Matthew Friend: Sure, Bob. Well, as it relates to inventories across the overall marketplace, when we set the actions that we put into place two quarters ago, that was across channels with partners and NIKE Direct. And given the momentum that we’re seeing and the momentum that we saw from the holiday season heading into holiday and into spring, we had very specific plans with our partners in order to balance promotions across the marketplace in order to be able to move inventory on slower moving products and also, in particular, as it relates to apparel to be more aggressive in order to be able to address some of the late-arriving seasonal product, which was part of our challenge at the beginning. And we’ve made great progress on it.
So when we look across our wholesale partners or the wholesale channel, I should say, North America and EMEA overall, and we look at the rate of sales that we’re seeing in those channels, we feel very good about the progress that we and our partners have made. And in fact, this quarter, our retail sales to the consumer in the wholesale side was larger than our sell-in. So we feel very good about our progress there. As it relates to specifics in apparel, I think that one of the biggest learnings we had was after our factories closed in the fall or in the late summer and early fall of last year, we decided to continue to carry forward with making late product because there was so much constraint in the marketplace. And I think in hindsight, that was — we would take a do-over on that one and focus on getting seasonally right product in front of the consumer.
And what I would tell you is that the benefit of us moving so fast against the excess and early rising inventory that we’ve had is that we’re now actually watching the timing of delivery of current season product up significantly versus prior quarters and now starting to rival the levels of deliveries that we were seeing in pre-pandemic. And so having the right assortment, the right colors, the right materials, the right stories at retail is NIKE, it creates competitive advantage for NIKE because we can pull the consumer experience together in a way that is very difficult to match.
John Donahoe: Yes, I’ll just build on that. The learning is, don’t have a supply chain crisis in a highly seasonal business. But I referenced earlier, Matt and I were overseeing our spring ’24. Again, that’s six months — six to nine months away. And you just see when you have the right assortments in apparel and the right colors coming together in the right way, it’s very powerful. And so the pipeline there looks very exciting.
Operator: Your next question comes from Aneesha Sherman, Bernstein.
Aneesha Sherman: I’m curious to know a little bit more about your trends through the quarter in China. I know you talked about December being a really tough month. Would it be possible for you to talk about December versus 2023 in terms of how the quarter behaved and possibly the exit rate out of the quarter so we can get a sense of how demand is trending at the moment? And then I have a second question around your sales guidance. Your sales guidance implies about flat quarter-over-quarter between Q4 versus Q3. Are you expecting inventory to be down kind of similarly to this quarter, so down a few percent quarter-over-quarter on a flat sales base?
