Bath & Body Works, Inc.

Good morning. My name is Melissa, and I will be your conference operator today. At this time, I'd like to welcome everyone to the Bath and Body Works fourth quarter 2025 earnings conference call. Please be advised that today's conference is being recorded. During the question and answer portion, you may ask a question from the phone by pressing star 1. I'll now turn the call over to Luke Long, Vice President of Investor Relations. Luke, you may begin.

Good morning, and welcome to Bath & Body Works' fourth quarter 2025 earnings conference call. Joining me on the call today are Daniel Heaf, Chief Executive Officer, and Eva Barado, Chief Financial Officer. In addition to this call and this morning's press release, we've posted a slide presentation on our website that summarizes the information in these prepared remarks and provides some related facts and figures regarding our operating performance and guidance. As a reminder, some of the comments today may include forward-looking statements related to future events and expectations. For factors that could cause the actual results to differ materially from these forward-looking statements, please refer to the risk factors in Bath and Body Works 2024, Form 10-K. Today's call also contains certain non-GAAP financial measures. Please refer to this morning's press release and supplemental materials for important disclosures regarding such measures including reconciliations to the most comparable GAAP financial measure. With that, I'll turn the call over to Daniel.

Thank you, Luke, and good morning, everyone. Today we'll discuss our fourth quarter results, our outlook for fiscal 2026, and the early progress we're driving to return the company to consistent growth. Our fourth quarter performance was better than we had anticipated, but still well below the standard we expect for ourselves Our aspiration is clear, to bring together luxury scents, real benefits, and unmatched access, building a brand consumers love, trust, and choose every day. Last quarter, we introduced the Consumer First Formula, our multi-year plan to return Bath & Body Works to sustainable growth. Our fourth quarter results reinforced our diagnosis,