Bracken Darrell: I’ll let Matt take the last one first and I’ll take the first one last.
Matt Puckett: Okay. I got you. Yes. So, I think overall, inventories are in a pretty good place, and we’re making progress on our own inventories as we look at where our partner inventories sit. We’re pretty good. There are some pockets and some brand-specific challenges as we look across the world. Vans is a bit elevated here in the U.S. and to some degree in China, although that’s gotten a lot better, I think, in China. The softer sell-through we’ve seen of late in Timberland here in the U.S. market, we’re a little bit elevated at this point in the season, although it’s pretty early. But at this point in the season, we’re a little bit elevated with timberland inventory. And while Dickies sell-through remains weaker, the inventory positions have improved quite a bit.
So at retail inventory is in a pretty good place there. So, if we see sell-through improve, we’ll see pretty quick benefit on replenishment side. So by and large, pretty good, Bob, but still couple of pockets as you’d expect given kind of the challenges that we’re having in parts of the business.
Bracken Darrell: Yes and to answer your second question – your first question, Yes, I think you’re always – look, I really like this team and we’re always looking at like we do with Martino and with Kevin, are people in the right places to have the right effectiveness. So, we’ll keep doing that for as long as I work here. So that will certainly keep going. But we’ve got so much talent here, not only on my direct team, but also level, the levels below that. We talked a lot about Martino, but boy, Martino’s team is really strong. I mentioned Nicole and her team, our finance team is super strong. I think we’ve just got a really – we’ve got a lot of talent here to work with. And even though we talked about – a public search for the next Vans leader and we will do one. I don’t want – that should not suggest anything about the talent that’s internally here. It’s really strong.
Bob Drbul: Got it. Thank you.
Bracken Darrell: Thank you.
Operator: Thank you. Our final question is from Abbie Zvejnieks with Piper Sandler. Please proceed with your question.
Bracken Darrell: Hi Abbie.
Abbie Zvejnieks: Hi. Thank you for taking my question.
Bracken Darrell: Thank you.
Abbie Zvejnieks: Do you anticipate any impact to the North Face business from regulations on PFAS? And then as a follow-up, are you seeing any changes in wholesale partner behavior as the effective date on some of these regulations are approaching?
Bracken Darrell: I’ll start that, and then I’m going to let Matt finish it. First of all, yes, we do see some product changes in North Face based on PFAS. PFAS for example, is the code some of the zippers and things that. And so, we’re going to make and are already making changes there, and I think we’ll be in good shape by the time we get to the finish line on the North Face. Do you want to add anything to that?
Matt Puckett: I’d say we’re – this is front and center for us, and we’re out in front of it in terms of managing toward the end of clearing through PFAS inventory. We’ve got inventory on hand. We’ve got inventory in stores. Each of our brands is working aggressively to ensure that we’re selling through that over the next 15 months or so, and then there’s opportunity and in different parts of the world and even some of our distribution channels here in the U.S. to go beyond that. But we’ve got it all out of the line by spring ’24. And in fact, in many cases, it’s already out of the line here as of as of now. So, I think we’re in a pretty good place given the runway that we have and the work that the teams have done very proactively to be able to manage our way through this over time.
Bracken Darrell: But to take your point, yes, I don’t really see this as a date at which we hit, we’re moving towards some date that’s going to happen. I see us sort of as an event that’s coming towards us, because you do have various wholesalers in the U.S. who are – who are going to try to move quickly here. And so, we’re very respectful of that. We applaud their moves and we’re going to have to make sure that we’re dynamic in the way we deal with this, too.
Matt Puckett: Yes. Specific to your point about wholesalers, it’s an ongoing dialogue, and we’re very close to our wholesale partners in a very strategic way on this topic and others, obviously. So, we’re in lockstep with the actions that need to be taken kind of across the board by brand and by partner.
Bracken Darrell: Okay. Well, thank you so much. I really appreciate. This was my first call. I was a little nervous. I think it went okay or looking for feedback. But let me be clear we are intensely, intensely committed to really continue to be a great company for our customers, making our financial performance a lot better in attracting and retaining more great people over time. And I promise you we’ll come back with a more comprehensive strategy over time. I’m not – I won’t commit to exact date yet, but it’s coming. You’ll hear about it all, and I really appreciate all your help and support. Thanks a lot, and see you next quarter.
Operator: This concludes today’s conference. You may disconnect your lines at this time. Thank you for your participation.
