and the mitigating strategies we took to move some goods from the East Coast to the West Coast as a result of that, but so as those things normalize, that should create some opportunity into next year. We're still sort of living with, and it's been the case this year, a little bit of last year, elevated linen costs from the raw material perspective. That's likely to stay but not worsen in 2025. It should become hopefully a benefit late in 2025, but really into 2026 as the season starts again for linen. We're hoping the crops look better. We all watch crops now. So that's good, but tariffs, honestly, there's too much noise for us at this point. Our general operating principle, as Claire mentioned before, is to earn our way into growth. And on the inventory discipline side, that means lagging demand. And so we will continue to do that. The beauty of having this almost 71% margin on an LTM basis, we have a little bit of opportunity to take on a little bit more growth risk in that high margin range. But for the most part, I feel like we're at a pretty good place. Tariffs, we'll wait and see. And the inventory investment's going to be very disciplined as we go into 2025, given those unknowns. If we get more tariffs, do you feel like you have room to take prices higher? Does it depend on the environment? How do you think about that? I really think it depends. I mean, China is not our concern. So again, a lot of noise, right? We hear 100%. We hear 30% across the board. Where it lands, we will be extremely interested in. The 100% countries that have been thrown out there, we're not an importer from China. Several years ago, finished goods importing for us from China is less than 5%. The rest of it, we'll have to wait and see and to the extent that it's significant, then I think it'll be a combination. It'll have to be for all of us some combination of working through the negotiations in the supply chain, some level of pricing opportunities, and we're always looking item by item across the assortment to see where we think there's pricing opportunity to begin with and then perhaps some element that the company would have to absorb. But again, a lot to unwind and to actually watch and see how it happens. Totally. Okay. And then I guess just last one for me, balance sheet. You had a lot of debt. You've paid down a lot. Maybe speak to where you are versus where you came from. And then as we think about the go forward cash priorities, just how you think about cash usages go forward. Yeah, we've made a tremendous amount of progress strengthening the balance sheet. I mentioned before the operating model of the company. It's sort of a steady-state basis of $600 million of sales and high 60s% margin and $100-ish million of EBITDA, which produces substantial free cash flow in the $40-ish million range. That enables us to execute these strategies that we've talked about. We've mentioned the priority first is to invest in the business, and we're doing that. We're doing that through the technology investments that Claire mentioned earlier, and then the new store growth and also some marketing to drive awareness and growth. The next priority is paying down debt. We've made substantial progress. We're now at $76 million of principal outstanding as of the end of Q3. That's well below one times leverage, so continued progress there. It continues to be now a balanced priority list against the optimal debt structure and then TSR strategies, which we initiated our first ordinary dividend program earlier this year. And then the board recently authorized our first share repurchase program with a $25 million authorization over the next two years. So that balanced approach is how we'll continue to execute. And we've made some great progress on all of those along the way. Perfect. Okay, that's all I had. I don't know if there's any questions from the audience. If you want to take a few, I think we have a few minutes. All right, I guess we can pause there. Claire, did you have any closing remarks that you wanted to leave us with before? No, I think just a reminder and more of an introduction for folks who aren't as familiar with our story. I talked a little bit about our consumer. Mark mentioned the fact that we are a balanced business model, about 50-50 direct-to-consumer and brick and mortar. We have opportunities for growth that we're looking at unlocking in both of those channels, new store growth over the next up to 50 over the next five years, these omnichannel capabilities that I think will unlock a lot of potential for us as well. Relatively low awareness that we're going to lean into. We've got a great story. And I think a tremendous team who has a really good understanding of our customer and is focused on delivering the right product for her and the right experience. And so it's just a great business model. As we continue to lean into profitable growth as we go forward, we're just excited about the future. Perfect. Thank you so much. We look forward to hearing Q4 results, and we'll talk to you soon. Thank you, Janine. Thanks, Jenny. Good morning, everyone. Statements, which are subject to risks and uncertainties described in J.Jill's filings, available on the company's investor relations site. So with that, I'm pleased to have with me today the CEO of J.Jill, Claire Spofford, and then Mark Webb, COO and CFO. Thank you for joining us. Thank you. So for those of you who don't know J.Jill, it's a women's apparel brand, about 250 stores, and a very sizable e-commerce platform. And there's been a lot of positive transformational changes over the last several years. So I guess just to start with Claire, as we think about the last few years and what's gone on in the business, talk about the changes you've made to transform the business or profitable growth. Thank you, Janine, and thanks for having us. Yeah, we've been really focused over the last several years on full price selling, really managing our product assortment and our promotional cadence to support that full price selling. We've instituted some pretty profound operational disciplines in order to achieve the margin profile that we've achieved, being really disciplined with inventory, making sure that we earn our way into growth, and a real kind of relentless focus on maintaining margins, so as tight a promotional cadence as we can have and really focusing our consumer on the full price offering. So that's been sort of the foundation of what we've been doing. Oh, I get really loud when I go that way. That's the foundation. We've also been investing in our infrastructure. We implemented a new POS system last year, and we are in the middle of a fairly significant OMS project this year. It's on track to be implemented in 2025, and that will unlock a lot of omnichannel capabilities that we haven't had available to us prior, so this real focus on our consumer staying really close to her, making sure that our product assortments are relevant. We've worked on modernizing the brand and making it even more relevant to our current customer, but also, I think, relevant and positioned to bring a lot of new customers into the brand, so that's really been our focus, and we've really been pleased with the financial results that have come from that. And then maybe for Mark, as we think about this new foundation that you've built for profitable growth, where are the biggest top line opportunities? And then margins, they're already very strong. You have high-teens EBITDA margins. How do you think about where margins could go from here, or where should they settle in? That's a good question. The hallmark of the improvements that Claire just mentioned is the margin rate and the cash generation of the business. I think we're starting with margin feel like the margin, which as of Q3 on an LTM basis was almost 71%. That's an extremely healthy margin for us. The operating model is actually really strong in the high 60s. So it's more about a maintain the margin story for us. And then on the top line, as Claire mentioned, some of the system investments that we're implementing will help drive both comp and also support some non-comp growth as we start to expand our store base. So sales opportunities are really to come from new stores, which are extremely profitable for us. We have a very healthy fleet, but opening a new store after a lot of the work that we've done the last several years gives us a lot of confidence using our online data and our prior knowledge of what we did revenue-wise and markets to open these stores. Feel like there's 20 to 25 stores over the near term and up to 50 stores over a five-year time horizon to grow. These initiatives around Omni, which again, as Claire mentioned, we've achieved the performance that we've achieved without having the benefit of a lot of these systems. We're looking forward to implementing. That supports drive both comp and non-comp as we look forward. Perfect, and then maybe just shifting gears towards more recent performance. You issued an update this morning. You reiterated your Q4 guidance for the quarter ending January, so it sounds like things are more or less on plan from when you reported in early December. Maybe just elaborate a little bit to the extent you can on what you've been seeing. What did you see over the course of holiday? Yeah, we were pleased to be able to reaffirm this morning. We did see holiday performance pretty much in line with our expectations. It's Q4. It's a more promotional quarter, so it's a challenge creating the right balance of supporting the top line, making sure we're in the right place from an inventory standpoint coming out of the quarter, but not going too promotional. So it's always a balancing act, I think, for everybody, but particularly for us. We also pulled forward a full price floor set a week earlier in between New Year's, sorry, Thanksgiving and Christmas, and we're really pleased with the full price results of that. So we were able to sort of lean into full price before we moved into the January promotional cycle, so pretty much in line with what we were expecting when we issued the guidance. Just how are you feeling about the overall health of the consumer? I think when we started the year, you kind of had an exuberant consumer. It felt like things were maybe a little bit better than you typically see. And then we went through some choppiness. Obviously, your consumer paid attention to the headlines, and there was election distraction. Where is she now? How is she feeling? Yeah, and for those of you who are not as familiar with the story, we have a wonderful consumer. We talk about her being relatively resilient, but obviously not impervious to what's going on in the macro environment. And so yes, we saw very, very strong consumer behavior early in the year, particularly in what we call our holiday time period, which is around Easter, Mother's Day. And then we did see some falloff over the summer in terms of her appetite, but it came back nicely and increasingly into the fall season. So the world has thrown a lot at us in the last few years, but we are very thankful that our consumer is who she is and relatively resilient. And we do a lot to stay very close to her. We do a lot of primary research with our consumers. We do a lot of listening in the stores, and we have a lot of feedback channels, and we try to really understand where she is and what she's thinking about, and then when we do a good job of providing the right product and the right experience for her, she's incredibly loyal. Average 10-year with the brand is 10 years, so we love who our consumer is, and I think we've been working hard to listen to her and to navigate the world as we've worked through the last year. I think we've all been trying to navigate the world. That's a fair statement. I mean, I guess with that, the promotional environment, it sounds like you actually were able to have strong full price selling so far, maybe a little bit better than expected during the holiday period. How would you characterize the overall promotional environment? I think a lot of people thought it was going to be really promotional coming into holiday, and so far, it's not seeming like it shaped up that way. Yeah, I wouldn't say that it was a full price focus abnormally, but we were able to see some of that in the quarter. I think the competitive environment in women's apparel continues to be challenging and the promotional environment. But again, we try to strike the right balance and stay true to kind of our tenets of supporting full price selling how and when we can and promoting as little as possible as we navigate the fourth quarter and then move back into spring in the heart of our season. And then what about from a product standpoint? I think there were some execution missteps kind of midway through the year. Where are you on course correcting that? Yeah. Well, anyone in the women's apparel business will also know that there are always some product missteps, right? But we did underestimate the move away from dresses over the course of the year, but particularly in that spring-summer timeframe when it's a big part of the business and the move towards separates that has continued. And we've been navigating that and made adjustments as we look forward. And we are supporting our core franchises. We launched our Iconics program in September, I believe, which is in support of some of our core franchises, just refreshing the presentation, putting a spotlight on it, and supporting those core businesses that we feel not only bring our core customer back over and over again, but are great customer acquisition products as well. So it's always an adjustment, and there's always a lot of seasonality as well. But the team works hard to read it and react. And if something isn't working in season, we're clear-eyed about it. We identify it, we move it, and try to end up every period in the right inventory position. Yeah, maybe that's a point worth emphasizing. I think pre your tenure, maybe that wasn't the case as much. We'd sit on inventory longer. How has the strategy changed and how do you handle things that aren't performing? I think from an inventory management standpoint, we are operating pretty differently. We're very disciplined with our inventory buys, making sure that we earn our way into growth, making sure that we don't get ahead of ourselves so that when things don't go exactly the way we expect, we're not with a bigger problem, so we earn our way to that. We're very disciplined and as we look forward, we're excited for profitable growth. We feel like we've got the strong platform for that. And we'll continue to operate, though, that way. Great, and then one for Mark. You mentioned the return to store growth. I think you said 25 stores near term and 50 medium term. What gives you the confidence to re-expand this store base after you've gone through these years of consolidation? Now, why do you feel like you can start to grow again? Yeah, I think a large part of it is just making sure you get the right economics. And we're starting to see better economics come into that we need to fulfill that growth. And then really the sales call equation, right? So if you're brand new to opening stores, one of your biggest unknowns is what your sales call is going to be, what your sales volume is going to be. When you're going back into a market where you've done volumes, you get the right economics. You kind of know what your volumes are going to be. And we've had a mixture of stores. We're going to open net. We guided at Q3, and we're still working on the portfolio along the way, but we guided to be net four positive stores this year. That's nine opening and then expected to close five against that. The nine that we're opening are in a mixture of both existing markets that we're reentering and into new markets. And the new markets, we have online data. We're 50-50 online stores in our revenue base. So we have really good data from the online side. And then we have into reentry markets. We know what the revenue was and where it went and how the customer behaved when we closed. So those reentry markets become a very known commodity for us as we go back. And the healthy mixture of both of those really makes us confident in getting to those numbers. Great. And maybe just shifting back to margins a bit. This year, we have a few somewhat abnormal potential headwinds. We have potential tariffs. Seems like freight's still higher in the first half of the year. The port strikes seems like everything's okay for now, but who knows? It It could come back. How are you thinking about navigating those potential headwinds? And And maybe speak to how you're positioned. There's so many moving parts. If there's wood, I can knock on because every time I say something about ocean freight or something, it changes on a dime. But the reality is we are living with elevated freight rates this year. At some point, and what we indicated on the Q3 call for us, that tends to normalize out on a year-over-year basis in the first half of 2025, and again, everything else staying sort of the way they are now, that should represent opportunity at some point, likely in the later back half of the year from a freight rate perspective. Thank goodness the port strike was averted, so that was weighing on our minds. There was some freight sort of tracked into Q4 that we mentioned on the Q3 call that was related to the first port strike that occurred back in October and the mitigating strategies we took to move some goods from the East Coast to the West Coast as a result of that. Those things normalize, and that should create some opportunity into next year. We're still sort of living with, and it's been the case this year, a little bit of last year, elevated linen costs from the raw material perspective. That's likely to stay but not worsen in 2025. It should become hopefully a benefit late in 2025, but really into 2026 as the season starts again for linen. We're hoping the crops look better. We all watch crops now. That's good. Tariffs, honestly, there's too much noise for us at this point. Our general operating principle, as Claire mentioned before, is to earn our way into growth. And on the inventory discipline side, that means lagging demand. And so we will continue to do that. The beauty of having this almost 71% margin on an LTM basis, we have a little bit of opportunity to take on a little bit more growth risk in that high margin range. But for the most part, I feel like we're at a pretty good place. Tariffs, we'll wait and see. And the inventory investment's going to be very disciplined as we go into 2025, given those unknowns. If we get more tariffs, do you feel like you have room to take prices higher? Does it depend on the environment? How do you think about that? I really think it depends. I mean, China is not our concern. So again, a lot of noise, right? We hear 100%. We hear 30% across the board. Where it lands, we will be extremely interested in. The 100% countries that have been thrown out there, we're not an importer from. China, several years ago, finished goods importing for us from China is less than 5%. The rest of it, we'll have to wait and see. And to the extent that it's significant, then I think it'll be a combination. It'll have to be for all of us some combination of working through the negotiations in the supply chain, some level of pricing opportunities. And we're always looking item by item across the assortment to see where we think there's pricing opportunity to begin with. And then perhaps some element that the company would have to absorb. But again, a lot to unwind and to actually watch and see how it happens. Totally. Okay. And then I guess just last one for me, balance sheet. You had a lot of debt. You've paid down a lot. Maybe speak to where you are versus where you came from. And then as we think about the go-forward cash priorities, just how you think about cash usages go forward? Yeah, we've made a tremendous amount of progress strengthening the balance sheet. I mentioned before the operating model of the company. It's sort of a steady-state basis of $600 million of sales and high-60s margin and $100-ish million of EBITDA produces substantial free cash flow in the $40-ish million range. And that enables us to execute these strategies that we've talked about. We've mentioned the priority first is to invest in the business, and we're doing that. We're doing that through the technology investments that Claire mentioned earlier, and then the new store growth, and also some marketing to drive awareness and growth. The next priority is paying down debt. We've made substantial progress. We're now at $76 million of principal outstanding as of the end of Q3. That's well below one-times leverage. So continued progress there. It continues to be now a balanced priority list against the optimal debt structure and then TSR strategies, which we initiated our first ordinary dividend program earlier this year, and then the board recently authorized our first share repurchase program with a $25 million authorization over the next two years, so that balanced approach is how we'll continue to execute, and we've made some great progress on all of those along the way. Perfect. Okay, that's all I had. I don't know if there's any questions from the audience. If you want to take a few, I think we have a few minutes. All right, I guess we can pause there. Claire, did you have any closing remarks that you wanted to leave us with before? No, I think just a reminder and more of an introduction for folks who aren't as familiar with our story. I talked a little bit about our consumer. Mark mentioned the fact that we are a balanced business model, about 50-50 direct-to-consumer and brick and mortar. We have opportunities for growth that we're looking at unlocking in both of those channels, new store growth up to 50 over the next five years, these omnichannel capabilities that I think will unlock a lot of potential for us as well. Relatively low awareness that we're going to lean into. We've got a great story, and I think a tremendous team who has a really good understanding of our customer and is focused on delivering the right product for her and the right experience. And so it's just a great business model. As we continue to lean into profitable growth as we go forward, we're just excited about the future. Perfect. Thank you so much. We look forward to hearing Q4 results, and we'll talk to you soon. Thank you, Jimmy. Thanks, Jennie.