Victoria’s Secret & (VSCO) - 2023 Q4 - Earnings Call Transcript

So the single biggest challenge in the model right now is the North America sales trend and that's what would be driving the majority of the flow through that you're challenging. So, I'm confident that the gross margin -- when I look at estimates, actually our gross margin rate was likely above the street for the year, even on a lower sales. When we look at expense rate and leverage opportunities, in any given quarter Ike, we're talking about expense dollars that are up minimally year-over-year. It really c ...