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Says teams are intensely focused on driving operating efficiencies across the company's businesses. Says significantly reducing New York office footprint. Says encouraged by strong performance across total digital ecosystem. Says expects continued comp growth in Asia. Says balance sheet is "strong". Says will continue to opportunistically buy back stock. Says inventory was up 11% at the end of the quarter. Says utilizing significantly less air freight this year. Says remains "comfortable" with inventory. Expects to continuing reducing inventories in 2019. Says expects slight decline in North America and positive growth in international businesses. Expects 2019 operating margin to be up 60bps in constant currency. Says operating margin for Q4 is expected to be up 70bps compared to last year. Sees FY19 tax rate at 21%, sees Q4 tax rate 16%-17%. Says continues to monitor trade environment closely, says teams are prepared for multiple scenarios. Says remains confident in full year outlook.

Says remains on track to achieve plans for the full year. Says Palace collection sold out in an under an hour online. Says continued to leverage use of celebrities and influencers across pop culture and sports. Says strong topline performance was driven by core products. Says continuing to develop high-potential underdeveloped categories. Says continued to build on customization programs. Says denim, outerwear, wear-to-work, footwear and fragrance categories have significant growth potential. Says focused on building a compelling company ecosystem in key cities. Says continued to drive strong growth in China during the quarter. Says taking a disciplined approach to new store openings in China. Says digital business in China continues to expand. Sees strong momentum in distribution with positive brand exposure over Singles Day. Says actively monitoring macro environment in Europe and will continue to take a cautious approach to store openings. Says continued to improved efficiency. Says will continue to relentlessly focus on excellent execution. Comments taken from Q3 earnings conference call.