The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Brian Morrison - TD Cowen - Analyst
: Hello. Thank you. Good morning, Meghan. Good morning, Leon.
Question: Brian Morrison - TD Cowen - Analyst
: Question for either of you actually. In terms of the comp in the quarter, I'm wondering if you might be able to break down to the best of your ability,
what you think was caused by trading of consumer discretionary spend and what was caused by your inventory sell-through from Q4? And Leon,
maybe just confirm the store closures that you referred to. They are not in the comp?
Question: Brian Morrison - TD Cowen - Analyst
: Okay, and maybe, just take that one step further, Meghan. In terms of what you are seeing at the consumer level with respect to traffic and basket
and conversion, maybe just elaborate on those drivers, please?
Question: Brian Morrison - TD Cowen - Analyst
: Okay. And Leon, maybe you can just elaborate, the investment in working capital, maybe dollar terms or what you think is required in order to get
yourself back to -- I realize it's lower than previous, but what is the optimal level in terms of how much working capital will be required? And was
the message that you tried to convey on the call there, is that you expect that this is going to drive year-over-year sales growth as we get to the
back half of the year?
Question: Brian Morrison - TD Cowen - Analyst
: Understood. Meghan, maybe last question. You talked about your improvement in data analytics capabilities in the omnichannel. What are the
benefits from this? I mean it sounds like AI personalization, it sounds like inventory optimization, but what are some of the key benefits do you
expect from your improved capabilities?
Question: Brian Morrison - TD Cowen - Analyst
: Okay. That's all for me. Thanks very much, and good luck.
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