TPR
#Thank you.
So why don't I take the cash flow and dividend and then I'll turn if over to <UNK> on the outlet channel.
So as our net income grows and we complete the building ---+ the buildout of our headquarter building, you will see a corresponding cash flow growth as we move into FY17 as expected.
Our dividends is really a part of our priority for cash.
Our priorities for cash are really unchanged, first and foremost, investing in the organic growth of our business.
Second priority is being M&A value creating acquisitions.
As I said, nothing eminent but we want to remain open and flexible should we find something that we believe will create long-term value for Coach, Inc and our shareholders.
Then finally is the return of capital to shareholders with our commitment to the dividend.
We look at our dividend annually with our Board in August as we talked about in April 2014.
We will look at the dividend in August.
That coincides with our year-end results and our outlook for the following year and make a determination at that time.
In terms of just the fourth quarter, we're (inaudible) on plan, we're still working towards a positive comp for the quarter.
We've seen all the indicators that we saw at the end of the third quarter still maintaining them and we are on plan.
I'm not sure what ---+ what I can say at this point.
But ---+
Thank you, <UNK>a.
Let me just thank everybody for joining us.
A very important quarter for us this past third quarter as it marks a return to growth for the Coach brand.
I could not be more excited with the momentum in our business.
As a team, we are obviously very proud of the evolving perception not only of the Coach brand but of Coach, Inc and our impact in the marketplace.
The positive impact of our brand transformation augmented by of course Stuart Weitzman is clearly reflected in the overall financial performance with a terrific inflection across all of our key metrics, with sales, profit and earnings growth for the first time since the fourth quarter of 2013.
The turnaround of course that we've achieved to date underscores our confidence in driving sustainable and profitable growth for Coach, Inc over the long term.
I could not be prouder of our entire team for the work and commitment that they have put in to driving our brand and the passion that they are showing to win in the marketplace.
Thank you, all.
