Lands' End (LE) 5 Jun 242025 Q1 Earnings call transcript

Good day, everyone, and welcome to today's Lands' End First Quarter Earnings Call. [Operator Instructions] Please note, this call is being recorded. [Operator Instructions] It is now my pleasure to turn the conference over to Chief Financial Officer, Bernie McCracken. Please go ahead.

Good morning, and thank you for joining the Lands' End earnings call, for a discussion of our first quarter 2024 results, which we released this morning and can be found on our website, landsend.com. End's today Officer, Chief with Lands' to I'm Executive McCracken, you join Andrew Bernie Chief and Financial pleased Officer. I'm McLean, our

session. company's the on prepared also Such such discuss those included statements the differences remarks, those discussed call. the include, and are will could statements. on a After contribute uncertainties. differ risks Factors The from this we including to, and includes forward-looking that Form not note on results and filings, items we're information SEC to question-and-answer that involve about noted actual report to conduct Please Form in could company's limited XX-Q. annual quarterly but our XX-K materially report

company outlook undertake made the company's on this information change. developments forward-looking forward-looking to events The call and as do cause not today. may the company's And any we obligation us. Subsequent statements update the that is by by to of represents outlook provided

we'll be measures. with principles. this prepared These generally accepted During accordance not are referring in call, measures accounting non-GAAP non-GAAP to

to Investor of our at issued most copy reconciliation landsend.com. which a earlier measures in earnings can the in of financial non-GAAP measures today, directly comparable release posted is of Relations be found section A the GAAP our website

I will to Andrew. call that, turn With over the

build increase margins customer cornerstone is by creation which our life's every underpinned brand, End centered Lands' quarter strong base. of is Bernie. journey. from Good around Thanks, morning, product priorities: our key the the for our and joining brand This us XXXX value that's results first grow the strategy, ready execution thank We delivered vision innovative and for today. you continued X solutions-based strategy, the of being

increase sales Our momentum an businesses deliberate with XXXX, efforts gross core significant gross the our generate in profit digital expansion. tandem margin resulting and in first gained in profitable in of dollars by deploying quarter approaches more asset-light to

new quarter, first which continue customer year-over-year and colors inventory market prioritize in newness to With we fabrics the speed responded to introducing and to remain XX% down styles, assortment, and nimble our positively. our in

through We improving efficiency are focused variety inventory initiatives. further of and a our speed on churn

As it a digital gross Buy brand now, our we we value low-single-digit may returned or year-over-year, be and it on it or especially reminder by a Based evolve customer. as to licensing gone. our increase also first merchandise growth the to to continuing across the noted, with quarter serves our our did this GMV, in story, channels. brand

proprietary resolvers behaviors our key understand that of to and user customer shopping a match End our further customer X today. of data better Land's We're to the is reflective journey also of with the that our cohorts, leveraging and experience revolvers, refine

newly represents introduced our moment. we Late our in showcase we Lands' when for continued QX, the website as innovation, that better at brand every ready End to designed customers

our and Social a paid key we're across assortment, with has traffic full marketing, own generated which part new and one story price acquisition. become drives social media customer brand a combining better promoting By our strong our our multifaceted approach, more to selling. elevated has media drives of channels newness that

demand the doubled we've As than quarter, media year-over-year. result, from social first a more in

brand Moving through than forward, continue build to will our we marketing discount. rather

natural and to demand compelling across assortment, inventory adjacencies. this our We that a facilitates featuring more outfit-centric by will significantly approach do more taking productive

we during from several introducing quarter a high-performing price units. product the start had standpoint, first full increased From and selling categories

were driver and a well, success. particularly performed key solutions of weather our transitional Our

wear-now for prevailed approach leading customer a As meet which the great response. and into early assortment, to to winter the our moment by our our milder spring, to weather yielded across seized opportunity we customers the

women's the sales tops in first of lightweight sweaters across and in assortment performance Through we quarter. performing authority weatherproof well. on our and continued products, outerwear, jackets, particularly again drove coats perform the pleased including and we're of outerwear, adjacencies with well knit layering rain once our fleeces, key to Zeroing all with which

winner like chino wide styles customers Women's another denim responding on-trend well garth. bottoms and like to with pants and were new and linen materials leg

drifter to in offer our delivering our solidify us as packable users addition a categories, Squall franchises key like jackets to Wanderweight ultra-light products outerwear, of that line family lifestyle a brand. In apparel our strong of enable positioning and sweaters

ongoing We innovation our remain strategy. incredibly confident in

on promotions growth daily success our deliver they while across customer file reliance drive pending at time we franchises to were drive period. Turning gross patent reduced counts. our to popular national margin allowed our our We Swim season for to channels, that Periodic a took in the sculpting sell sales. all goals across business. our the that on including price of key suit, to events And are full view to the to and our WaveShaper newly us longer swimsuit, introduce have Swim a new leveraging able highly

In potential our share. has consistently our exceed fact, swim leading margin season where are the to newness, business the plans, looking dollar to date, our market more at we maintaining flowing while

way on that our performance to consistent I we more remind with of talk our touch performance to the various evolution of businesses, you we are Before to change be about brand. preparing want I the the our

Beginning discuss our and BXC our to with business in Specifically, BXB. terms activities. of BXC plan we

and direct-to-consumer quality basis our increase of fifth performance more management. quarter U.S. Our an drives targeted margin largest approach improved eCommerce with its due to XXX promotions, consecutive inventory channel. over great business business our to of points The higher delivered sales is which

levels continue maximize inventory. demand of key mentioned, lower we've to events with to drive As we

profitability Swimsuit sales, of occasions products lead and that These President's and We customers drive responding achieving newness are to us have lower by quality more Day promotional to. maintaining activity. into utilizing to like full-price National while Day our levels allowed are events

the strength customers. while promotional sales strategy solutions way, the lower achieving our move units. quality and another offer levels more Put maintaining from to simply we brand our is not We're of

driving global increasing acquisition key to digits. efforts these around in in quarter acquisition driving the also quality first a customer high-single addition increase sales, nice new events are year-over-year with by new customer In our

upon in year-over-year. strong a QX trend business margin of basis gross points expansion continued European with exceptional our quarter, its fourth X,XXX Building over upward

the to As and prioritize U.S., continue levels newness inventory in of a margins better lower we through increasing management on promotional with activity. focus

Party Third our to Moving business.

brand that We and Third further marketplaces continue us sales was results who partners additive solutions through sales and Party to from of with customer-focused Whilst see from these we directly revenue reinforcing fit our to customers for with approach vision positioning these our story other our expansion our as channels. margin we strong to through assortment. in shop are saw similar Lands' from marketplace working End, year-over-year, down share

We Party array can and tailoring even Third coordination with approach Third consumers channels needs maintaining each across the close traffic access while their Party for our solutions. our assortment our business, a on website customer customer partner the also various approach U.S. business are our Consumer division wider an interact the Lands' with align of managing helps where our customer better enabling based where Direct to across to experience drive coordinated in End, similar us a to our us

our our with and our the that of go-to-market efficiency on and of is this inventory inventory. maximize better benefit better focus channels we management approach Another manage paired can

the asset-light revenue accelerate. continued quarter, licensing which During recurring adds strategy, streams first to our

a foray was licensing footwear, initial business expectations channel Our well a swimsuit new that we kids options licensing Costco into with new home through performing into of selling already agreement which into announced our exceeded entered previously channels. and handful a with along the in quickly, our product, for agreements expands

While us the well to the GMV allowed for we and positions royalties our on recognize incremental the licensing future. only to growth us return brand P&L,

business. Turning now Outfitters to our BXB

quarters. believe We in to time wisely can in used a QX the Lands' new subsequent something have deliver high business engine last school look allowed last build accounts results for to kick performer our that over End. the we'll uniform year become This year compelling evident a sales for and add the focus to us business, start we

the the the have businesses of business ahead to focus leveraging large, of significantly as share industry, that outlined small retooled profit our and we products customer medium Consistent addition, we customers our in deprioritize on service. past, approach provider and and have with In by and outstanding we choice our being in businesses, chosen sales businesses, and outlook by size BXC and to products for the revenue notably high-quality business. strength of quality promotional low-return prioritize to our

process more forward with growth relaunches successful That existing connective launches sales to national coming resulted clients new We'll story several development this a for team in and in effort quarters. a XXXX. approach through client has of look continuing in to

to discuss Bernie to turn performance now more first it detail. in I'll over our quarter

Andrew. you, Thank

everyone I the with profit of quarter on year. of want Before call our the conclusion in our gross dollars into the I remind resulted and quarter dive XXXX significant Delta. the results, that into forward the This last pull first first revenue included to work of

adjusting year-over-year note company. performance more our comps as across here We're of the making are Delta for the indicative

to a quarter, total revenue of the compared above $XX Delta. difference excluding when last slightly year-over-year X%, from our year, a guidance For at $XXX.X range the or first increase performance X% million decrease million, revenue came in in

was in guidance. first XXXX, our digits GMV which the low-single increased for quarter of line with

merchandise all which to the third-party of total GMV, through merchandise sold indicator BXB As as through sold BXC a accounts is comparable the reminder, our of the channels customers the believe the growth an important well of brand. value of performance of we and order retail value as for channels

the units. adjusted our continued prioritize margins range when which end year-over-year sheet versus across EBITDA the reflect our delivered of improve results first efforts exceeded which [indiscernible] million to to in and excluding These the of balance guidance a efficiency, our sales, has XX% increase Delta. $XX from business difference over our high of continued We profitability $XX profit million and quarter,

excluding year, XX%, from XX%. by gross was approximately XXX improvement of million by XXXX. by And profit last in quarter driven gross from increased quarter first Gross quarter compared fifth first margin point profit expansion. of difference to and basis $XX the margin our increased X% Delta, Gross the the straight

and driven outerwear, product lower costs. categories, reduction The strength adjacent activity, assortment, in inventory swimwear promotional clearance supply of transitional margin improvement in across and sales in was chain new products the improvements by

quarter continued decrease a X%, quality sales a higher saw efforts of gross profit generated And business dollars, driven eCommerce to XX% first increase compared the in XXXX. to sales. of U.S. Our prioritize we by

business XXXX, quarter year-over-year. reflecting to from quarter down the eCommerce sales were XX% compared Sales increased profit X% XX% with from European the first dollars Lands' of Delta. Our of from down XXXX, by gross the Outfitters impact End first

year-over-year difference X%. the business from revenue million in $XX Delta, Outfitters down the Excluding was

first licensee the product increase to Party Our revenue sold was of $XX.X million increased XX% quarter dollars by arrangements, business over compared primarily year-over-year. licensing Third from profit licensing model. as inventory, in over to revenue kids to a of The by business XXXX, gross to this transitioned a sales with XX%, including increasing due

higher Online our driven Party to marketplaces saw by the higher quality from of profit sales expansion strategy gross margins increased partners. Third

percentage from in lower revenues was increase As sales, to a new points basis was due driving XX%, compared which and approximately an investment marketing, SG&A deleverage XXXX, of primarily digital customer of acquisition. XXX to

to them Andrew drive are these critical are to already our noted, As see we strategy, beginning investments and results.

share, loss or per of which share. an than a adjusted first our had in per loss range. We of better quarter, $X.X we net net $X.XX the came $X.X or million million had $X.XX guidance For

supply first efforts million, XX% a Moving inventory million were compared position continued at a was Inventories our result to teams' year to our business. the in to end quarter chain the The $XXX of improvement drive in our efficiencies our balance ago. of sheet. $XXX

In outstanding, our borrowings terms million lower million, the of $XX $XX first which first balance our the end was and of year. our million debt, was term loan than ABL the at had $XXX quarter, last quarter of

the the end repurchase purchased authorization announced $X million, the first During balance $XX our of in remaining March, worth the of million bringing as the $XX quarter, authorization quarter. share to of we shares of million under

Now moving to guidance.

gross second and We to value, be prioritize and $XXX expect improved continuing quarter, $XXX be to cash high-single-digit which flows, and with we expansion million margin high-quality to to are the sales continued between million the expected gross summer revenue mid- during expect drive In or GMV, growth. net selling to profit merchandise we season.

And million. between expect $X.X to net per of adjusted $X.XX. adjusted $X.XX $X We an loss share and to loss million diluted be

$XX We in range adjusted to expect million. EBITDA $XX be the million of to

$X.XX per income now $XX expect expected and adjusted low- revenue For We be net of be to range mid-single-digit $X.XX now end to in we to the billion GMV diluted revenue the full is between year, to to guidance share to $XX and $X.XX million low $XX expect adjusted million the of expect million. now growth. earnings while to of be raised net our $X.X EBITDA to million our We $X.XX. adjusted of billion,

Our approximately capital guidance incorporates $XX expenditures. for year million full the in

have we our maintain our expect at to we moving enable work margin bolster management inventory further As discussed, us and inventory levels to improved expand to normalized forward. gross

that, I With over back turn the to call will Andrew.

Thanks, Bernie. a hard year their great the to for following to and thank busy delivering a want holiday I our team start for work season.

and efforts every define significant strategy refine and making to bearing our business are progress and against our brand our of are We our innovate aspect fruit.

to encouraged our responding our offer fashion both we summer, to we and by function. are that how solutions of from As our customers to assortment spring summer transition are

Memorial during that ones End solutions are gives strategy and for weekend the Our Lands' our confidence us holiday we for recent our strong the performance customers. provide Day go-to-market and the right

as customers' of excited we're customers future last lives incredibly an particularly company. public or bell for XXXX, for unique lifestyle End's any to anniversary in can XX, see ready in as has our brand. great we scene, true to Lands' to every our opening that for End a heritage On the members in End life's our of larger confident Lands' partner how to Lands' the over XXth had a truly our for to our celebrate American It's its extremely amazing the the daily as to since iconic many evolved Lands' then. team a staying of May moment We're journey. much Thanks customers. what's honor become And meet ability ringing End's year as I and alongside Lands' as End a NASDAQ part serve brand store

look remarks. That We forward to concludes your questions. our prepared

we And Research. will Telsey question [Operator from the Instructions] take Telsey with first Dana our

and Andrew see. Nice to Bernie, progress. on congratulations nice the

the As differentiation of what resolver, sell-through? the differentiation evolver, -- And seeing a are you consumer that it? the is think margin, price improved about terms the your in promotions, classic, you also see anything changing newer you health of points, customer terms And in in getting? gross on with sell-through terms reduction of core sell-through categories, in the full of versus anything price basically of you're and items different the as in core

and there's long-term Thanks considerations much. from we to nice Andrew. we is hear Evolver, we It's a into. that one had very can we And of the of difference you. our and Yes, Evolver really it's a the customer. see Dana, to have be do between the customer, is from them millions the Resolver expand feel that Resolver our lot

customer tend who Resolver shops The a been And traditionally comes they out. has category. worn and replace back one what's to

single shop behavior outfit. that are seen still have with to category we whole We largely then starting expanded include the them of begin to Resolvers but even your categories, Swim to seeing our move, we

we're Prints that But So come they'll Resolvers, to both the more more that back and product. picked really them the seen get very, buy but during start Resolver saw make very to buy starting into we've were buy Evolvers full-priced we for strong more quarter see so fashion, and move and prints. up.

in see years. as broadly we it's and for in saw and to could in were our in really at new as was overall a few from extremely categories key and I run-up had in We our who broadly probably good our you With Evolver, been women's us, the I in wins is categories customers mean, to healthy powerful. obviously, the bottoms think come commentary last customer price. database that in tops swim buy full across going our and We buy saw file

men's business. We actually saw improvements in underlying our

So sold back margin. consumers, to of more and the the in consumer consumers. didn't answer to we those those specifically at higher We consumer, see more health consumers your to off. a we sold We more attracted

right So the of now, the relatively is in feeling that good customer strength shape.

the I what some Memorial seen weekend Day I'm be would about get and going Memorial it guess to out QX, Day weekend, on in your we've follow-on guidance -- script gave we question -- was both our us we've And saw who Resolvers open to well. as customer We cohorts strong exhibit Evolver. extremely through. actually, started seeing Evolvers Resolvers come Resolver our We're Evolver behaviors. for break and and

that and think lean journeys I are going our be customers and one follow just the group various bit to widening we're little it's journey. customer different customer on a cohorts this more more we into than taking X cohorts more than because it's just as through

about to in else Third thinking business, then interesting, or business mentioned year that Got happening Third you that it. the customers? Third should that strength. Party new How increase you're and are -- be swapping something you whether that Party could And spend Party the Parties Third on marketing follow-up. we else? for acquire for Costco business Anything new business

Okay.

is So our we're is quite marketing, like which to the in with going marketing have return careful with a have season. to the market,

So where we not off to taking that gross new the But one the bases our incremental numbers. I'm were we we're made in enough -- and go plans, going I'm we gas that for we that, going with covered not foot we it sure to and saw hit did return in to margin generated our a terms increase of file. our

pushed by customers the before. more sort we did had consideration of looking see our focused been with What being funnel more cultural further and like up at we into was events we than

year. created give Memorial example, weekend. billion million over created our with X.X an we you I'll impressions mean, Day last I We So XXX over marketing,

just the out in investing there. discounts experience of putting we're how brand of simple symptomatic versus that's And the

reduce but levels price of of paid that much then will new maintain to with particularly there allows in a the to that been business customers. and search, able continue discounting, overall form the of discounting Now we've cycle to investing us be always some lower

file, just was geographies, pleased customer we because because our up saw with it Europe. new But in it it I not in the we teams was different it channels, saw different across the was up. board, in

Now the getting year their as work I well. for to the in on really that success job to customers their new purchase. well want for augers on for back a file to do out did nice second shout And years give future call, later as into driving those they us and them we a in

of with Dana, really you can terms happy Costco. hear Costco, were In us? Hello, we

hear I can Yes. you.

Okay.

In us, were back a handful It's with that. the to much Evolver powerful. and terms I wider of they in relative of we'll put it there. blew items Costco, size we particularly happy a to just to of opportunity there's go there And look always is the into. it's like be We in we had And a say Costco, small but very keep I business their we'll that really would cohort and that reach customer size, Costco. quickly, out that. room running it's lot really of at and a that

we're In next, to terms new a going marketplace. up to on going what's be coming of

So watch this space in QX.

the more consumer new consumer. us. visible the and yet, And I it's we I reach there geographies. horizon an that's opportunity know I brand our as I haven't terms to out that opportunity think yes, and we expand as absolutely. look in at there's certainly something to mean get And the of expand there. we done but as into a different channels licensing, for it really on

think -- forward. wellness, the into. there see giving This So I'm rather as like positioning. if a areas with look just more you giving it than to not are could go like big brand we but you for our little and examples lean is positioning. It's discount we about into those beauty at specifics, us is things further And we great areas elevated to take -- a brand not that a We opportunity now. I'm

relevant, We look for as And the for of we who don't share our take It's licensing customer more channels, granted. that deserves like-minded customer. culturally consideration we the those expand partners it philosophy.

with SCC question take next Eric will Research. we from And Beder our

and believe that business the do with offer shoe Congratulations. you response able the I when expanded kids response started I terms bit curious being been little licensee. should you of shift we the mentioned do styles that. on to category to talk the here And the in And have that new the want start an what update now a licensing. now guess also? license customer to see to I a to to follow-up. about product I'm I again has over

Yes.

is here. distributing our we're positive. quarter, great we're the sign we're Fantastic. It's with are happy was merchandise obviously a that with with product in gross that that the contribution see strong But was customer It that not strategies branding licensing. We're value differences to taking really in. Okay. and and first just the that it room, our the and really channels making nice reaching

turns wasn't on our quarter. where really the talk -- from Right towards the shoes our channel. come to now, That will arguably like Eric distribution we will out, ramp see channels there outside up of the about but only website in in be come benefit our started in will most QX, really license, the digital own second of much to from quarter and it through to over as we moved product end

until channels retail for the with see similar nothing wholesale as that business. a see longer wider partner, get really the selling and and the with the back existing kids. beyond our we story our into at again, other There's working It's We're through path reach on our and a kids. half you'll and channels, half We'll new upside hit usage a that distribution back won't year that kits website. really of product, earliest into

I've that very with We're the is say given it. happy results would very, and product given I What seen. just initial the

the is really the End and view of the I of that representation we elevation powerful. how product think Lands'

future not like add take opportunity the generating year, ourselves back a to just opportunity to of us a that in the for product years the to we're think come. amplification is half that in and it product but I gives tremendous the

Great.

talk and international. gears about shift Let's

with I and really countries products other the is helps do you've when I'd like to? So the potential ASH their drill I'm each bit is? for in down international know really that strategy of look international about that having results. of that more. to little best own think how before and a a some talked curious was margins strong you the also that kind National, if where of where pieces. And at terms you region

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that internationally, domestic happy in work that U.S. bring business to ideas to ideas So back our our we're the

slightly I the mission products them in saw same to customers Germany their but consistently had was global really a you one the because the assortment with do And on that of set I've sourcing work. little as can't time, think evolve the trends that for the times. the U.S., and career, we it bit having it of moved in doesn't on customers experience can that do a early lot because at had and different in pandemic my we you in just

you the put just center we you at do, and we them put if beyond your everything And, reasons consideration we our it's for want the of do customer of discounting. give to customer center at everything -- do,

to percent start we what needed localize that's or some we assortment assortment, of and so the to did. the really And

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a we We'll very arrangement that. sourcing to closer continue can to like That's do customer. having be good home, to us. closer for We the the

are opportunity asset-light there in to margins go there is approach more The us. sit not we make more where and and adjacencies into heavy fits money front and right potential are have a drive that easy Europe are, would it particularly I expand to for that and having we think of inventories. in

can Austria, Europe see France is, big And for markets I like opportunity with a us, in think from similarly expand an where can we not think, we leverages market, infrastructure, other That's we're the Eastern leverage countries opportunity we our France. to really Spain. to narrative just pushing but existing German operations. then I

the Middle right, considered not is right East, have We now. the time

back will We come to that market.

there's net America. a interests leverage. market opportunity exited, think there, chunk We and scratch a we at where stands a see away sort America, North far South There's that as market obviously, is a there out are a Colombia, in I there. think There's American those several Chile. see being markets. Mexico And point. then us, Another is had significant U.S. see Japan, continent for some There that really we the Mexico. of And career, that's cohort any customer and and from it's really our for But of in because easy Latin narrative I the us I right now, we my in too it is opportunity sell lot with for that substantially successful been case. it's a but We Mexico into I've is in of see market the mostly expat. pretty not leap

from And with we question Capital will Alex Fuhrman our take Craig next Group.

looks are of lot ask functional of guys high-end It margin. to that a on items the are like more about you wanted kind having impact technical more having I success. your that are some gross of

opportunity assortment? more where the $XXX, categories opportunity item, of Swim those lot mentioned is And and believe of can more to tuck-in you into You items than resistant the commanded. you really more assortment are be well Wanderweight of packable is the and higher-priced maybe much there's think outerwear swimwear UV like selling outside other has seeing How as that? which are high-value, there over tummy technical an type there more historically brand you inserting take an guys jacket, up a I where

our of X/X now about right Roughly form items some of are solution.

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at items they really we paying attract of appeal to and If the customer. the customer consideration full price largely look those

so clearly, expand that it's we to drive quite years, to the frankly. continuously. lean running of a business flow there's to year model lot into newness assortment also higher change did think And gross over And the just coming I for margins. that continue substantially this fairly to more us worth room noting

XX% And newness, upside, -- if and business about it our upside we our the at newness. our significant saw quarter, first in in drove like of I just look women's we had something

dress, deserves them reaching we're to engineering that don't be underlying I much forget a I to trend, think trends, the We're customers solutions the to want they is way makes this. into other deserve our able also as by great. part that that feel in

where but being call out were a we've within wins that before. from so other there I differentiated call solution, been would wouldn't there I And as necessarily

your a in We past. and a in approached that's So necessarily those I saw performing brand, leg. similar wide not Linen, for high-rise beg item the within that jeans, as are styles pardon, we've example, our #X in bottoms,

layer get if our I The out. to company layering. they third also, pieces. And had that for sweaters, engineer particular, I And had been that Drifter won't within we sweater I how in would and a at in, that it would we think that, with I excelled not philosophy if a in say look increases it's come of the XX-week changed drive I teams, add they we call go over plan doesn't we to driven in want make se, quarter piece with on first solution one third sure weeks. really per look significant some very X the a it our at of say, sweater, sweaters, a but in powerful

you powerful has that how of become gives that to us. So class a sense

if know your totally to you... answered I'm don't I question. So I tell happy

profit to The little quarters been achieved bit the through drivers over mostly but discounting. significant in it the convert last me X gross numbers. we've Let a QX, has lower

So our AURs are up.

we're higher that right newness. that from from price getting price having a we're We're that higher higher higher So trend price the getting solutions. getting getting from and price. We're

from The benefit products. has come lower rest on of our that costs

solutions driving these still So adding cost coming product a lower while of of in. a lot we're the actually we're

what's So those X really seeing. driving gross that that are factors margin improvement you're

And we Steve question will take Research. from Silver our Argus with next

been already of lot have questions my asked. A

just I media social new you remarks, in question a having focused quite have guess of Swimwear, for terms prepared a strategy for picture results announcing a upon big touched and I you few announcing campaigns. great themes your of So for patents on In guys. technology, example, innovation using

anything if to doing data leverage looking is their you're LatAm competitors take also and doing it into think of you are whether that better things just a to unique as or these curious these high-growth regards than in areas? lot Just

It's McLean. Steve, Andrew

journey. that's it a life's for the brand and the have innovative solutions to We everything And which be we by in organization. judge vision, the every lens really is

make our everything decisions make filter we and investment, we So product, make technology day, that through. around the we as decisions we when around that's like around go it's marketing we through pass decisions

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