We remain constructive on management’s focus on full-price selling, which is driving meaningful gross margin improvement despite declining transactions. Accounting for after-hours declines, shares trade at roughly 14 times our revised out-year EPS estimate, which anticipates gradual margin recovery as the company’s high-fixed-cost model hopefully begins to be leveraged on more consistent comp performance, though second-quarter-to-date trends give us pause. From here, we continue to look for sustained positive comps to drive a sharper earnings inflection, particularly given its fixed-cost structure. The largest risk, in our view, remains execution regardless of the macro environment.