Thanks, Madison, and good morning, everyone. Welcome to Victoria's Secret & Co. Q2 earnings conference call for the period ended July 30, 2022. As a matter of formality, I would like to remind you that any forward-looking statements we make today are subject to our Safe Harbor Statement found in our SEC filings and in our press releases. Joining me on the call today are Martin Waters CEO and Brad Kramer EVP of Finance. Also with me today is Kevin Wynk, VP of External Financial Reporting and IR. Kevin will be working with me to lead our investor relations efforts going forward. We're available today up to 45 minutes to answer any questions after our prepared remarks. Certain results we discuss on the call today are adjusted results and exclude the special items described in our press release and our SEC filings. Reconciliation of these and other non-GAAP measures to the most comparable GAAP measures are also included in our press release, our SEC filings and the investor presentation posted on the Investor Relations section of our website. Thanks, and I'll now turn it over to Martin. Thanks, TJ, and good morning, everyone. Before we dive right into the quarter, as we celebrate our first year as an independent public company, I want to thank all of our associates and partners around the world for their hard work and dedication. After several years of missteps, we collectively undertook and committed to a revolution of our brand and our strategy, aspiring to become the Victoria's Secret our customers deserve, a Victoria's Secret where everyone feels seen, respected, and valued. We've made meaningful progress in a short period of time, and I'm proud of the company we are today. We continue to enjoy our leading market share position atop the domestic intimates category and are energized by our customers' response to our brand repositioning. In fact, we've seen growth in our domestic market share for the intimates category for the past two quarters. Now, of course, we recognize this transformation is a journey, and there's still much more to do. When we last talked with you three months ago, we were all aware of the challenging macroeconomic environment, and we expected to face significant headwinds in the Q2. We were not wrong. However, as a result of our relentless focus on execution and costs, we were able to deliver Q2 adjusted operating income and adjusted earnings per share within our guidance range. This was our fourth consecutive quarter since the separation that we delivered adjusted operating income and adjusted earnings per share results within or above our guidance. For the trailing 12 -month period, we delivered nearly $1 billion in adjusted EBITDA. We believe this type of performance demonstrates the strength of our brand repositioning, our domestic share leadership and growth in our share of the intimates category, and our team's relentless focus on execution in a difficult supply chain, inflationary and consumer spending environment. We've stabilized our business model to weather difficult times and are positioned for significant operating leverage in more normal economic times. Turning to our Q2 performance, our adjusted operating income of $127 million was within our previously communicated guidance range. Sales declined 6% in the quarter compared to last year, which was below our expectation as customer traffic slowed noticeably in our stores across the retail landscape as the quarter progressed. Sales in our digital channel performed generally as expected. From a merchandise category perspective, bras was our best performing business, followed by other intimates. Our beauty business was solid despite headwinds in the quarter related to lower semiannual sales, driven by materially lower red line inventory this year versus last year. Our most challenged category continues to be the apparel business, which represents about 25% of our sales, and it was down in the high teens for the quarter. Our international business continues to be a bright spot, with sales up nearly 30% compared to last year, and we returned the business to profitability in the last two quarters. We continue to be optimistic about growth for all of our partners around the world. We delivered Q2 adjusted earnings of $1.09 per diluted share, which was near the midpoint of our guidance range of $0.95 to $1.25 per diluted share. Aside from the financials, over the last 90 days, we've executed several key actions in support of our strategy and positioning for the long term, including we simplified our corporate leadership structure to unite our brands, to better align our teams with a shifting consumer landscape, to become more efficient as an organization, and to enable more nimble and agile execution of our strategy in support of long-term growth. We've continued to deliver newness and innovation, for example, with the launch of our So Obsessed bra campaign, evidence of our commitment to continued quality and fashion in our best bra category. We elevated our commitment to diversity and inclusivity with our launch of the latest PINK Wear Everywhere bra franchise in collaboration with TikTok star Remi Bader. Newness and innovation were also evident in the quarter as we launched Bare, our largest fragrance launch in 5 years. Bare is a new scent designed to complement and adapt to each person's unique body chemistry. Also, we improved our customer experience, expanding channels of distribution. We launched our Amazon storefront at the end of April, featuring a portion of our beauty assortment for both Victoria's and PINK, and recently expanded that partnership to include Happy Nation. We anticipate increasing our Amazon exposure as we move through the fall season. We expanded our VS & Co-Lab platform and commitment to size inclusivity with a new partnership with Elomi. The partnership with Elomi Lingerie will now expand the overall size offering available on VictoriasSecret.com to over 100 sizes. We published our first ESG report earlier this spring, documenting our progress and commitment to conduct our business in a more environmentally, socially and ethically responsible way. We plan to release our ESG materiality assessment and strategy this fall. Looking to the balance of the year, we anticipate inflationary headwinds and pressure on the consumer will persist, and our business will continue to experience sales and margin volatility. We are confident in our ability to navigate this shifting consumer landscape by aggressively pursuing our share of traffic and being extremely diligent on cost and inventory management. With this in mind, for the full year, we expect sales to decrease in the mid- to high-single-digit range and forecasted adjusted operating income to be in the range of $525 million-$575 million, or approximately 8% to 9% of retail sales. Given today's challenging macroeconomic environment and cost inflation, we believe an adjusted operating income rate in the high-single digits demonstrates stabilization of our business and represents a solid base to generate leverage from when more and more normal macro trends return. We remain committed to our long-term range of mid-teens operating income rate. For Q3, we're forecasting sales to decrease in the high single-digit range compared to last year, which assumes Q2 trends and the challenging broader retail environment will continue. We expect operating income for Q3 to be in the range of $10 million-$40 million. We're committed to optimizing our performance in the current challenging environment by focusing on what's within our control, our brand transformation, being best at bras, enhancing the customer experience, and a relentless focus on cost and inventory management. We also continue to mine for growth vehicles to help us attract new customers and better meet the needs of existing customers, including developing new brands as well as pursuing partnerships with other brands. Our focus as leaders and as a company is on ensuring we are a future-facing business that becomes more and more culturally relevant in this shifting consumer environment. We are confident in our opportunities and remain committed to delivering long-term sustainable value for our shareholders. We're looking forward to our Investor Day in Chicago on October 13, where we plan to provide an update on our longer-term strategy. Thank you. That concludes our prepared remarks. At this time, we'd be more than happy to take any questions you might have. Thank you. Thank you. Good morning. I wanted to just dive in a little bit on the long-term margin targets. Sounds like you're still comfortable with that mid-teens level. Can you talk a little bit about what factors this year you view as transitory, and then maybe paint us a path on how to return back up into the double digits? Thank you. Yeah. Martin and I can tag team this one, Lorraine. I appreciate the question. I think I'll take a big step back and kind of say, when we think about the progression of the business and the improvement and the stabilization in the operating income base over the last handful of quarters or couple of years, pre-pandemic, operating income was around $100 million. I'm gonna round for you. During the pandemic, and now with the repositioning of the brand, there's been meaningful improvement in both the leverage and efficiency in the model through the profit improvement plan, and the gross margin rate improvement around inventory management. In more normal times, something more like last year, our base operating income was around about $900 million or ever so close to that mid-teens operating income rate very early in the revolution of our strategy and the revolution of our brand. This year, as Martin just mentioned, as we put in some of our prepared remarks, at the midpoint, our operating income is more like $550 million or 8% or 9%, again, in a very difficult environment. The key headwinds there being sales and supply chain over the last 12 months. I just think it's important to kinda understand the base from which we're coming from. Last year in and around 13% in a more difficult time 8% to 9%. What does the path forward look like? I think clearly we're gonna go into a lot more detail, in our Investor Day in October, so I don't wanna steal everyone's thunder. I think as we understand the business better, as we spend more time on the long-term strategy, we see an opportunity in the core business as we unite the brands under Amy's leadership, to grow in line with the market in our key categories. I think clearly we're getting traction in bras and intimates as key categories. Beauty continues to perform quite well. We see opportunity for growth in both international and in the, new business areas or emerging business areas now under Greg's leadership. I think when we think about more normal times, we see a path to mid-single digit growth in terms of top-line performance. I think if you consider the good work that's been done on cost structure and inventory management from where we are today to those numbers, from a sales perspective, obviously there's significant leverage opportunity as sales ramp. I think additionally, we look forward to going into more detail around some of the profit improvement initiatives at the Investor Day. I'll just remind you that, if we look at how we've performed so far this year and, arguably very, very early in our profit improvement plan cycle, expense dollars were down year- over- year, $20 million in the Q1, another $45 million here in the Q2. You do the math in the Q3, down another $40 million year- over- year. Clearly early on, we're seeing traction from a profit improvement plan initiative. Hopefully that gives you two or three items to kinda think about as you think about the forward model and the path to get there. Obviously, again, we're gonna go into a lot more detail when we get to October. Thank you. Hey, good morning, everyone. I guess maybe TJ, could you talk about the difference in performance by category? It sounds like you're seeing a broadly different reaction to the intimates and the bra business and even beauty versus apparel. Maybe just talk about the weakness you're seeing in apparel, maybe PINK versus VS. How do we kinda like tie that to the inventory go forward? Would just kinda love to know a little bit more about the category dynamics. Thank you. Yeah. I'm gonna ask Martin to take that one. Sure. Hi. Happy to. Morning, Ike. Good to hear from you. Yeah, we saw quite a range of performance within the categories. The best news of the day is that bras is our most important category. We are a bra business with our best performing category overall with a flat performance year-over-year. We're very happy about that. We're also happy that when we just read the market share data earlier this week, that we saw growth in our market share in intimates, and particularly we saw even stronger growth in our market share in bras. We're pleased with the bra business. The panty business was close to flat, down low single digits. Beauty business was down in the mid- to high-single digits, but there's a sort of a tale of two cities there through the quarter, performance was pretty strong, but we were impacted by the good news of having less redline inventory in our semi-annual sale. It's a bit of a tale of two halves there. Overall, we feel good about momentum in the beauty business, and that's really continued into the Q3 with the launch of the Bare fragrance. Lots of newness and lots of energy in beauty, which is great. Swim business has been incredibly mixed. Victoria had a disappointing season in swim, and PINK had a very, very strong season in swim. Overall, we were down a bit from where we expected to be. On reflection, the first season of Victoria back in the swim business, we were probably a little basic, and in the second season back in the swim business, we swung the pendulum a little too hard and were a little too fashion-forward and a little light on basic. We live and learn, and we continue to get better. We continue to get closer to the consumer. You rightly suggest that the apparel category is the most difficult. That's most impacted in PINK rather than Victoria. Overall, system-wide, it's close to 25% of our overall sales mix. We're not particularly longer on inventory in that category than elsewhere, but we will be very prudent on our purchases for the back half of the year. We've taken some money out of our open to buy, as that category is more difficult, and we'll just lean in much harder on intimates, and on sleep. Hopefully that gives you some color, Ike. Thanks for the question. Thanks, Martin. Great. Thanks. Martin, could you expand on the actions that you've taken to adjust fall inventory receipts? Also, how best to think about AUR for this year? Then TJ, in what inning would you call the expense efficiencies and savings that you've implemented to date as we think about the multiyear opportunity on this front? Yeah, great. Thanks for the questions, Matt. As it relates to fall, we have definitely taken down our inventory buys. No question. As we saw softening through quarter two, we felt it prudent to take down our sales forecast, and with our sales forecast coming down, comes down our buys. Across the board, we're being more prudent. Now, the really good news is that we have moved our modal mix for the fall season very significantly year-over-year. I think last year, we were at, Brad, keep me honest here. We were at 90% air and 10% sea, which gave us very little opportunity to react. This year, we're more like 75% sea, 25% air. Now, what that enables us to do is if we see momentum in the business, and we all hope that the macroeconomic trends recede somewhat, then we can convert some of that merchandise that's planned for sea to air and get goods in more quickly, which gives us opportunity to chase. That's the good news about the agility that we have in the supply chain and the good news of supply chain returning to more normalized levels. While we see inventories at the start of the fall season up in the forties, we expect by the end of the season, come the end of January, to be at a much more normalized state. We can say more about that if people have appetite for it. I wanna just hit the AUR point because there's a lot to unpack. In AUR, we have been successfully able to pass on price in some areas. I think last time we spoke, I talked about panties moving up from $5-$30 to $5-$32, clearly up 7% increase. In our mixed business, we've been able to pass on price. Overall, we've been able to increase prices by something in the range of low- to mid-single digits% on a year-over-year basis. However, we have seen more promotionality within the quarter, and we also saw more inventory in SAS. That dials back the AUR to something closer to down high-single digits% for the quarter, but up very materially to 2019. There's kind of a lot to unpack, and I could unpack it even further by category. Trust us that this is a very complex area. It's one that we manage with a laser focus, and we think we're particularly good at it. Yeah, lots to say there, Matt, and I hope it gives you enough color. TJ? Yeah. I think the second part to your question, Matthew, again, first or second inning in a nine-inning game. I think on the last call, we indicated that we had visibility out through 2023, out through the end of 2023, and that's mostly focused on expense-type initiatives. Although some of the benefit does include margin, I think we're continuing to look for opportunities in both expense and margin to get us out past 2023. Again, we'll go through those in more detail in October, but first or second inning. Thanks. Hey, everyone. Morning. Hope you've had a nice end to the summer. I was wondering, sorry if I missed this, did you say how AUR is versus pre-pandemic levels? Curious if you have any read on changes in your average customer purchase frequency. Just anything you're seeing differently in terms of their frequency of shop pre-pandemic, during COVID, and then now. Thank you. Should we go to Brad for that one? Yeah. Hi, Simeon. Just in respect to the AUR question, AURs continue to remain up significantly versus 2019. They have been trending directionally in line with our peak, which we would consider around 2015. They were down modestly in the Q2 versus last year as we were up against higher promotionality in the business as Martin referenced. Then from an outlook perspective, AURs in the back half are planned flat to down low single-digit. On purchase frequency? On purchase frequency, we haven't seen anything from a frequency perspective move meaningfully in the customer file. We have seen penetration in the category shift meaningfully from the pre-pandemic into the pandemic and then into the post-pandemic. In terms of number of trips per year, in total, I'd say results have trended in line with the pre-pandemic patterns. There obviously has been a channel shift that occurred meaningfully within that timeframe where she penetrated higher into digital, and we're seeing that migration back from trips into the stores currently. Yeah. If I could take Thanks Take a moment just real quick, Simeon, and tie Brad and Martin's comments on AUR into, what does that mean for margin? If we think about Q2 margins being down a little over 500 basis points and we're guiding to a similar outcome in Q3, I would suggest to you that from a margin standpoint, the promotionality from Q2 to Q3, we expect to be relatively similar. As we look at margin rate, promotionality might be approximately half of the gross margin rate decline, with the other half being a combination of, depending on the quarter you're looking at, either supply chain pressure we experienced in Q2, or in the Q3 where supply chain kind of moderates. Clearly, there's a deleveraging impact on B&O that comes from a negative high- single- digit expectation from a sales perspective. I think it's important for our investors and everybody who follows the company to understand, the promotionality quarter to quarter, we expect to be relatively similar. It's a portion of the gross margin rate decline. Again, to the comment I made with Lorraine, as sales return to more normal levels, obviously we would expect to start to see an even playing field on B&O or maybe some actual leverage as we move into the future. Great. Thank you. Martin, I was just wondering if you'd be willing to flesh out the mindset for new growth vehicles comment any more from the prepared remarks. I mean, there's a lot going on in growth. Under Greg's leadership, we have the international division, which as I mentioned in my prepared remarks, was up close to 30% year-over-year. We see an enormous opportunity there in international. Our partners have a line of sight to over 100 new stores in a 3-year period, plus growth in digital that we didn't have previously. Stoked about that. We see growth in new brands. Happy Nation was an organic brand, but also there's the investments we made in For Love & Lemons and Frankie's Bikinis, and there's other opportunities that are coming our way in that regard. The launch of the Elomi, which is a larger size brand that's added significantly to our size, has had an instant impact. I mean, day one impact on our sales last week, so excited about that. In the broader VS & Co-Lab, the curation of certain third-party brands that get us to categories where we've been underrepresented or customer groups where we've been underrepresented continues to look like good news, as does the new channels with Amazon. Our partnership with Amazon, we were out there in Seattle earlier this week, just a terrific partnership, and there's loads of opportunity there. Then probably finally, under growth, I might talk about the Store of the Future, where we've got, I think, six stores open. We're opening 15 or 16 in total this year, and that looks really interesting. We're trending towards a mid-single digit growth over its control group. Too early to declare victory on what that means in terms of capital for future years. It's certainly encouraging and energizing. Yeah, there's a lot in there, Simeon. Thanks for your question. Great. Thanks so much. Best of luck for the rest of the year. Thanks. Hi. Good morning, everyone. As you think about the upcoming holiday season and marketing and product initiatives, how will this year be different than last year? Any new timing? Any new marketing of how you're positioning it? With the Store of the Future, the learnings from the Store of the Future, how does that apply to other stores? What's working? What are you gonna shift go forward as you do more of them? Thank you. Yeah, good morning, Dana. Thanks for the question. When it comes to thinking about newness for holiday, we wouldn't typically talk about the launches that we've got coming because that puts us at a competitive disadvantage. I'll just recap on the exciting newness that we've had recently that is a demonstration of our commitment to a pipeline of innovation. The So Obsessed bra, just a fantastic launch. I said when I came into this role that we would return to having at least two big bra launches per year, and we've done that. Love Cloud was a terrific success. So Obsessed is a super exciting addition to the assortment because through innovation, we've been able to give the customer the comfort of an all-day comfort of a wireless bra, but with fit and smoothing and glamour of a constructed bra. The consumer's really responding. It's our top best-selling style. A new bra launched in two weeks, top best-selling style, and it will offer us a considerable beat year-over-year against the Bare launch that we had last year. In the most important engine of the company, we're winning. That's, boy that bodes well for holiday. The second thing I would say is within PINK Wear Everywhere franchise was just a fantastic example of newness, not just in the product, but in the way we market it and the way we speak to consumers, both in the channels and in the representation that we have. Excited about that, and I already spoke a little bit about Bare. By the way, just at the risk of showing off a little bit on Bare, there are a couple of really differentiating points that demonstrate how good we are at beaut. Bare contains a blend of musks and other fragrances that adapt to each wearer individually, making the smell that comes off each individual unique to them, and that's a very important differentiator. The other that's not consumer-facing, but I'll share with you anyway, is that it contains industry-leading technology to prevent the fragrance formula from being copied. That's the first time that that's happened in the fragrance industry as a whole. We're leading on newness, we're leading on innovation, and we'll continue to do so through the balance of the year. More about that when we come to report our holiday in January. As it relates to Store of the Future, I'll just be consistent with what I've said previously, and that is that while setting a table for a new style of store is important because we see, up to 100 new locations of stores over the coming three or four years, particularly in off-mall locations where we're currently underrepresented. That's a thing in and of itself. More important to me is the clues that it gives us to back into the 850 existing locations that we have. That might be around using some of the technology that's being tested in Store of the Future. We have an excellent fitting room experience that we're super excited about that has potential to be launched. There are other elements of the way that we communicate price and promotion that may end up being rolled out. We haven't got anything specific at this point with only six stores under our belt. I'm pretty confident that there will be components of Store of the Future that'll go more broadly through the chain that'll help us with our relevance. Sometimes when I think about Store of the Future, I wish we'd have called it something else 'cause it sort of implies that it's from outer space, and it definitely is not from outer space. It's a cleaned-up version of what we have been doing for years. It, in some ways, it's about what it's not as much as what it is. What it's not is it's not intimidating. It's not overwhelming. It's not dominating the product. It's allowing the product to be the hero. It's allowing the customer to feel welcome and included. That's a key driver of the change. Of course, that runs chain-wide, Dana. Thank you for your question. Thank you. Great. Thanks for taking my question and good morning. Can you just give us a little bit more color on the sequential deceleration you saw in the quarter on the top line, as well as what the exit rate was, perhaps how the business is trending month to date? You also mentioned less red lines have an impact on the semiannual sales. If you could just talk about broader learnings from the semiannual sale this year, that would be super helpful. Thank you. Yeah, I think, Lorraine, this is TJ. I'll take the first part and then ask Martin and Brad to speak to the second part. I think from our observation, as we move through the quarter, I think in the last call we mentioned, M ay was off to a difficult start. We expected June to be the best month of the quarter due to the lengthening of semiannual sale year-over-year, and that July would exit kind of more in line with the quarter. What we experienced was really the month of May, down mid- to high-single digits. June, relatively flat, so June was the best month of the quarter as expected. Then the exit rate, to your question, was more like high single-digit% declines in the month of July, which have continued on into the early first couple weeks of August. Exit rate coming out of Q2 helped inform our guide. Trends within the Q2 outside of semiannual sale helped inform our guide. We think it's prudent to listen to those trends, Alex, and make sure we're setting our inventory expectations, our cost expectations in line with current trends. Doesn't mean we're sitting back and letting it happen. We're doing everything we can to try to improve that trend within reason. Recognizing that, sometimes the broader macro trends, specifically at store level or at mall level, are difficult to kind of fight uphill. I do think it's important to note that, our traffic change or deceleration month-to-month in terms of store traffic trends, aligned generally with what the mall was seeing, from our perspective and aligned generally with what you are likely seeing from other retailers or I guess the credit card data or however you monitor that. Again, I think from our perspective, appropriate reflection of trend is important. Obviously, as Martin mentioned, from a category perspective, there's a lot of encouraging notes within that, but just the overall traffic trends are something that we wanna make sure we get our share of, but it's a little difficult to fight kind of going uphill. From a semiannual sale. Yeah, Alex, in terms of semiannual sale, as TJ mentioned, June was the best performing sales month of the year. As a reminder, the timing and duration of SAS this year was different than last year, but it was in line with our historical treatment. We had additional days and higher inventory levels on a year-over-year basis, but very normalized versus our history. Sales during semiannual sale were up to last year. However, it was predominantly driven by regular priced selling. One of the learnings coming out of this is the penetration into newness and reg price was higher than it was into our clearance business. We eventually got the sell-through on track from a clearance perspective, but had to go deeper from a markdown perspective. The other call-out is that the penetration into intimates, similar to the total box within the quarter, was higher, so more success in our core than some of the adjacent apparel categories. Then we did have some traffic headwinds during the middle of June that we believe affected some of the performance within semiannual sales. There's a lot we're still unpacking from that moment, and we'll have insights to try to adjust the January timeframe as well. Great. Thank you. Thanks. Could you remind us what's included within apparel, the tough performance there? Is that all loungewear, sleepwear, athleisure type? Were those categories going up against difficult comparisons last year during COVID? Martin, could you also address if there's been any impact from the viral social media song, Victoria's Secret? Thanks. Oh, great question, Omar. I didn't expect that last question about social media. Yeah, no, I'm happy to take that. Brad, maybe you could unpack the three elements of apparel, but broadly speaking, yes, you're right in your diagnosis, but I'll go to Brad in a minute. Look, as it relates to PR, we've had some just fantastic PR over the course of the last 12 months. Particularly in the last quarter, we continue to see really favorable PR across the board. There are a couple of things, headwinds that we had to face. One was the Hulu documentary, which we were extremely well prepared for, and we expected to be a difficult period for us, and actually it wasn't. Had very low viewing figures, even lower completion of the series. Though the very relatively few people that did actually make it all the way through to the end of the series had a stronger perception of the brand coming out of it than they had going in. Hulu was a kind of a non-event. The Jax video is super interesting because, I mean, look, it's very clever, it's very catchy, it's light-hearted, it raises an important subject, and we agree. We agree wholeheartedly with what Jax is raising, and that's why 18 months ago, we talked about the revolution in our brand and going in a different direction. As I think we reached out to Jax with an open letter from Amy that was very well received. We're on the same page. We agree with her, and we're grateful to her for raising the subject. I don't think it reflects negatively on us. I think it's an adequate and a appropriate reflection of The industry at large, as it has been represented, consistently, over the last decade or so. We wanna be at the forefront of the change rather than representative of the past, and we're grateful for that opportunity. Brad. Yeah. Hi, Omar. In terms of your question on the definition of apparel, it includes for the Victoria business, the sleep and lounge component of that business, and for the PINK business, it includes apparel and sleep. Those businesses combined in Q2 represented about 20% of sales. On a full year business, apparel represents in the 25% to 30% of our business range. The comparisons versus last year, were they difficult? I'd say there was some pivot in the business to the casualization in the LY that maybe provided some form of a small tailwind to those businesses, but nothing substantial that was abnormal. Thanks. Thanks, Martin. Welcome. Hi, everybody. Good morning. Thanks for taking my question. Can you just remind us on the modal mix from air to ocean and when it was at its highest last year, assuming it was Q4? How much is on air this year versus last year, and how much is, or are you expecting a reversal in freight on the cost slide? Thank you. I think I covered this earlier, Paul. Maybe you joined late. At the beginning of the fall season last year, we were at 90% air, 10% sea. At the beginning of the fall season this year, we're at 75% sea, 25% air. Very significant change year-over-year. Anything else to address? Just Q3 and Q4 last year were both in the 90% range, so very similar. Yeah. Yeah. Okay. Thank you. No worries. Hi. Good morning, and thank you for taking my questions. One of the things that we've heard is that there are certain companies that have seen a bifurcation between higher income customers and lower income consumers. Is that something that you are seeing as you look at VS and PINK? And then can you just remind us what beauty is as a percentage of sales, how that's trended over the last several years, and then how you see that progressing with the launch of the new Bare product? Yeah. Thanks for the question, Corey. I'll take the beauty bit first. Beauty is about 15% of our total sales mix, and that's been pretty consistent over the years, and we'd like it to remain pretty consistent. We're first and foremost an intimates business, so while it has a higher profitability than the other elements of the business, I'm very comfortable with it being in the mid-teens as a go-forward part of our strategy. We assort accordingly to that kind of mix, no big change there. On the bifurcation, it's an interesting question. No question that luxury across the board has been good and that high-income consumers have, not missed a beat in terms of the change in the macroeconomic environment. That's well documented. It's well documented that low-income consumers are the ones that are most pressured, and they have to, fight for every dollar and have to distort the dollars that they do have to food and to gas and to essentials, and there's less room in the pocketbook for spending on non-essentials. Clearly there is a very different impact of these economic times, whether you're a high income or a low income. I'd just remind you that the crossover of competitors for us is most evident with Walmart, Target, and Amazon. Our consumer is fundamentally a mid to low-income consumer. We are very much impacted by the economic times. The fact that we enjoy some high-income consumers is insufficient to offset the negative impact of ordinary consumers, shall we call them, everyday consumers. Hope that helps. Very helpful. Thank you very much, and best of luck. Thanks, Corey. Thank you. Good morning. Thank you for taking our question. Maybe if you can delve a little bit deeper into the international growth, it was very impressive this quarter, which region outperformed, and what are you seeing quarter to date, internationally? Just on the marketing strategy, as you rolled out different new launches throughout the year, how has that changed, if at all, and how are you thinking about marketing strategy in the back half? Thank you very much. Yeah, happy to take that question. As it relates to marketing strategy, sort of no change really. The bit that's super dynamic in marketing, forgive me, this is captain obvious stuff, but the bit that's super dynamic is the medium that we use and how we use the creative assets that we create, and we can be incredibly agile at how those assets get deployed. You know, in the old days, going into a season, you'd be pretty clear about what you were producing and where your spend was going to go. We don't do that anymore. We're super agile based on the receptivity we get to assets that we create, and that's across the kind of asset that's generated and the medium that's deployed. Very, very dynamic based on what works and what doesn't work. That's the overarching sort of headline there. As it relates to international, we've seen growth in all 5 areas of the business from a in terms of getting traction in international. The biggest and the most important part of the business is the franchise network, which is represented in all continents around the world. The Middle East has bounced back very strongly, but all areas have shown good performance. As I mentioned earlier, our partners in the franchise network sees opportunity for over 100 stores in the 3 years that are coming, all of which will be built in the Store of the Future likeness. That's good. In the UK, our partnership with Next continues to go from strength to strength. We leverage Next capability in real estate and in digital, as well as logistics capability to get goods to consumer within the next day of order. If you order before midnight, you have your items delivered to home through the Next network. That's terrific. In China, we have a fantastic partnership with YY and Regina Miracle and that's showing real signs of improvement. The big benefits there will be later in the year where we start to deliver more China for China merchandise. You know, China has been extremely challenging because of the lockdowns, et cetera. Then last year was challenging too. The important thing is that we're moving forward. Travel retail is the fourth part of international. That's probably the area that's seen the biggest growth for obvious reasons. The business is not fully back to 100% pre-pandemic, but it's close to. We're very pleased with the traction we have there. Then finally, the direct-to-consumer business that ships to over 200 countries and territories around the world continues to be in good shape. We're just delighted that we're able to service customers from all over the globe. That's a testament to the strength that there is in the Victoria's Secret and PINK brands. Hope that helps. Lots of opportunity for growth there. Do we have time for one more question? Two more questions, I'm reliably informed. Great. Thank you so much. Mark, I'm just wondering if you can take a step back and can elaborate a little bit on just sort of the big picture, transformation, the progress that you see, some of the anecdotal things that you notice in the quarter that gives you confidence, the brand is moving in the right direction, that consumers are noticing, and they're starting to realize that Victoria's Secret is a much different brand today than it was, three to five years ago. Yeah, thanks for the question. The overarching headline would be that we're really pleased with the progress that we've made in the repositioning of the brand. It takes time to reposition a brand. We're, 12, 14, 15 months into it. I always say the things that we're doing, be it producing merchandise or producing assets or speak to speak, anything we do, the way we show up, does it polish or tarnish the brand? After years and years and years of tarnishing the brand, I'd say 99% of what we've done in the last period has polished the brand. We're seeing significant increases in our relevance indicators as we benchmark our research. We're seeing improvements in social commentary. Our most liked post in the last quarter was the Instagram post of our repositioning video about brand transformation. Very high receptivity to that. We're seeing market share gains in our key categories. Our associate opinion survey showed incredible affinity for our brand and pride in employment. It's kind of wherever I look around the system, things are going well, and the repositioning is being understood and appreciated. That said, I've mentioned previously that when we do our research, there's a significant number of people that just haven't noticed. They haven't come across the change. When they do come across the change, they like it, but a lot of people still yet haven't noticed. There are a couple of things that have helped us significantly in that endeavor more recently, in the last quarter. One was The Wall Street Journal article, which got a lot of pickup and a lot of people followed to take a look and say, "Oh, oh, I see there's something going on. What's happening here?" And the other was the Jax video, where a significant number of people said, "Oh, I haven't heard anything from Victoria's Secret for a while. Let's have a look," and actually said, "Wow, there's real diversity here. There's real inclusivity." You go into our stores, and you see mannequins that look like the human race. All around the system, there has been positive change, and it's been well received. All of that said, we're on a journey. We've still got more to do. You will find us shouting louder and louder about the transformation, rather than backing away from it. We are on the right track, and we need to stick with it and show up in the way that our customer wants us to show up. Thanks for asking. Last question. Thank you very much. Hey, guys. You know what? If you don't mind, I would love to follow up on that question, actually. Could you talk a little bit about, as you look back over the last year as a separated company, independent company, about the pace of new customer acquisition, and has it been mostly lapsed customers coming back, or are you getting Gen Z in the door? If she comes in, say, through PINK, which would be, I guess, more traditional path, is she now moving over to Victoria's Secret? Just on a side note, I actually think in a backhanded way, that song has been a good thing for you because the number of girls I hear humming that song in your stores while shopping just makes me laugh. Thank you, Marni. Good to hear from you. I agree. I find myself humming it around the house as well, so. It's a good song, but catchy. It's interesting, you know, people who are slower to social media. I must have been sent the video 1,000 times by friends and family, and I still am. There are people saying, "Hey, I don't know if you've seen this." Yeah, we've seen it. We've seen it. Me too. It keeps it top of mind, and I think that's a good thing. As it relates to the consumer who's coming in, our file remains remarkably consistent with our history, and it's stable quarter-over-quarter. I would tell you in the last quarter that about 45% of our customers have been new to the file, and that sounds incredibly encouraging. Actually, it's pretty consistent with history. That's about the way in which the file runs in total. We're skewing a little bit younger than we have done previously, a little bit more female than we have done previously. Mm-hmm. The trends are not transformational. They're not enormous, so it continues to be, a steady build. Your point about PINK is a good one. You know, we have an unfair advantage in getting to young women in that we have the PINK brand either inside of our box in physical retail or often closely adjacent and inside of our digital box. We in our history have not been intentional about marketing the bridge from PINK to Victoria. We've not been intentional about that. Under Amy's leadership going forward, where those brands are combined, we're gonna get seriously after that and be much more purposed about encouraging women who shop in the PINK brand to come into the Victoria's brand. You expect to see more cross-brand activity or total box activity, is the way we call it, inside the system or total screen activity, than you have done previously. That's more about the future than it is about the past, to be honest, Marni. Thank you, everybody, for your questions and comments and followership of our business. We appreciate it very much.