According to a piece on Gamasutra, they could slow or stop production completely to allow retailers to sell through what they already have:
The topic of Microsoft’s Xbox business was barely raised during its investor call, with no analysts asking about it at all. Some of CFO Amy Hood’s statements did imply, however, that there is more supply than demand for its Xbox consoles.
“We do expect to work through some inventory in Q4,” said Hood, referring in this case to the period between April 1 – June 30, 2014. She also referred to “channel inventory drawdown for Xbox consoles,” implying that manufacturing of Xbox consoles will slow or stop, to allow retailers time to work through existing inventory.
There are some things Microsoft can do to change the fortunes of the Xbox One in the US, lets just hope they start doing them quickly…