As we embark on fiscal year 2024, we have four strategic imperatives. Drive momentum where our business is driving, re-accelerate growth in the United States, capture demand for the returning individual traveler in Asia travel retail, and begin to rebuild our profitability.

Aug 18, 2023 / CEO / receipt, needs a key / Fabrizio Freyda, CEO | earnings call 2023-08-18 | transcript 9b27a6a9-759e-44cf-afbc-510215d8014e | chars 4932-5206 | segment 5

Our travel retail business in EMEA and the Americas soared. And our investment in activation and in-store beauty advisor drove strong performance as passenger traffic increased.

Aug 18, 2023 / CEO / receipt, needs a key / Fabrizio Freyda, CEO | earnings call 2023-08-18 | transcript 9b27a6a9-759e-44cf-afbc-510215d8014e | chars 2885-3062 | segment 3

For Asia Travel Retail, the pressure in Hainan intensified over the course of the fourth quarter. In May and June, retail sales trends deteriorated and turned steeply negative following the enforcement actions to control Daegu activity. The implications of this are favorable for sustainable long-term growth, but certainly create significant short-term headwinds through the transition.

Aug 18, 2023 / CEO / receipt, needs a key / Fabrizio Freyda, CEO | earnings call 2023-08-18 | transcript 9b27a6a9-759e-44cf-afbc-510215d8014e | chars 4544-4931 | segment 4