In our view, revenue in what is typically LCUT's seasonally strongest quarter declined 6.8% to $200.6 million as we think Lifetime Brands was hurt by ongoing demand sluggishness amid macroeconomic and tariff uncertainties. Along with anticipated operating margin pressure, we estimate EPS of $0.18 in 4Q:25 compared to $0.55 a year earlier. With LCUT likely to benefit from favorable comparisons from 2025 and improved distribution and SG&A expense leverage, we still project EPS of $0.45 in 2026 and $0.60 in 2027 compared to our estimated loss of $0.45 per share in 2025. We also expect Lifetime Brands to provide an update on its long struggling international segment which, if divested or turned around, could potentially result in upside to our EPS estimates. Our moderate risk rating factors in our assumed earnings rebound in 2026 and continued healthy free cash flow prospects.