Joanne Crevoiserat: Thanks. And on Digital, Oliver, I’ll pick the next two parts of your question. On Digital, our focus is on driving engagement with the consumer and meeting them where they are. And we still believe that digital is an important part of the consumer journey. In the quarter, we saw slight declines in digital, but our penetration in Digital remained, basically in line with where it was last year at 25% still triple where it was pre-pandemic. So we’ve built this digital scale and the digital business, and we’re available to customers to transact absolutely online, but they’re leveraging our digital channel for more than just the transaction. And we believe it’s important to maintain those capabilities. And we’ll follow the consumer.
We’re happy to meet consumers in stores. We have great field teams, and we have a highly profitable store fleet, and we have a highly profitable digital channel. So we’re agnostic as to where they shop, and we’re available to meet them, and we continue to improve the experience in our digital, in the digital space to make sure that consumers receive a seamless experience and a really great brand experience that it becomes and continues to be a great touch point for the brand if they’re just discovering and choose to go into a store to finalize that transaction. We want to be there for them, and we continue to improve our game in digital. We see it as critically important moving forward. And then on the regulatory front, we are working to receive all the required regulatory approvals, including, and that includes, as you saw, responding to the FTC second request.
Our outlook for closing the deal is unchanged. We still expect to close the deal in Fiscal ’24. And as you know, we operate in a large market as I talked about, it’s $200 billion market, it’s fragmented. There are low barriers to entry and the transaction is pro consumer. So we remain confident in our ability to complete the transaction. Again closing expected in calendar ’24 consist with our prior expectation.
Operator: Thank you. That concludes our question and answer session. I’d now turn it over to Joanne for some concluding remarks.
Joanne Crevoiserat: Thank you for joining us today. And for your interest in our story. And thank you to our passionate teams around the world that make this result happen. Our strong and consistent result reinforce the power or brand, our strategy and our agile operating model which enable us to continue to deliver for our customer against the dynamic backdrop. Moving forward, I am confident in our organic runway and look forward to accelerating our strategic and financial results through the acquisition of Capri Holdings. At Tapestry, we are focused and we have a relentless drive to lead in innovation and shareholder returns for years to come. Have a great day.
Operator: This concludes Tapestry’s earnings conference call. We thank you for your participation.
