Please stand by. Good morning, everyone, and welcome to the PVH Corp. Second Quarter 2015 Earnings Conference Call. This webcast and conference is being recorded on behalf of PVH and consists of copyright material. It may not be recorded, rebroadcast or otherwise used without PVH's written permission. Your participation in the question-and-answer session constitutes your consent to having anything you say appear on any transcript or replay of this call. The information being made available includes forward-looking statements that reflect PVH's view as of August 26, 2015, of future events and financial performance. These statements are subject to risks and uncertainties indicated in the company's SEC filings and the Safe Harbor statement included in the press release that is the subject of this call. These risks and uncertainties include PVH's right to change its strategies, objectives, expectations and intentions and its need to use significant cash flow to service its debt obligations. Therefore, the company's future results of operations could differ materially from historical results or current expectations. PVH does not undertake any obligation to update publicly any forward-looking statement including, without limitation any estimate regarding revenue or earnings. Generally, the financial information and guidance provided is on a non-GAAP basis as defined under SEC rules. Reconciliations to GAAP are included in the referenced earnings release, which can be found on www.pvh.com and in the company's current report on Form 8-K furnished with the SEC in connection with the release. At this time, I am pleased to turn the conference over to Mr. Manny Chirico, Chairman and CEO of PVH. Emanuel Chirico - Chairman & Chief Executive Officer: Thank you, and good morning, everyone. I'd like to introduce also on the call Mike Shaffer, our Chief Financial Officer and Chief Operating Officer; Dana Perlman, our Head of the Investor Relationships…

Thank you. We'll take our first question from Bob Drbul from Nomura.

Good morning. Emanuel Chirico - Chairman & Chief Executive Officer: Good morning, Bob.

Hi, Manny. Maybe a couple of questions for you. The first one, I guess, China is top of mind; I was wondering if you can elaborate a little bit more in terms of what you are seeing in China? And I guess with some of the macro trends present, does that speed up or change the potential for the license buyback opportunities that's there? Emanuel Chirico - Chairman & Chief Executive Officer: I guess, let me start with part one of that question, which was the business in China. Our business in China both for Calvin, that we operate directly, our comps have been running between mid single digit to high single digit for the first six months of the year, and that trend is more or less continued into – through August so far. The challenge is – trying to operate that business is, trying to get beyond a lot of the noise that's going on from the stock market point of view and where we see the business moving and going. So you can't help, but look at that business and be a little bit more conservative about how we project that business out both through the balance of this year and then moving into 2016 and beyond. So it just gives us pause. We've seen how the luxury market has been hit from the sales point of view. We haven't experienced anything like that. I think our brands are – both Calvin and Tommy are very well positioned in that market as premium brands, affordable luxury. So I think that works to our advantage and we are – we have strong brands that are really executing from that point of view. On point two, on Tommy, potentially we're acquiring the 55% of the Tommy Hilfiger license business that we don't own throughout China which is very healthy and very profitable. I don't think – I try not to make those macro issues really impact that decision. Strategically, it makes all the sense in the world for us to own that business. I think from a valuation point of view, although that market has taken hits – if you look at PEs or valuations (23:28), they're still relatively high. So we will be diligent as we look at that. But, clearly, one of our goals would be to own that business sooner rather than later. It just makes too much sense from a brand point of view; and I think financially, it should be a nice transaction for us.

Great. Thanks, Manny. And I guess the second question that I have is on some of the commentary you made around the back-to-school period, maybe just discuss a little bit more around the trends that you're seeing. I guess is it your retail stores and is it your wholesale partners, and sort of how much of a pickup you expect to see with the later Labor Day, and sort of how that's incorporated in the third quarter estimates that you've provided this morning? Emanuel Chirico - Chairman & Chief Executive Officer: Sure. I think just to talk about how we plan the business. From the beginning of the year, we've always planned August negative, low single-digit, negative kind of comps because of the shifts that we see. And we're planning September more aggressively and higher positive, mid to high single-digit. When you put both months together, I think you get a much more natural feel for the business running – continuing to run up low single digit positive comps in our own businesses and at retail, generally speaking. I think – geographically, I think it's much more of a Northeast, Southeast phenomenon with the whole back-to-school being somewhat later. I think as you move across the country, some of those schools come back earlier. And since most of our retailers and ourselves have a concentration of business in those regions, it's having a significant impact on trying to read business. I think when we get to September 15 or whatever, we'll have a real clear understanding of how this back-to-school period is trending. But I think, generally speaking, everyone has planned it to be somewhat later as we've gone forward.

Great. Thank you very much, Manny.

Moving on, we'll take our next question from David Glick of Buckingham Research.

Thank you. Manny, congrats on the progress. My first question was on Calvin Klein. Obviously, you're seeing some acceleration in your business. Looking at your guidance, it does imply a ramp-up in the fourth quarter. I just wonder if you could touch on what is driving that increase? You talked about a strong order book, but what gives you the confidence that you can see that kind of acceleration? And what does that mean for the business going forward? Can we see an acceleration in the Calvin Klein growth rates to levels that you guys have talked about as your goals going forward? Thanks. Emanuel Chirico - Chairman & Chief Executive Officer: Well, I think there's two things really going on. I think – three things. I think the underlying business just continues to perform very strongly. So we're really seeing the kind of sales performance that we've seen at retail with – in jeans and underwear. As you could imagine, when you're getting the kind of sales increases we've gotten, we've been chasing business all year. We really get into a position where we could fulfill at, what we would feel like an acceptable rate of consumer demand, particularly in underwear which is replenishment business, really starts as we get into the holiday season, probably late September, early October. So I think you're seeing a bit of that. So the real healthy trends in the underlying business. We also had some pretty significant square footage growth in Calvin, and Tommy to a degree, due to the transfer in North America of our IZOD stores to the Calvin Klein Underwear and Accessory stores. So square footage growth there that'll really come in in the holiday selling season which is very strong. And then last thing is, internationally, even with all the strength, we are going to benefit in the fourth quarter like everyone else from early Chinese New Year, which really impacts a lot of the Asia markets. It's about two weeks to three weeks earlier this year and you'll get – you get two things happening; you'll get earlier actual retail sales in the stores that we are operating, but also because of the early Chinese New Year, wholesale shipments are falling into January out of February. So there's a little bit of timing shift that we have to just deal with every year with Chinese Year. But underlying business just continues to be very strong. Looking into 2016, we're not getting into all the guidance discussion about it, but obviously there's momentum in the Calvin Klein business. And we think that momentum will help us offset, partially offset some of the headwinds we're seeing with continued pressure on FX, particularly on a transaction basis going forward from inventory purchases in some of our foreign markets, Europe, Brazil, Mexico, and Canada. So we've talked about those issues; so that's in front of us in 2016.

Great. That's a good segue into my next question in terms of your ability to offset that. You've talked about managing SG&A, taking some price increases and potential AUC reductions. I'm wondering if the devaluation we're seeing in the Chinese currency is enhancing your ability to increase the percentage of transactional FX that you may be facing next year? Emanuel Chirico - Chairman & Chief Executive Officer: Well, the Chinese currency impact has been relatively small. It's about a 3% reduction. So, I mean, that is what – at this point, what that might portend as the world – as you extrapolate that and if there's more pressure on the Chinese currency, clearly that might make an opportunity for fall 2016 and beyond. But right now, at this point, with the pressure you're seeing on labor rates offset by some currency benefit, it's very marginal, just on that particular front. You hit the three – the three buckets we really are trying to focus on. As you can imagine, the challenge, the biggest challenge we're looking at is, how aggressive to raise prices particularly in a world, as you look out there that is facing extraordinary deflationary pressure in just general terms across a – the ways most economists speak, the biggest concern is deflation, not inflation. So the challenge we're facing, although our cost increase, let's say, in Europe or Canada are increasing anywhere from 12% to 18%, because a big piece of that being currency offset by some products savings, how much can you raise prices in one season? And that continues to be an ongoing discussion with our retail partners. And we'll give more color to that as we get into the end of the third quarter going into the fourth quarter. But we talked about that, that there'll be pressure in the neighborhood just on a pure mathematical basis, in excess of $1 a share in 2016. And we're hoping to be able to offset – partially offset some of that. So that's where we are right now, David.

Great. Thanks. Last quick question on dress shirts, not your largest business obviously, but it did have a pretty sizeable negative impact on your fourth quarter last year. You talked about the Flex Collar, I'm just wondering how big an innovation that is and how broadly you can extend that production innovation across your wide array of brands and programs? And is this the kind of thing that could be like athletic fit was for you or fitted, or how are you viewing this new product? Emanuel Chirico - Chairman & Chief Executive Officer: That's a great callout, and our dress shirt business is a $500 million business, and it's – really, we went after the production innovation. You saw it at MAGIC (31:56) but if you go into stores now you'll see it principally with the Van Heusen. There's a million units on the floor which is significant of this new product and this new technology that we have a patent on to use. So we are seeing really a strong response to it. I don't want to get too far ahead of ourselves, it's three weeks of selling. It's – as you would expect, it's at the three key retailers, Kohl's, Penney's (32:25) and Macy's in a substantial way and it's a getting a reaction. And we're getting – it is a little bit more expensive product and we're able to get a higher retail price on it. So we're tracking the business. We have the pipeline and the sourcing network in order to go really after the business in 2016 if it really starts to roll out, and we'll focus on some of our other owned brands where we may employ that technology where it makes sense. So it is a real innovation for the dress shirt business. And I think we're going to try to take advantage of it as the market leaders.

Great. Thank you very much. Good luck.

Moving on, we'll take our next question from Joan Payson from Barclays.

Hi. Good morning. Emanuel Chirico - Chairman & Chief Executive Officer: Hey, Joan. Michael A. Shaffer - EVP, Chief Operating & Financial Officer: Hi, Joan.

Manny, could you talk a little bit – I think you've mentioned China; but more broadly for 2016, are there any other potential headwinds that you would foresee and how do those compare to this year? Emanuel Chirico - Chairman & Chief Executive Officer: I guess, Joan, the biggest headwind we face, cut through it all, is currencies. And then I guess fundamentally currencies are usually – I mean, there's a lot – I don't want to play economist, but those are usually indicative of what's going on in the underlying economies. So on a – the biggest market for us is Europe. It has gone through some macro issues, but we're actually seeing positive sales trends in Europe. We believe that economy is coming back and that consumer is re-engaging. The challenge we are facing in Europe for 2016 will be cost increases that are double-digit cost increases, and how much of that is reasonable in one or two seasons to pass on to the consumer. That's the biggest challenge we're facing in Europe. As you get into some of the other markets that you talked about, some of the emerging markets, Brazil, Brazil for us has been a – for Calvin Klein, in particular, and Tommy is just really getting started with a joint venture there, we've seen over the last five years dramatic growth in that market; but, clearly, as we are planning 2016, we are planning that business flat to down slightly, and that is just different than what we've had to do over the last five years. And it's totally a reflection of what's going on in that macro environment, how that consumer is being impacted by everything politically and economically that's going on in that business. So I think, in some regards, given that…

Okay, great. And then you also mentioned the digital initiatives as being a big program over the next three years. Could you just provide an update on how big those online businesses are at this point and what rate they're growing at? Emanuel Chirico - Chairman & Chief Executive Officer: Sure. I guess, what I would – I'm not going to really quantify in total, but I would describe all of our online direct businesses as small. Add it all up, $150 million in sales just taking everything into consideration. It's growing dramatically, but again off of a small base. And we really target that as a growth area. In the Calvin Klein area, in particular, if you think about pre-Warnaco acquisition, we were a licensor. And getting the model right internationally in e-commerce platform, direct e-commerce platform was very difficult as a licensee with so many different partners doing business, and Warnaco being the biggest partner at the time. Post-acquisition, that focus has completely changed. We now control probably – in apparel, we probably control 65% of the categories today, and with our relation with G-III, are able to really aggressively go after the women's area as well. So that's been the area where the biggest investments have been made. We now have active, highly functioning, performing e-commerce direct-to-consumer platforms in China, throughout most of Asia, Europe, launching in Brazil, launching in Mexico, North America obviously both brands, Tommy and Calvin are really – are there. And now we're making those connections with the consumer that needs to be made, not only from a commercial point of view. But today, I would say between Calvin and Tommy, 60% of our marketing budget are directed at digital marketing, and connecting with the consumer there, converting them to our in-store platforms, our wholesale customers' in-store – online platforms or our own brick-and-mortar stores as well. So it's really a 360 campaign. It's requiring capital investment. There's no doubt about that. But those – that's just the price of growth and where we are and it's factored into all of our plans as we go forward. So it's a big opportunity and it's – both an opportunity for us to sell direct to the consumer, but also sell through our key wholesale accounts, our e-commerce platform where we're really seeing growth. And if you look at our dot com business with some of our partners, those businesses are up depending on the player anywhere from 30% to 50%. So clearly, our penetration continues to grow online.

Great. Thank you.

Moving on, we'll take our next question from Erinn Murphy from Piper Jaffray. Erinn E. Murphy - Piper Jaffray & Co (Broker): Great. Thank you and congrats on the progress during the quarter. Manny, I was hoping you could talk a little bit more about the denim business? I mean the category broadly has seemed to have a little bit of a resurgence and it seems that there's also been better pricing integrity in the category of late. So maybe can you share a bit more about the Calvin Klein traction you're seeing, in particular the inflection in women's? And then, what are you seeing broadly right now in terms of AURs and just how you're planning the promotional side of that business? Emanuel Chirico - Chairman & Chief Executive Officer: Okay. So I think is – let's talk about North America first. I think we're clearly seeing both growth in men's and women's, we're seeing much better sell-throughs, more regular priced sell-throughs, or prices that are first kind of markdown. Denim is a category that will be promoted no matter what your brand is. But I think what we're really seeing is, it's been a cycle for the last – going into this year, last three or four years where particularly in the women's side, men's has been more stable, but women's in particular, it's been really a sharp decline in overall market share in denim. And what that's really done is, as you move through seasons where inventory historically had been building up, it's required more promotions, more clearance, and a real takedown in AURs overall for the season. For the last nine months in our jeans business, our AURs are up about 20% in men's and women's in North America. I think that's a sign of health…

Moving on, we'll take our next question from Michael Binetti with UBS.

Good morning, guys. Congrats on a great quarter. Emanuel Chirico - Chairman & Chief Executive Officer: Thanks, Michael.

Manny, could you just help us understand the big inflection in the Tommy same-store sales in the quarter, particularly the inflection to 9% in Europe as a particular standout? Maybe a little help on whether you think, hey, that was simply good execution from the team in the quarter or if there were some changes that you made that we should think about as more of a medium-term tailwind? Emanuel Chirico - Chairman & Chief Executive Officer: I think it's hard to say. Let me start with that. So we had a really good second quarter selling season. You could make a case of – well, as we moved into August, your comps have decelerated from plus 9% to mid single-digits. But I think some of that is the fact that it was such a successful first half of the year full-priced selling, we had significantly less merchandise to promote and sell off during the traditionally sales seasons throughout Europe. So we just weren't as aggressive in July and August from a promotional calendar, because we didn't need to be, and I think we managed our gross profit. So as we're turning into August and that's starting to wind down, we're seeing business continue to improve. So I think there's two things going on. I really think our line is fantastic. I think the consumer is connecting with it. I think the product is right. But I also think that there's also something just going on in the overall environment. In Europe, I think there's two basic things. I think the environment is improving. And I think because of the currency situation that's going on, I think a lot more Europeans are staying home. And by staying home, I mean, I think they're vacationing this summer within Continental Europe and UK where their euros are buying more, where if they come to the United States, forgetting everything else, their hotel and food, just from a currency point of view, is up 20% to 25%. So I think we're benefiting from that. We're also, I think, benefiting from the fact that our Chinese consumer or Asia consumer instead of being in the United States is more so in Europe. And as you – I was in Paris and I was in Amsterdam this last month, you could see the tourism boom that's going on there and helping their economy. So long-winded way to say, I think, the underlying product and the brand strength continues to be second to none particularly in Europe for the Tommy Hilfiger brand. And then, I think the environment continues to improve and that consumer is back out, opening up their wallets and spending money, and we are getting a larger share of that.

Okay. And then on the Calvin business particularly in North America wholesale, that's been hovering – I mean, you helped us isolate a few datapoints that have caused some noise in there, like shifts, but it's been hovering plus or minus flat range for a while. And with all the growth and inflecting demand from retailers even talking to us about it's not exactly intuitive why the reported results are still hovering around the flat range. I'm trying to think backwards through the moving parts that are in the baseline there and what's causing that number to remain flattish? And more specifically, are there some things that you would point out to us that start to roll off over the next few quarters from that baseline that remove some headwinds that are going to make the growth rate of that North America business sound a lot more like what we – what it sounds to me like you're trying to tell us the underlying run rate of the business is as you started relaunching product? Emanuel Chirico - Chairman & Chief Executive Officer: Yeah. Look, Michael, I think there's a lot of noise in numbers because of currency and everything else, that's the point one. I think point two is, we have consistently been talking about cleaning up distribution, closing doors, but also – even in some of our best accounts as much as – we've opened square footage and we have expanded in top doors and we just didn't think a brand belonged in some – a lot of the bottom doors. So there's been that ongoing issue. And I've also talked about the fact that we've been chasing business constantly. So you don't necessary see it all on the topline, although there has been topline growth. What you've really seen is, I think is in the operating margins in the business despite the currency impact which is taking that away, but the operating margins of the business just continued to improve. So I think the inflection point I touched on is really fourth quarter. I think you'll start – that you start to see that more, and, hopefully, as we go into 2016, we see our order books really starting to improve significantly in North America.

Okay. So it's at least somewhat related to removing distribution and the year-over-year headwind that that causes. That will connect that to I think David's question earlier where it says this is how we get to the business (51:37). Emanuel Chirico - Chairman & Chief Executive Officer: Mike and Dana just handed me a notice. We report North America and when you add – Canada's currency is down 20%. So that's a 20% increase before – and Mexico is down 18%. When you factor that in, when we put all in it, it's just part of the drag that's on the business as we go forward from currency.

Okay. And if I could just ask one last quick follow-up. I think you mentioned last night on television that maybe a six months to nine months' timeframe as far as looking at licenses, help us think about it? At this point – I don't know if anybody has reminded that you said that, but at this point... Emanuel Chirico - Chairman & Chief Executive Officer: Well, now they are.

You can't go on TV and expect us to forget, Manny. So at this point – can you help us think about what influences timeframe on that? Is it – look, typically, in the past these licenses have been set so that everybody is happy with the terms when it gets executed and it's a negotiation, or is it more set by when licenses roll off at this point? Thank you. Emanuel Chirico - Chairman & Chief Executive Officer: It's a good question. I guess, when you're on that show with Jim Cramer, it does get a little crazy at times. So – but again, not to put too definite a timeframe on things.

Sure. Emanuel Chirico - Chairman & Chief Executive Officer: Nothing has really changed. Buying back licenses, it's a delicate situation. You've had a partner usually for a number of years that's built a business and clearly has (53:07) created value for the brand and for themselves. So there needs to be a reasonable negotiation that goes on, so that you secure a business and don't have a – you don't want to have a situation where you break a license or just terminate the license at the end and just take back the business. I think there's too many examples of that where you wind up leaving money on the table and hurt the underlying business. That's not our goal. Our goal is to negotiate a fair reasonable transaction with our partners, and to do it in a way that doesn't economically hurt them. But more importantly, from our perspective really gives us a business that's ongoing with momentum in it as we go forward. And that's the push and the pull that goes on there. So clearly, the biggest driver of that is licensing term. If somebody has got two years to three years to go on a license and you've clearly given them an indication that the plan is to bring it back in. That's a very reasonable negotiation to go on. If somebody has eight-years to 10 years or 20 years depending on the situation, it's a much more challenging discussion similar to the kind of discussions we had with Warnaco when we wanted to buy their business back besides the complication of being a public company, it was a very long-term license, so there's much more value there that had to be determined. So this is really about sitting down with partners with more or less, for the most part, short-term licenses balances left, probably only exception to that is China, where really are trying to come up with a reasonable way and a smooth transition. So I believe over the next (54:57) 2015 and 2016 we'd be very disappointed if you haven't seen some progress in that area – beginning process of bringing some of those businesses in. And when that starts I think it become obvious what the next potential licensee take back would be. And those would be very strategic and accretive transactions as we move forward.

All right. Thanks. Outstanding quarter guys. Thank you.

Moving on, we'll take our next question from John Kernan from Cowen & Co. John D. Kernan - Cowen & Co. LLC: Hey. Good morning, guys. Thanks for squeezing me in. Just wanted to ask a question. Calvin Klein operating margin internationally has been fantastic in the first half of this year in the face of a lot of currency pressure. Calvin Klein North America margins has been under significant pressure. Just trying to understand what's driving the Calvin Klein International operating margin at this point? Is it European margin recovery and where you stand right now for profitability in Europe? I think when you bought the business from Warnaco it was not making any money. So just a little color there would be helpful. Thank you. Michael A. Shaffer - EVP, Chief Operating & Financial Officer: Look, in the Calvin Klein business, we operate in both Asia and in Europe on the international margins. The Asia business continues to perform. The margins there are very healthy. And on the European business, we've talked over a three-year period getting someplace closer to 10% operating margins. We're on that trajectory. But those margins today are still – they're positive but relatively small at this point. So we've seen expansion in both, but the European margins are still relatively small and we're still at the beginnings of the turnaround. Emanuel Chirico - Chairman & Chief Executive Officer: Mike said it perfectly. The relative improvement has been taking a loss in Calvin Klein Europe over the last two years to a profit, but still below what anyone would think as acceptable. And we really haven't been – so the currency impacts that we've gotten hit with, have hit the topline and the bottom lines are proportionately the same. So operating margin haven't really…

Moving on, we'll take our next question from Dana Telsey from Telsey Advisory Group.

Good morning, everyone, and congratulations on a terrific quarter. As the underwear business certainly seems to be very strong in gaining market share in both men's and women's, is it expanded distribution, is it the celebrity advertising programs you have, is it margins improving also, how do you see the go-forward for that underwear business? Thank you. Emanuel Chirico - Chairman & Chief Executive Officer: Dana, I would say in North America besides the – some of the – in underwear, besides some of the specialty stores that we've added, it's basically same customer base. But the – if you walk into the store, the exposure has just grown. So there's been a continuing expansion of the square footage and that's directly aligned with new product innovations, new product has been delivered. On the women's side of the business, we always had a very strong bottoms, panty business. The focus has really been to grow the bra business, which from a price point is four times the unit cost of panties. So the growth has really been – to really try and grow that square footage. So if you go into Macy's Herald Square, you'll see a women's shop that's 2,500 square feet, you'll see a men's shop that's 2,500 square feet, we are clearly their largest brand there, and I think with the best positioning on the floor; on men's yes; and on women's trying to move from the number two or three positions to the number one position in that store from a sales volume point of view. So, that's really been the opportunity. We're so dominant in men's. I think men's will continue to grow nicely. But to be honest, the bigger market opportunity for us is women's, market is much bigger, and our market share, although…

Thank you. Emanuel Chirico - Chairman & Chief Executive Officer: Operator, we're going to make this our last question. It's well after 10:00 o'clock.

Certainly. Omar Saad with Evercore.

Good morning. Thanks. Great job on the progress, guys. Manny, quick question on the outlet channel. There's been a lot of controversy around this channel. I know it's affected by currency and tourism. I don't know if you can parse that out and see what's going on underlying with local consumers, but your thoughts on that channel would be helpful. I know it's still an important distribution for you guys. Emanuel Chirico - Chairman & Chief Executive Officer: Sure. I think there's – okay, if you look at the number of centers in the outlet environment, the number of centers significantly skews towards permanent population locations. Good solid stores that this year continue to comp, overall, single-digit comp store increase, probably 2% to 4% kind of growth in that market, healthy along with the American consumer, I think being healthy. So the channel continues to be just – from our perspective very, very healthy. What is going on is there are 15 key centers around the country in these tourist destination locations that are extraordinarily large. Think of Harriman, New York in this location; think of Orlando, down in Florida, where the normal size of the store is five times to 10 times as large as an average store in a permanent population location. Those are the stores in the channel that are being impacted the most dramatically. And I think the brands that are being impacted the most dramatically are the global brands, ourselves, Calvin and Tommy, we talked about, I guess Ralph Lauren has talked about this, Coach has talked about it to a degree. So some of it – if you're a global player that really attracts a global consumer, in those centers like Orlando or Harriman, your customer base in those centers for those brands, 50%…

That's really helpful. Thanks. One last question. In this kind of younger millennial consumer efforts that you're making and you're seeing progress you're seeing in the Calvin Klein business, help us understand the relation with Topshop, Urban Outfitters, other channels that really target that young consumer. Have you guys always been there in that channel? And is that business is now accelerating as you push into the more of the digital marketing and some of those younger campaigns? Are those retailers coming to you and asking you to develop more products for them? Just help us... Emanuel Chirico - Chairman & Chief Executive Officer: We, as a brand, Calvin Klein, I would say 10 years ago when the brand was the number one designer jeans brand in North America, where it had a great position in the market where a product was being executed, we were in those kinds of stores. The last five years at Warnaco, that business was zero and went away. You need to be cool. You need to be connected. And the Calvin Klein products wasn't cool, it wasn't cutting edge, there was other brands that were much hotter, and we were living off – that business was living off the heritage of the brand and overdependent on off-price channel distribution. I think what's indicative most importantly about the fact that we are in Urban Outfitters, we are in Topshop, is the brand, the product is connecting with that younger consumer. Combination of our marketing and how we've really gone after that market, combination of the products and what it is and that it's executing and we're seeing really strong sell throughs. So product hitting, if you walk in – just go into an Urban Outfitters, you're going to see a presentation at Calvin that you've…

That will conclude today's conference. We thank everyone for their participation.