Secondly, on travel retail, with the work we have done on the inventory and the difficult choices we made in 25, gives us a base from where we can grow.

Aug 20, 2025 / CFO / receipt, needs a key / Speaker (unnamed, likely CFO), CFO | earnings call 2025-08-20 | transcript fc6d5648-e391-459b-92fc-1970bc6b69e5 | chars 55358-55510 | segment 56