Chip Bergh

“As you know, this is my last earnings call. I want to acknowledge what a privilege it's been leading this company over the last 12 years. Over this time, we've transformed the company, and I leave proud of all that has been accomplished.”

“We delivered a solid quarter in line with our expectations. Our results reflect two very different dynamics in our business, on one hand, strong DTC and International and on the other continued softness in U.S. wholesale, which I will address in a moment.”

“Coming off 26% constant currency growth in our year-ago period, we’re off to a solid start to the year. We grew first-quarter revenue 9% in constant currency and 6% on a reported basis to $1.7 billion, while driving strong progress on inventory and advancing the key initiatives of our strategic plan.”

“Q4 concluded a strong fiscal 2022 performance with the quarter delivering on the high-end of our expectations for both revenue and EPS.”

“As you know, and have heard from other companies, macro conditions deteriorated since we last spoke with you in early July.”