Good morning, everyone, welcome to the Sally Beauty Holdings conference call to discuss the company's third quarter fiscal 2026 results. All participants have been placed in a listen-only mode. After management's prepared remarks, there will be a question- and- answer session. Additional instructions will be given at that time. Now, I would like to turn the call over to Jeff Harkins, Vice President of Investor Relations and Treasurer for Sally Beauty Holdings. Thank you. Good morning, everyone, thank you for joining us. With me on the call today are Denise Paulonis, President and Chief Executive Officer, Adrianne Lee, Chief Financial Officer. Before we begin, I would like to remind everyone that management's remarks on this call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the Risk Factors section of our most recent annual report on Form 10-K and other filings with the SEC. Any forward-looking statements made on this call represent our views only as of today, and we undertake no obligations to update them. The company has provided a detailed explanation and reconciliations of its adjusting items and non-GAAP financial measures in its earnings press release and on its website. Now, I'd like to turn the call over to Denise to begin the formal remarks. Thank you, Jeff, good morning, everyone. We're pleased to report a solid quarter, delivering top and bottom line results within our guidance ranges. Fiscal Q3 net sales totaled $935 million with comparable sales flat. Gross margin expansion and ongoing cost management translated to strong bottom-line delivery. Adjusted operating income totaled $87 million, adjusted diluted EPS came in at $0.55, an 8% increase versus a year ago. This performance enabled us to generate strong cash flow from operations of $81 million, and continued to return value to shareholders in the quarter. These results highlighted both the underlying strength of our business model and the benefits we are delivering from our strategic initiatives. The quarter was led by strong growth in the Sally segment, which delivered comparable sales growth of 1.6%, including a robust 3.5% increase at Sally U.S. and Canada, driven by balanced growth in both transactions and ticket, as well as strong performance across both stores and e-commerce. From a category perspective, color continued to be a standout performer. On a total Sally segment basis, color was up 8%, while Sally U.S. and Canada delivered growth of 9%. Additionally, fragrance continues to build impressive momentum. Hair care trends have started to improve leading up to the category reset we talked about last quarter, which is rolling out this month. We believe our plans to refine our hair care product assortments, as well as the expansion of men's, will enable us to drive improvement in hair care sales performance over the coming quarters. New brands coming as part of the assortment update include Yellow and NatureLab. TOKYO. We're also expanding Design Essentials, The Doux, and Camille Rose. In men's, we are doubling down on key brands, including Clubman and L3VEL3, to name a few. Importantly, our push into new, highly relevant categories, such as men's and fragrance, expands our total addressable market and positions us to capture increasing share over the long term. Looking now at our BSG segment, stylist sentiment has remained fairly consistent through fiscal 2026. Appointment books are steady, and color services continue to be strong, while add-on services have been inconsistent. In regards to shopping behavior, stylists remain value-focused and choiceful with additional spending, particularly in hair care and styling tools. For the quarter, BSG comparable sales declined 2.1%, with strength in color and nails offset by softness in hair care. In the quarter, we lapped the April 2025 launch of K18, pressuring the flat hair care sales trend of the last few quarters. We know that both value and newness drive this category, and we are laser focused on accelerating our innovation pipeline, expanding distribution, and reinforcing our value proposition to reignite the care category in the coming quarters. In fact, we have recently started to action stronger price forward messaging, which is translating to higher customer engagement and an improvement in trends. Additionally, as we start Q4, we have expanded milk_shake to hundreds more stores and just launched Virtue Labs in 300 stores. I'll now walk you through the latest updates on the initiatives supporting our four key growth drivers. Our first strategy is understanding and activating the customer. At Sally, CRM and performance marketing are driving new customer acquisition. The success of Save and Skip the Salon messaging has been a key driver, and we'll be building on that in Q4 with the rebranding of the campaign to Your Beauty Journey, No Salon Required. As we continue to reimagine beauty retail through immersive education and community connection, we're building on the success of our recent Sally COLORfest celebrations with college campus events across the Southeast this month. Our experts will be bringing beauty resources, product discovery, and career networking opportunities to students at the University of Florida, Florida A&M, University of Alabama, University of Houston, and University of Texas at Austin. This is another great example of how our teams are always developing innovative ways to position Sally firmly at the center of beauty culture while driving customer engagement and new customer acquisition. Another important tool for driving customer acquisition at Sally is our licensed colorist on-demand service, offering free color and care advice. In fiscal Q3, average weekly consultations exceeded 5,200, and the number of new customers increased by 28% versus the prior year. LCOD customers continued to outspend non-LCOD customers, driven by increased frequency. In a nutshell, this service brings new customers to Sally and increases engagement by providing the digital equivalent of the accessible, friendly education and support that our store associates are known for. Now, shifting to our second growth driver, unlocking and harvesting digital value. Global e-commerce sales increased 11% in fiscal Q3, driven by continued strength in Sally's marketplaces, as well as the rollout of updated apps of both business segments earlier this year. On the Sally app, we're seeing strong engagement and higher conversion, with order and sales growth outpacing sessions. Average order value is strong, up 6% in fiscal Q3. Notably, buy online, pick up in store represented the majority of app order volume in the quarter, our most efficient delivery channel. At BSG, order and sales growth also outpaced sessions as features such as faster checkout, simplified reordering, inventory near me, and Apple Pay provided an improved customer experience. Similar to the Sally app, a significant portion of orders are being fulfilled through buy online, pick up in store. Moving to our third growth driver, differentiating with product assortment and innovation. Across both segments, innovation has always been a key competitive differentiator and central to unlocking growth. At Sally, strong performance in both own and national brands is being fueled by innovation. Newness and brand refresh initiatives are resulting in improved performance across owned brands like Beauty Secrets, ion Luxe, Salon Care, and Texture ID. As mentioned earlier, we also have a significant newness update coming on the national brand front with the assortment update in hair care. At BSG, recent brand launches like milk_shake, Keratin Complex, and Epilogue by Danger Jones continue to build momentum. As I mentioned, we have more innovation coming in fiscal 2027. Our fourth growth driver is accelerating new growth pathways. Let's start with our Sally Ignited initiative, where we have seen significant runway ahead. As of the end of July, we have completed 33 store refreshes year to date, and we have another 17 planned for fiscal Q4. This puts us on track with our plan to complete 50 remodels in fiscal 2026, which will put us at 80 Ignited locations by the end of September. As we watch KPIs, we are incredibly pleased with the way customers are responding. Traffic, dwell times, UPT, and ATV all continue to move up and to the right, with sales growth nicely outperforming the fleet. From a category perspective, nails and fragrance remain standout performers. We are well underway with planning for the next phase of the rollout. More to come next quarter on our strategy for increasing scaled Ignited business in fiscal 2027. In the skin and spa category, we are ramping BSG's presence and methodically expanding our footprint. During the quarter, we added IMAGE and Matter of Fact brands to another 250 stores and launched Amika skincare across all of our U.S. and Canada locations. Before wrapping up, I'll briefly touch on our Happy Beauty initiative. At a high level, our mall locations continue to outperform with strong performance in key categories such as cosmetics, fragrance, and skincare. Ahead of the holiday season, we plan to open another 10 mall locations. Equally exciting, we're preparing for the upcoming launch of our Happy Beauty e-commerce site at the end of the fourth quarter. As we focus on driving sustainable, profitable growth, our Fuel for Growth program is delivering benefits across gross margin and SG&A. We are tracking to our plan to generate $45 million of benefits in fiscal 2026, and we'll have captured about $120 million of cumulative run rate savings over a three-year period at the conclusion of our fiscal year in September. Entering the final months of our fiscal year, the strength of our operating model, the traction we're seeing across our strategic initiatives, and our ability to navigate dynamic macroeconomic environments give us confidence in the path ahead. I want to thank our teams across the organization for their relentless focus on our customers and disciplined execution as we work to deliver long-term shareholder value. Now I'll turn the call to Adrianne to discuss the financials. Thank you, Denise. We're pleased to report another solid quarter. Fiscal Q3 consolidated net sales totaled $935 million, approximately flat to last year, including 50 basis points of favorable impact from foreign currency translation, partially offset by operating 39 fewer stores. Consolidated comparable sales were flat, reflecting strong growth of 3.5% at Sally U.S. and Canada, offset by softness in the balance of the portfolio. Global e-commerce sales growth remained strong, up 11% year-over-year, representing four consecutive quarters of double-digit growth. We maintained healthy gross profit in the quarter with adjusted gross margin expanding 40 basis points to 52.4% when compared to a year ago. This improvement is primarily driven by higher product margins from our Fuel for Growth program. Looking to operating expenses. Q3 adjusted SG&A totaled $404 million. This is an increase of $5 million versus the prior year, partially due to higher labor and rent expense, partially offset by $2 million in Fuel for Growth benefits. Important to note, our adjusted SG&A has been relatively consistent quarter in and quarter out, reflecting continued focus and discipline. During the third quarter, we captured pre-tax Fuel for Growth benefits of $9 million across gross margin and SG&A. For full year 2026, we remain on track to deliver approximately $45 million in savings, and as Denise mentioned, this would land us at our committed run rate savings of approximately $120 million over the course of the program. Adjusted operating income totaled $87 million in the quarter. Adjusted diluted earnings per share was $0.55, which is a $0.04 or 8% improvement versus the prior year. Both adjusted operating income and adjusted EPS came in at the high end of our guidance range, as healthy growth margin and disciplined SG&A management resulted in strong bottom-line performance. Moving briefly to segment results. For Sally Beauty, top line grew 2.2% to $539 million, and operating earnings were up 7.3%. Net sales growth of 2.2% included 90 basis points of favorable impact from foreign currency translation, partially offset by operating 30 fewer stores. We delivered comparable sales growth of 1.6%, driven by transaction growth of 0.6% and an increase in average ticket of 1%. For the global Sally Beauty segment, color grew 8%, partially offset by care down 6% versus the prior year. Sally eCommerce continued its double-digit growth trend and grew 20% to $52 million, representing 10% of segment net sales for the quarter. Sally U.S. and Canada eCommerce sales grew an impressive 28% in the third quarter. Gross margin increased 60 basis points to 61.5%, driven primarily by our Fuel for Growth program. Segment operating margin expanded by 80 basis points to 16.6%. In the BSG segment, net sales were $397 million, a decrease of 2.4% versus a year ago and includes operating nine fewer stores. Comparable sales declined 2.1%, with transactions down 3.2%, while average ticket was up 1.1% versus prior year. From a category perspective, color grew 1% and care declined 5%. BSG eCommerce sales increased 4% to $58 million, representing 15% of segment net sales for the quarter. Gross margin at BSG expanded 70 basis points to 40.1%, primarily driven by higher product margins from our Fuel for Growth program. Segment operating margin declined 20 basis points to 12.3%. We ended the quarter with a healthy balance sheet and strong cash flow. At quarter end, cash and cash equivalents totaled $173 million, and we had no outstanding borrowings under our ABL credit facility. Inventory levels at quarter end totaled $996 million, down 1% versus last year and in line with our expectations. The business generated strong cash flow from operations of $81 million and free cash flow of $62 million. This enabled us to invest in the business, pay down $20 million of term loan debt, bringing our net debt leverage ratio to 1.4x, and to return cash to shareholders through the repurchase of $25 million of stock under our share repurchase program. Moving to guidance. Entering the final quarter of fiscal 2026, we are narrowing our full year outlook to reflect our current top-line trends of sales growth momentum in Sally U.S. and Canada, the underlying strength of our core hair color category, double-digit eCommerce growth, and the effectiveness of our marketing initiatives, offset by softness in the care category. We are pleased with how our teams are navigating and delivering results. For the full year fiscal 2026, we expect consolidated net sales in the range of $3.725 billion-$3.733 billion, which includes approximately 30 basis points of favorable impact from foreign currency rates. Comparable sales are now expected to be approximately 0.5%. Adjusted operating earnings are now expected to be in the range of $329 million-$335 million. Ad justed diluted earnings are now expected to be in the range of $2.04-$2.08 per share, which compares to our prior range of $2.02-$2.10. The following guidance remains unchanged. 50% of free cash flow is expected to be deployed to share repurchases. Capital expenditures are expected to be approximately $100 million, and free cash flow is expected to be approximately $200 million. We appreciate your time this morning. Now I'll ask the operator to open the call for Q&A. Thank you. To ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Oliver Chen with TD Cowen. Your line is now open. Good morning, Denise and Adrianne. This is Julia Shlansky on for Oliver Chen. First, on the care planogram reset, given we're only a few weeks in, love to hear about some early signals you're seeing about sell-through or basket behavior, customer feedback, and what you're learning so far that might shape how you approach the resets going forward. Second, on fragrance, and the fragrance in 2,000 stores not performing, can you share whether that customer is predominantly incremental or more of a basket add-on for existing shoppers? Thank you. Good morning, Julie, and thanks for the questions. As you can tell, we're really excited about all of the momentum at Sally, both with new product assortment as well as everything we're doing on marketing and customer engagement. Specifically when we talk about the care reset, we are very early on. This morning, I don't have metrics to share for you, but what I do have is just engagement in the customers in the stores, and importantly, our store associates being very excited about the assortment. We're touching general market haircare with brands like Yellow. We're touching our textured or curly, coily, wavy, with expanded product assortment. Men's, which has been being a big request from our store associates. We're doubling down on that business, where the business has actually been growing double digits as well. More to come next quarter as we get that set and can really read it, very excited about what we're hearing as the buzz in the stores to date. On the fragrance front, it's been exciting to do and launch into this space. As you know, it started because we had, with our first Ignited stores, tested a bit of fragrance. We moved quickly to 1,000 stores and now to 2,000 stores. We're generally finding it's not necessarily a new customer. It is our existing customer adding to their basket. That's a nice basket add. These are items that are priced north of $20 for the most part in the stores. We love that add-on. It's the cross-shop we're looking for. It's giving us extra enthusiasm around doubling down on other categories like nail. We're going to be entering with a test of some new product in skin as well. Really pleased with where we're headed there. Thank you. Best regards. Thank you. Our next question comes from the line of Susan Anderson with Canaccord Genuity. Your line is now open. Hi. Good morning. Thanks for taking my questions. Nice job on the quarter. I guess I wanted to maybe ask about the Sally comp was obviously impressive, especially when you just look at the U.S. and Canada. I guess I was curious what's the driver and the difference in performance between the other international markets, and if you've rolled out the same initiatives over there. Is it just the consumer may be a bit softer over there? Also maybe if you could just talk about the promotional environment in the quarter and how it was versus your expectations, and what you're expecting the rest of the year. Thanks. Morning, Susan. Thank you for the comment on the quarter. We are pleased with where we came in. We are seeing great performance with both Sally as a segment and Sally U.S., Canada. As you rightfully mentioned, the segment overall is growing a little bit more slowly than what we're seeing of the total Sally U.S. business. When we think about what's in there, we have our business in Latin America, and we also have our business in Europe. The two are a little bit different story. In Europe, we're actually pleased with the underlying performance of the business but there are two things that we've done over the course of the last year that actually pull down results a bit. First, we made some changes broadly in our full service distribution. We exited the majority of our full service, which was a very low-margin portion of the business, to focus on e-commerce and stores where we are strong. That took some sales out of the business, and that does come through in comp. A nice strategic repositioning. We've also shifted geographies a bit, we've leaned more into Ireland and exited some places where we are a bit lower scale. I would just call this a bit of a transition year of the numbers coming through Europe as we're really repositioning that segment for future growth. In this business as well is our business in Mexico and Chile. Mexico, for a number of years, has been incredibly strong performer in the fleet. We've been expanding store count. Over the last year or so, macroeconomic conditions there have definitely softened a bit. While we're still excited about the business, it's a bit more cautious right now and a little bit more conservative in how customers are buying in Mexico in particular. We'll keep watching that and reacting as we can, but pleased with the business overall. I consider in both cases, just a little bit of a change underway in our strategy and execution for the most part, so healthy overall. On promo environment. You mentioned, you asked about promo environment. What I would say is, in both businesses, we are seeing promotional activity on the rise. The great news is that for us in navigating that, our gross margin remains strong, and so our participation in that promo is healthy. What we see underneath it is there is a customer who is just searching and buying more when the opportunity presents itself to get it on sale. A little bit more patient for those sales to come, and then they'll come in and purchase on promo. We'll keep watching that as well, but seeing it on both sides of the house. Okay, great. Thanks for all the details there. Good luck the rest of the year. Thanks. Thank you. Our next question comes from the line of Olivia Tong with Raymond James. Your line is now open. Great, thanks. My first question's on BSG, and if you could just kind of break down the challenges there a little bit. How much of this decline do you think is salon channel traffic and demand woes that are weighed down by macro pressures versus actions you need to take on your assortment or exclusivity. I know you talked about K18 lapping, but as you look at the pipeline of things coming over the next 6-12 months, if there are things that will help against that lap. Did you see any material difference across stores versus e-commerce? Can you talk about the magnitude of difference in performance between color and care? Thanks. Sure. On the BSG front, thanks for the question. Overall, I think the important part to remember here is we are the largest distributor to salons in the U.S. and Canada. We do know every stylist, so we feel like we do have a very good handle on what's going on in the marketplace and our positioning within it. I think we saw real nice strength in color and nails in the quarter, but it was offset by the softness in care. Particularly the last few quarters, hair care has been growing about flat, right? This quarter, we saw a little bit of incremental pressure because it was last quarter this year, April 2025, that we launched K18, which certainly came out as a big bang last year to a lot of success so t hat put a little bit more pressure on just the lap of the trends this year. When we step back and say, what's really going on, our stylist consumer sentiment is pretty healthy, so they're still seeing books being steady, color services strong. Where we do see them particularly choiceful is a bit more with additional spending in hair care and styling tools. That's kind of a double piece of our hair care challenge in lapping K18 as well. Back to the points under our control and what we're working on. We're going to keep doubling down on the strength in color. We're really pleased with the updated app and the engagement we're seeing from customers. In hair specifically, focus on value, newness, and value messaging. We talked about on the call some innovation and expansion of product assortment coming with Virtue Labs in 300 stores, milk_shake expanding. That newness does drive customers into our store, and we'll keep building on that into Q4 and beyond. Price forward messaging. Our customers are really wanting us to be sharper in how we communicate price to them to motivate them to get into the store, just that value equation. That's under our control as well and things that we're working on. Overall, we're pleased with the business and the underlying trends in the business. We've just got a little work to do to get hair care back where we'd like it to be. Got it. Sorry. Go ahead. I'm pleased to say, you were asking about stores and e-com. I'm really pleased to say that in both businesses, we're seeing very nice balanced growth between stores and e-com. In Sally, e-com continues to be growing north of 20% in the business, but that's not to say that stores are not growing as well, which is great to see for us. Increased foot traffic, we talked about both transaction and ticket being up for the market overall. In BSG, stores are flat-ish, and the growth is coming from some more of the online sales, which is supported by the new app. I think a really nice win there as well. When we've talked about the strength in color versus care, color right now in both businesses is quite strong. In Sally, particularly strong. We're doubling down on that here in August with our COLORfest activity, which includes activations out with a lot of key universities, so pulling more customers into our fray. I think in particular, we have seen nice new customer growth from our work in performance marketing and that customer experience, which is picking up on some of our color strengths as well. Care is the place that in both businesses we're going to continue to work and evolve, and I talked about a lot of those levers already. Great. If I could follow up, just on Sally Ignited, you'll be at 80 doors by the end of the year. As you refresh these, how are you thinking about the eventual rollout to more of the fleet? You've added fragrance, you've added skin, you've added a number of new categories. I would imagine they're more disproportionately heavier in the Sally Ignited doors. Just thinking about the learnings that you've made in Sally Ignited and how that impacts how you think about the rollout to additional doors. Thanks. Yeah. I would think first and foremost, our Sally Ignited stores, as you said, the things that we're learning in categories where we can expand in nails and fragrance, we're going to be testing a new skin line here, also with men's, are really great learning tools for us that we have been activating through the rest of the fleet. When we think about those Sally Ignited stores themselves, as we mentioned, there'll be 80 by the end of the year. That's still a small proportion of our overall sales base. I think the thing that we're liking the most there is we are seeing cross-shopping in the stores. UPT, ATV up as customers are coming in. Traffic is getting back to the healthy state that we would like it to be. We mentioned on the call that comps are outperforming the rest of the fleet, which is a real positive as we look forward to expanding the program. It's going to be more to come on our call next November as we kind of share guidance for the next year and our plans for rollout. We feel really pleased and think that we'll be able to continue to expand the program in 2027 and beyond. Great. Thank you. Best of luck. Thank you. Our next question comes from the line of Simeon Gutman with Morgan Stanley. Your line is now open. Hi, this is Skylar Tennant on for Simeon Gutman. Thank you for taking our question. Firstly, you described last quarter the consumer as resilient, but called out some choiceful behavior, incremental pressure in low-income stores. Has the income cohort pressure kind of broadened beyond the low-income store base given ongoing conflict? Are you able to quantify what percentage of the Sally fleet falls into that low-income classification? Yeah. First and foremost, I think you said it well. What we said last quarter remains this quarter. The consumer has remained extremely resilient. When we see absolute purchase levels, we are not seeing those decline, which is fantastic. That choicefulness is very real. The strength in color, and that being a staple category rather than a discretionary category, is quite meaningful. Where things are a little lighter, you really need newness. You need care, and you need styling tools, places like that, you're going to buy when you need it. In the low-income cohort, not going to break out the count of stores. We do have a low to middle-income consumer in general. We've not seen market change from last quarter. I think last quarter I mentioned it, and I would say it the same right now, is the importance of the reset of our haircare category is that what we are seeing in our care assortment is in core things like shampoo and conditioner. Our lower income consumer might be more willing to trade down to mass. It's our job to be getting the right assortment and newness for them to be excited to shop in our stores and pay slightly more than maybe for that mass market brand and keep them engaged in the category. We feel like our assortment changes are going to be spot on with helping to do that for our customer base. Overall, thrilled that there is a resilient consumer, but we remain very watchful. Great. Thank you. As kind of the Fuel for Growth program nears completion, I guess between gross margin and SG&A, which portion is more durable into the coming fiscal year, and should we expect margin expansion to depend on improving the top line? No, thanks for that question. Appreciate it. I'll just say some overarching thoughts. As our Fuel for Growth program does come to an end, the great thing about our enterprise is we've already built that muscle in-house. As I think about, I feel confident in our abilities to continue to find efficiencies. I would say that I think we're generally pleased with our growth margin performance, and we think that's a really great place to be in that right ZIP code. Our long-term algorithm does call for, and I think you're acutely aware, leverage in our P&L. We'll continue to look at our SG&A bucket and find efficiencies and productivities just in our day-to-day activities. Great. Thank you, and good luck. Thank you. As a reminder to ask a question at this time, please press star one one on your touchtone telephone. Our next question comes from the line of Sydney Wagner with Jefferies. Your line is now open. Hi. Thanks for taking our question. You noted that promotional activity increased across both businesses, and consumers are more so concentrating their purchases around those events. Just curious, has that behavior changed versus 90 days ago? What are you seeing in terms of areas within your assortment where maybe that pressure is most acute? For care, you've discussed it's been under pressure the last few quarters. Beyond the assortment reset, what do you view as the biggest unlock to getting that category back to sustainable growth? Thank you. Sure. Good morning, Sydney. Let me make a few more comments on promotional levels. The world has not changed materially in the last 90 days, so I think we've been talking about it being kind of incrementally more promotional, in terms of how the customers are choosing to respond and buy. No outsized change in trend. It's a little bit more about us offering more promo days, right? We might vary the promotions that we do, but having there be something that can appeal to someone to get them to move, to push that buy button on e-com or come into the stores. It is most pronounced in styling tools and in care, would be the two that I would call out. Color, nails, generally very resilient categories in terms of how people are purchasing into those. Like I said, I wouldn't call any cause for concern. Our gross margin remains strong. We were actually up 40 basis points in the quarter. We can navigate it. I think to the point of what's in our control and how we navigate through here, it's as much of what the promotion is, but it's more so how we are communicating it. What we're finding is that consumer has gone through a series of iterations where if you asked this question two years ago, they were wanting to buy in bulk when the sale was on and stock up. They loved the buy two, get one frees or buy three, get one free type of offer. Last year, they migrated much more to saying, "I don't want more out of pocket. What I really want to do is get a great price on my item, and I love seeing strong percentage offs that make me move." We've actually watched the customer now gravitate towards, "Tell me what I'm going to pay." If you've got a sharp price point, and this is both on the consumer and the pro side, tell me that price point so I know that I'm going to get a great deal without having to think too hard about it, about whether I want to make that choice. That's in our control to keep evolving the way we communicate, even though the underlying discounting behavior is not changing on our behalf. In care, I think there's two different points to that, depending upon what business you're in. I think on the Sally side of the business, the assortment changes are an important part in addition to the expansion of men's. This is a place where we have seen double-digit growth. We think there's more that we can do there, which is really taking us deeper into a new subcategory within care, while the assortment will play out as well. Everything that we can do on our performance marketing front to communicate the messages, to have people know what we've got. Things like our COLORfest, while it's focused on color, there's a residual effect that people get to know more about our own brands like Ion that carry over into the care category as well. On the pro side, innovation matters. We're focused on that. We feel great about our in-stock levels in our stores. This is the place where that communication of value probably matters more than anywhere right now and what we'll work on as well. Thank you. I'm currently showing no further questions at this time. I'd now like to hand the call back over to Denise Paulonis for closing remarks. Well, thank you, and thank you everyone for joining us this morning. I hope you heard that we're excited about the trajectory of our business. Our associates across the globe are doing a fantastic job serving our customers, so I thank them for the work that they do every day. I look forward to giving all of you an update as we come to our end of year call in November. Thanks. This concludes today's conference. 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