Good afternoon, ladies and gentlemen. My name is Amber, and I will be your conference operator today. At this time, I would like to welcome everyone to the Gap Inc. Second Quarter 2013 Conference Call. [Operator Instructions] I would now like to introduce your host, Katrina O'Connell, Vice President of Investor Relations.

Good afternoon, everyone. Welcome to Gap Inc.'s Second Quarter 2013 Earnings Conference Call. For those of you participating in the webcast, please turn to Slide 2. I'd like to remind you that the information made available on this webcast and conference call contains forward-looking statements. For information on factors that could cause our actual results to differ materially from the forward-looking statements, as well as reconciliations or descriptions of measures we are required to reconcile to GAAP financial measures, please refer to today's press release, as well as our most recent annual report on Form 10-K and our most recent quarterly report on Form 10-Q, all of which are available on gapinc.com. These forward-looking statements are based on information as of August 22, 2013, and we assume no obligation to publicly update or revise our forward-looking statements. Joining us on the call today are Chairman and CEO, Glenn Murphy; and Executive Vice President and CFO, Sabrina Simmons. Now, I'd like to turn the call over to Glenn.

Thank you, Katrina, and good afternoon, everybody. Sabrina will come on the call in a few minutes and give you the details of the company's financial performance in the second quarter. Before we get to that, I've just got a couple of comments on Q2 and then I want to talk a little bit about the second half. And then, of course, you'll hear from Sabrina and we'll take all your questions. On Q2, the company had very good sales results on a number of different fronts. We felt good about the comp at a plus-5%. That's a 2-year plus-9%, which is good performance. And it's the second quarter in which we have achieved an internal goal of comp-to-comp. So I think that that's good performance for Gap Inc. in the second quarter. Now, unlike a lot of other retailers and brands, we continued to give monthly sales. We've been giving them in the 6 years that I've been here. We like it. We think it's transparent. That's not a commitment we're going to do forever and a day, but for now, what we think, that makes absolute sense. But I do want to say to everybody on the call that with the consumer environment we're dealing with and the changes in consumer behavior, there's always going to be lumpiness from one month to another. So I think I've said this before, but it's worth reiterating: we report our sales monthly, but we manage our business quarterly. So we come out of the quarter, regardless of how it may flow by month, we feel very good that the company achieved a 5% comp for the second quarter. That's very good performance. I was also really happy with our total sales. Now we had an 8% reported total sales. But if…

Thank you, Glenn. Good afternoon, everyone. We're pleased with our second quarter performance as we again met our goals, which include growing sales with healthy merchandise margins, leveraging expenses, expanding operating margin and growing earnings per share. Please turn to Slide 3 for our earnings recap. Our earnings per share for the quarter were $0.64 versus $0.49 last year. Here are some additional Q2 highlights. Net sales were up 8% with comparable sales up 5%. Gross margin expanded by 60 basis points to 40.5%. Operating margin expanded by 160 basis points to 13.5%. Net earnings were up $60 million or 25%. And with S&P's upgrade of our credit rating earlier in the quarter, we are now an investment grade credit with all 3 major agencies. Turning to Slide 4, sales performance. Second quarter total sales were $3.9 billion. The translation of foreign revenues into dollars impacted our reported net sales. For the second quarter, our net sales were negatively impacted by about $56 million primarily due to the weakening of the yen. On a constant currency basis, our revenues were up 10%. Total sales and comps by division are listed in our press release. Turning to Slide 5, gross profit. Gross profit dollars grew by 10% to $1.6 billion and gross margin was up 60 basis points to 40.5%. Our merchandise margins were down 30 basis points and rent and occupancy leveraged 90 basis points. Please turn to Slide 6 for operating expenses. Second quarter total operating expenses were $1 billion, up $44 million from the prior year. Marketing expenses were up $1 million to last year at $148 million. As a percent of sales, total operating expenses leveraged by 100 basis points. Delivering on our goals of sales growth and expense leverage resulted in net earnings of $303 million,…

Thank you, Sabrina. That concludes our prepared remarks. We'll now open up the call to questions.

[Operator Instructions] And we'll go first to Kimberly Greenberger with Morgan Stanley.

Glenn, the entire team has done just such a terrific job in what appears to be very intense and competitive retail environment. I don't know if you've had a chance to sort of step back and just look at what's going on in your business relative to everyone else. But could you just touch on some of the key operational and executional improvements that you guys have implemented over the last 1 or 2 years to stabilize and improve the performance? And are you seeing any kind of encouraging signs in the traffic trends in your stores that's sort of potentially helping the comp trend?

Let me start with the first question. We -- I'd say what we've been doing for the last 3 or 4 years is to balance out the company's portfolio. So when the new management team started together, one of the comments that I think we made internally and possibly externally, is we got hand -- we've taken over a very nice hand. We've just got to make sure we play it right now. Having a big business in the value sectors, that's important. That's Old Navy. And we have a brand in the value sectors, that's a great opportunity. And the point of differentiation for us, obviously, Gap, iconic, more mid-market. Banana Republic, a little more of, let's call it affordable luxury, versatility and in -- what I would call versatile work. So again, all 3 brands being different from one another. One of the things I've tried to do since I've been here is make sure that while there's always a little bit of internal dynamic tension between the brands -- and let's face it, apparel is only so big, so there's going to be a little bit where they intersect in certain categories. We try to make sure there's enough differentiation between the brands. I think that helps us. And then, as you know, for the last number of years we've been pushing our online business, putting investments behind that because we know that's the future. And we've always had a great platform. We're just building in that platform and evidence of that is another great quarter of a 27% growth. And that's good, not only for where the customer is, but it's great for return on capital, great for return on sales. And simultaneously, we've been pushing the outlet business. So a good opportunity, where 2 of…

[Operator Instructions] Your next question comes from Lorraine Hutchinson with Bank of America Merrill Lynch.

Sabrina, I just wanted to follow up on the decline in merchandise margin this quarter. What were the drivers and what's your outlook for the rest of the year?

Yes, so the merchandise margin was down very slightly. Fortunately, as we've been calling out, that a big driver to our gross margin opportunities going forward is going to be in rent and occupancy. So very much as we'd expect, Lorraine, we're driving that expansion through rent and occupancy leverage on the positive comp. We said that past Q1, we were not going to have any AUC tailwinds any longer and we just wanted to deliver our merchandise margins and our comp -- or our comp with healthy merchandise margins. We feel like in this environment, we very much achieved that in Q2. And so we'll always be looking to do well on the merchandise margin line, but a lot of our opportunity lies in the continuation of rent and occupancy leverage on a positive comp.

Going next to Lindsay Drucker Mann with Goldman Sachs.

I was hoping -- Glenn, on the last conference call, I think you talked about feeling better vibes from the consumer in a sense that things were starting to pick up. I was curious if you still have the same point of view and whether you can give us a sense on how August started and back-to-school started at this point.

Well, I think you know us well enough that we're not going to comment on August. And when it comes to back-to-school, it's obviously a moment in time, but it's not a holiday for our portfolio of brands that may be for other retailers that you cover. Old Navy is really the only brand that participates in back-to-school. So while it's important and we certainly want to go out and gain market share and use it as a way to bring new customers into our stores, it's not something we're as dependent on as others. In terms of the customer, my views haven't changed. That all I can do is look at it from a high-level and go, it seems that there are a positive signs on employment in this country and in some other countries because we're global player. It seems like certain wealth creation, whether it's in people's equity in their homes or whether it's people who may be fortunate enough to be in certain stock markets that that's creating wealth beyond was -- people would have had in 2012. And other -- like anybody, we're doing our research, we're talking to customers all day long, we're trying to manage people's -- trying to understand people's expectation and where customer sentiment is. But as I tried to say in the opening comments, we figured out as a management team in 2008 that we were dealing with a new paradigm that somebody coined back then as the new normal. And in the new normal, it's not uncommon for customers, for very little reason or any reason, to go into hibernation. Whether that's for a month or whether that's for a quarter, that's just something that we become acclimatized to. And our team, as what I said earlier to the…

We'll go next to Janet Kloppenburg with JJK Research.

Sabrina, I wondered about your comments with respect to gross margin and [indiscernible]? I was wondering if that implied that you were less optimistic about full-priced selling opportunity in the second half of the year. And Glenn, I wondered if you would talk about the denim category. You've invested in it in a major way at both Gap and Old Navy. A lot of people are talking about the comparison to colored denim from last year. And I'm wondering if you think that could be a challenge this year.

Janet, I will start with the first part of your question and my comment to Lorraine's question was in no way meant to imply that we had changed our outlook on reg selling. In fact, in the second quarter, we improved in terms of how much we sold at reg and promo. So we sold less at markdown, more at reg and promo. So we're on a really good path with good momentum there. I think our opportunity really lies in continuing to be quite surgical about our promotion and making sure that we are getting the highest yield we can and not giving away too much, as we do what our customers value and want, which is some promotional activity, but continuing to manage those really well. But we did very well on the reg selling bucket. And of course, that remains an opportunity, but I think we have some good momentum there.

And then as far as denim is concerned, it's a dominate category for both Gap and for Old Navy. And we're not -- we would never abandon color. It's part of the DNA of both brands, maybe a little bit more in Gap than it is in Old Navy. You're still going to see color. There's color still in our stores this fall. There'll still be colored denim in our stores in holiday. Is it less pronounced? It's less pronounced. I mean, I think our view is that trying to climb the mountain a second year in a row when a lot of people came in last year who bought a lot of colored denim from us, I think that there's still opportunity to sell more to them in the next 6 months. But the move we have made in either the marketing campaign for Gap of Back to Blue or the current marketing campaign for Old Navy, is we believe in going back to indigo with different treatments. Some cases it's coated denim, grays are very big for us. So we're really pleased with the business we're doing in that category. So between Gap Outlet and Old Navy and Gap, I think we've made some really good decisions to not move away from color but to maybe marginalize them a little bit versus what we had last year in the back half and then add something new and fresh and try to make sure, not only do we have the right different kinds of indigo interpretation, but we have an amazing fit that the inventory has done right and then we count on people online and in the stores and our marketing team to tell that story. And so we're pleased with how the marketing looks. We're certainly pleased with how the denim is showing up in the store. And this is not just 1 month, this is -- what you see now is the foundational shift that we believe we had to make that you'll see in our stores. Not -- of course there'll be new product coming in, but foundationally, the shift you're seeing is going to last us from now until the holiday.

We'll go next to Matt McClintock with Barclays.

Glenn, I thought it was interesting, the comment you talked about going after a new customer profile for all of the brands. And I was just wondering if you can elaborate that and maybe give us some more color on what is the profile of the new customer versus your existing customer? And what were some of the limitations that prevented you from, perhaps, going after this customer before?

Yes, maybe in my opening comments I may have misspoken. What -- the message was that the customer profile has not changed whatsoever. And neither has the positioning of the brands or in many cases the platform or the marketing. Our view is that, if you just use Old Navy for a second and say that we have a customer profile who's a targeted customer, we understand that customer, who she is, who he is, what their families are. In a business like Old Navy is you just target that customer exactly as a percentage of customers that are available for every x percent of customers, we may only have 5% or 10% of them. And within that group, we look at it and go how are we holding on to our loyal customers, which I think disproportionately that's been our obsession coming out of 2008, 2009, back to a -- I feel like I'm a historian today, back to giving you a history lesson, but coming out of that period of time, we really focused on holding on to the customers we had. And then the last year, maybe 18 months, you've seen some of the investments and some of the mediums we've been using to make sure that we can address lapsed customers. And this is where big data is important because now we can look at information and look at tendencies of customers who are loyal and what makes them lapsed and try to get to them and speak to them and incent them, in some cases, before they become a lapsed customer, to stay loyal with us. It's all the same about new customers, Matt, is there's a lot of customers in our targeted profile who really, believe it or not, either have not tried us…

We'll go next to Betty Chen with Wedbush Securities.

I was wondering, Sabrina, the SG&A number leveraged very nicely in the second quarter. Can you remind us of some of the opportunities or is it mainly coming from the leverage on the top line. And whether some of those opportunities can continue into the back half and how we should think about that line item?

Yes. We did do very nicely on SG&A and we continue to be very disciplined on that line item. I would say the 2 primary drivers helping us in the quarter was all of our store-related expenses did very nicely and were well managed by the teams and leveraged nicely. And then as well, lacking last year's big investment in marketing, where we're sort of on a nominal dollar basis, you can see holding those marketing dollars being up only 1 million, that's providing some nice leverage as well. So those are probably the 2 biggest buckets. As Glenn sort of alluded to, in the back half, we'll continue to be disciplined. Certainly marketing, because we invested so much last year, we certainly don't intend to divest, but we're probably not going to increase those investments a lot. So they should continue to leverage. The only thing I'll call out, of course, is that in the fourth quarter because of that lack of a 53rd week, of course, leveraging is going to be different in the fourth quarter than it is in the other quarters.

We'll go next to John Morris of Bank of Montréal Capital.

Glenn, I think a question for you about one of the initiatives that I think went live last quarter, the Reserve in Store initiative. How's that going? What are you seeing from it? What kind of benefits are impacting the business maybe in terms of Citrix, thinking about the UPT, et cetera?

You're right. We launched it about 8 weeks ago. It's in a total of 40 stores divided into 2 cities and into 2 brands. So that's in Chicago and San Francisco and it's Gap brand and Banana Republic. And just to take a step back, it's just -- it's another -- it's another point along the journey for us when it comes to omni-channel. So we were early into ship-from-store, which is more than a year old. We then, obviously, this is all about dealing with the customer first, we then realized the ship-from-store was helpful. We then realized the power of find-in-store, which is making sure a customer, before they make that first decision to start a journey, you can go on our site, hit the FIND IN STORE button on a particular product and find out the availability of that product within a store within 25 miles of where they currently are. That's a tool I think we still need to invest in and educate people on. But we know one of the biggest challenges everybody in retail faces, maybe a little more pronounced in apparel than maybe if you're in a drugstore business, is when they see something that you can get them excited about, whether it's through the marketing you're doing out of home or in magazines or windows in your store or something online, of course, on your smartphone, is will it be available? I mean, think about that when a new collection launches or something like a collaboration with Issa, trying to find out if it's available is -- that's that battle that customers have with themselves because that's the nature of this industry. It could be gone very quickly. So find-in-store is very important. Find-in-store then gave birth to reserve-in-store. So to answer…

We'll go next to Dorothy Lakner with Topeka capital markets.

Maybe tagging onto that last question, Glenn, I wondered if you could talk a little bit about the split between e-commerce and stores or the lack thereof. There has been a lot of talk, I think, on other calls where perhaps results have been weaker about online-only retailers taking market share and how many stores are you going to close and -- kind of the conversation moving towards is the stores business going away. And clearly, you're ahead of the pack anyway because you closed so many stores over the last decade, you really cleaned up the stores portfolio. So how are you feeling now about the omni-channel business and the power of having stores versus -- or with the online capability that you have as well?

Well, just one point before. We've only started closing stores 5 years ago. We probably shouldn't have opened stores in the first 5 years of the decade you're referring to, but the store closure program really started in 2008. We'll have it completed by the end of this year. Well, we've said publicly, there's always going to be maintenance closures you're going to do or repositions. If you have a big fleet -- you heard Sabrina talk earlier, just under 3,200 stores -- a big fleet like that, there's going to be more than onesie and twosie. But you're right. We got ahead of the pack because that was one of our strategic initiatives in 2007. I don't know. I don't -- we're -- we see that in a completely different way. I may be wrong with this number but if nothing else, it's directionally correct. In the last quarter, I think Amazon's number, who are peer play, were up 22%. And we've been up 27% the last 2 quarters. So our view is that these -- I think it all depends on people's definition of the omni-channel. For us, the omni-channel definition is that the world becomes seamless and that it's totally transparent. It's all about serving the customers. So if a customer, to John's question, is in Chicago and wants to reserve something 11:00 at night and get a text from our team at 9:05 after we open at 9:00, saying it's here, Dorothy, and it's waiting for you and we're going to hold it here for 24 hours, that makes the store incredibly valuable. The other thing I want to mention to you that -- it's a stat I gave out recently, is in spite of the fact that more and more customers are experiencing our brand online first, that number should hit about 50% this year, where the smartphone, your tablet is the first place you go to experience the brand, the one number that has not changed is that -- and we -- this is 6 years running now, 80% of our customers actually want to go try on the product in a store. And even though the smartphone, tablet and they're experiencing virtually an online of the brand and being able to lose yourself and do your own discovery and shopping online and that's why investments online are very important, the store matters in our category. So what better advantage do we have than to build a transparent, seamless environment. As I mentioned to John, we started with ship-in-store, find-in-store, reserve-in-store and as I'll talk more in September as I attend a conference in New York, is about the ability now to personalize that experience and be very cognizant of the power of a physical bricks-and-mortar location and an offline and bringing those 2 together, I think that's who's going to win in the long term, those who can do that in our category.

And just to underscore Glenn's point, Dorothy, when we report comp, we said that online generally contributes about 2 points of the comp. So with our 5 comp in the quarter, certainly, you can see that our store's underlying has a very healthy comp.

And we'll go next to Jennifer Davis with Lazard Capital Markets.

Sabrina, first, a quick clarification. Did I understand this correctly, did you say that the impact of the calendar shift on fourth quarter EPS would be greater than the $0.08 benefit that you saw in the first quarter? And then my question is how much fabric or what percent of fabric are you currently platforming and how much has that increased this year and how much more room do you have to go with that?

Great. So yes, you listened really well, Jennifer, as usual. So that's exactly right, that the negative impact to the fourth quarter is larger than the $0.08 that the first quarter benefited from. And then I'll let Glenn take the fabric platforming.

Haven't had a chance yet today to use our analogy with innings, but I would say that on a fabric platforming, the benefit of that will really be felt in the first quarter of 2014. But we likely came from an environment where -- earlier this year, we're probably in the second inning, we get into the second half in the third inning and I think we'll catapult ourselves to the sixth or seventh inning in the first half of 2014. And then the target we have, what percent of our total business will be fabric in a -- in a fabric platform environment into a toolbox. And part of this started with fabric reductions and eliminations and consolidation. That was very important. Once you get that done, and that's the work that's been going on for the last 6 months, then you get into a platformed environment. So will be a little bit of progress in the back half of this year, but we'll have it all done by the second half of 2014.

We'll go next to Brian Tunick with JPMorgan. Brian J. Tunick - JP Morgan Chase & Co, Research Division: One for Glenn and maybe one for Sabrina. I guess, Glenn, as you hindsight with Stefan on the Old Navy business for the first half, just curious from a category or execution perspective, what were you most happy with and where do you still think Old Navy has the biggest opportunities as you guys work together? And then maybe for Sabrina, it looked like you only bought back, I think, $27 million worth of stock in the quarter and you didn't raise the dividend after the close. So just curious, should we be thinking about you're going to be increasing the dividend faster than you buy back stock or just any thoughts on the capital allocation.

On Stefan, what I can say about him, is that he's harder on himself than I am on him. Look, a lot of this -- a lot of the impact, Brian, that Stefan is making on the business will more be felt in the back half. Just in fairness to him, he started in October of last year. So we didn't have him necessarily jump right into the business day 1, so his biggest impact is yet to come. But I would say building a great team, which he's done, which is 75%, 80% of the people are in the company already, but putting the team together, getting everybody very focused has been very important. The fact that he really believes and loves what this brand stands for, because sometimes you bring new people in, in spite of how you may interview them and what they may say, you get them in the seat for 30, 60, 90 days -- and some people may have different opinions, I love the fact that he's been consistent since the first day he's here of what this brand stands for. Now he's evolved it. He's polished it up. But I think he's got really good clarity in the business about what's important for him and how Old Navy is going to go out and win. And you can't debate the fact that he's had a pretty good execution with the product that he inherited, which was good product. I mean, the team before him did a very nice job. But you still have to have somebody who has to take that, as I said earlier in my earlier opening comments about the second half of this year, you still have to have somebody who stewards that through. And first -- second quarter comp of 6% is good performance. So I think that that's where he probably had his first initial commercial impact on the business. So I think that's very good. And he found the right balance. I like the fact that he didn't unnecessarily chase any given month. As I said, people look at our business internally. We obviously have a long, long view that Sabrina and I have, which is measured in years. But our brand presidents look at their business on any given quarter. So he didn't unnecessarily chase 1 month versus another; he did make the right decision and he produced a very good quarter. So I'm -- with that all said, I'm excited about the second half for him because he's view of Old Navy, his view of fashion and apparel, his view of how he's going to bring that brand and continue to build on it and build on it and win, I think some of that will be felt in the second half.

Yes. And then with regard to -- I'll call it cash distributions, broadly. Our -- many of our philosophy has really changed, Brian. So we're big believers in distributing our excess cash to shareholders and we will continue to use both the dividend as well as continued share repurchases. With regard to share repurchases, the stocks actually just moved up and we're pleased with that quite a bit year-to-date and even within the quarter. And we tend to be opportunistic. So we just haven't caught that wave at the right moment. But there's been plenty in years where we do a lot, if not the majority, of our share repurchasing in the second half. So we're still very open to that program and we look forward to continuing it. The dividend increase, really, is about underscoring our commitment on the dividend side as well. We -- we stepped up the dividend in a meaningful way at the beginning of the year. But truly, probably increased it at a more conservative end of the payout range we like to be at. So we were at 25% with the $0.60 dividend per share. And part of that is when we increased the dividend at the been very beginning of the year, we were contending with more uncertainty with regard to the tax rates just being lifted on capital gains and dividends and the fiscal cliff situation, the debt ceiling situation. So with more clarity on that, we felt really comfortable stepping up the dividend to the higher end of the payout range that we like to be in.

We'll go next to Oliver Chen with Citi.

This is Nancy Hilliker filling in for Oliver Chen. My -- I have one question related to just product. In terms of athletic apparel within the different brands, Gap, Old Navy and at Athleta, can you give us an update on how Athleta is performing? It seems to be a popular category this season. And also, if you could just give us a little bit more information on updates with Intermix and Athleta and performance there, in particular.

Well, what I would say is athletic, women's athletic apparel has been popular for many seasons. And it's the reason that, not only that we decide to make a decision to acquire Athleta, but also to boost our presence in that category by really introducing GapFit into the Gap business. And you can see the active product and the active brand you see at Old Navy. So our view is that this is not cyclical. That you have a long-term opportunity where women in general are looking at different combinations of occasions and outfits and it's -- you don't have to walk too many malls or too many schools or see people on weekends, that there's -- it would be a little bold of me to call it the new denim. But there is something about the occasion of wearing something that's very fitted, that you're comfortable in, that's casual, that can also look good. I think that we've covered the bases because similar to denim, you have different people buying at different price points. You have Old Navy, who have their active bottoms, which again are doing extremely well at $29. You have Gap with GapFit at $49. And you have Athleta around the $79 price point. So to us, as the category continues to grow, if it is like denim, then we are really well positioned on -- really, where the majority of the business is going to be done are going to be in those 3 price points. As long as the people who run those business continue to differentiate them, put the right technical properties into them, make sure that the fit is phenomenal and consistent, then you can have fun with it. After all, were in the fashion business unlike other companies. So when it…

We will take our final question from Ike Boruchow from Sterne Agee. Irwin Bernard Boruchow - Sterne Agee & Leach Inc., Research Division: I guess the question is on marketing. And I guess this is a question for both Glenn and Sabrina. Glenn, the idea to go back to TV for the first time in 4 years, can you talk about what the rationale was and how you thought about that from an ROI perspective. And then, I guess, Sabrina, when we think of -- your advertising dollars have been roughly low-single digits in the first half of the year. Because you're going back to TV in terms of how much that costs, I mean, how should we kind of expect that for Q3 and the back half, if you could give any guidance.

Well, I'll just start sort of from a financial perspective. We feel really good about the investments we're making in marketing. And even though our traffic is still slightly negative, it has been improving from Q1 into Q2. With regard to the television, I will tell you that the team has just done an excellent job of being really efficient with that spend. Because unlike the last time we were on television, which was holiday '09, when we used to invest quite a bit of dollars to do national network TV, we're no longer pursuing television in that fashion. So it's going to be much, much more focused and surgical on our top market and buying spot TV, which I think these days especially is just much, much more efficient than the old national network. So that's how we're keeping the dollars well in hand. And we think it's a solid investment. I'll turn it over to Glenn.

And I mentioned in the opening comments that there's different gates that -- not just Gap, we're not picking on them -- but if anybody wants to shift their investment in any kind of significant way, again, the investment increase is not going to happen, but moving the money around and experimenting with new mediums, we tend to get involved on those conversations. Gap very effectively crossed all the gates, I talked about in my opening comments. The big thing for me is television is to be repetitive as the medium, but what I like is the content that the team is putting together that can be used in social, it can be used on our online site, it can be used in cinema, it can be used on television. So the content is what's important. And our CMO for Gap, who is super talented, working with Stephen Sunnucks and the team, has come up with some great content. Now within the framework of how much money they have to spend, which even in short -- in 4 short years between 2009 and today, the options for that team are multiples more than they would have had in 2009, where television was probably 90% of the use of expense on the content we develop. I'm not going to give the number but it's a number much, much less and you're much less dependent on. Although it's still a very important medium, you're much less dependent on it. So I think the knock-on effect of television and all the other levers that the team is going to use is going to be great. I think the creative was well thought through. I think it's very Gap-appropriate. I think it's in a season we've got something to talk about, which is Back to Blue, back to our heritage, what we stand for, how we want to differentiate ourselves. So I feel good about what they're doing. And as I said, whether this produces another use of that medium -- we're going to produce content for holiday, whether we use television medium is to be determined, but we're going to have content. That's how I'll leave it with you.

I'd like to thank everyone for joining us on the call today. As a reminder, our earnings press release, which is available on gapinc.com, contains a full recap of our second quarter results as well as the forward-looking guidance included in Sabrina's remarks. As always, the Investor Relations team will be available after the call for further questions. Thank you.

Thank you. That does conclude our conference. You may now disconnect.