Bridge compounds
Lap fades
Store-optimization margin bridge: flat sales to recovered profit, then a durability fork
Rationalize stores
2024 closure plan
Lap the closures
costs & headwind fade
Mix & margin lift
gross margin up
margin bridge
net sales ~ flat
prior op loss
mix lift
closure lap
SG&A down
op income +
durability?
Bridge compounds
durable profit recovery
Lap fades
one-time lap, thin FCF
earnings fund refits
thin FCF caps reinvestment