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#Thanks, <UNK>.
I think that the big drop really is in the boot and bootie category and that's why we called that out.
As I alluded to earlier, we planned boots and booties down as a category across the Company, and while in the branded segment, it is really coming in so far in line with our forecasts, in private label, the initial orders are even softer than we anticipated.
I can tell you anecdotally we had customers whose initial orders in that category were down more than 30%.
That's not everybody, but that is some significant customers.
And that was clearly below our expectation and that's why we pulled the number down.
Of course, again, these are initial orders.
If they get some good early selling, they're going to reorder, they're going to want to chase into that category, and we may be able to make some of it up, but this is what we're looking at today.
In terms of some of the trends, I think you raise an interesting point because also the other factor here is that in the branded business, we've been able to make up a lot of the decline in boots with increases in categories like fashion sneakers.
And while fashion sneakers are improving in the private-label tier, that more massed tier where we do our private-label work, it is definitely has not gotten as big as it has gotten in the branded part of the market.
And so we are not able to offset as much of the boot softness with sneakers, for instance.
I think that this is the kind of trend that lasts quite a while.
We certainly do not think that we are in the ninth inning here.
I think that they are still some legs, and keep in mind that sneakers is the trend that is pretty broad and there are a lot of different ways to do it.
So it's the kind of thing where you can have sort of sub-trends within the overall sneaker trend and so we still think people are going to be buying a lot of sneakers for the foreseeable future.
Thank you.
China has historically been much bigger.
If you take China and the UAE together, it was probably 35% to 40% of the international distributor business.
Yes, it is everything except for the distributors, which we said was last year 35% to 40% of international.
The wholesale equipment would maybe be, you could maybe double the number.
If you're doing retail, it's probably more like 3 times.
But, in terms of the operating margin it's just way too early to say, and frankly, it depends on which region we were to move to the joint venture ownership model because there is vastly different profitability by region.
Generally speaking, yes.
But, it is really a business-by-business conversation.
So very tough to speak in generalities.
I think that clearly owned or joint ventured it's going to grow faster than distributor.
I would just be guessing if I told you exact (technical difficulties).
About half.
About half was mix and about half was apples-to-apples improvements in places like <UNK> Madden Women's and Dolce Vita.
<UNK>.
Great.
Thanks very much for joining us and we look forward to speaking with you on the next earnings call.
