Carl Ford: And I’ll take from an SG&A standpoint Michael I said 90% of what we invested in this year from a SG&A rate standpoint was the investments. I also said expect at the midpoint 100% growth and SG&A rate next year it’s really all investments like 100% of it. I’m actually pretty proud of the team, when anything incremental that was over and above launching new stores investing in omni-channel making investments on the customer data platform that we implemented last year. We’re all really offset dollar-for-dollar with incremental savings. So if you think about how that is going to manifest itself on a more detailed P&L 15 to 17 stores versus 14 this year. We’d like to start a little bit earlier in the year, so there’s a little bit of capital investment late in ’24 that’ll get us out of the gate good in FY ’25 that represents the wages that we pay to our associates and managers in those facilities.
The rent property taxes, the seating of the market. Steve talked about – where there’s low brand awareness and now we’ve got a new tool, with the customer database platform and some other tactics investing in advertising associated, with those new markets. And the other thing would be, just the technology a cost associated with the WMS is a SaaS-based system. There’s going to be tech expenses associated with that. The treasure data, customer data platform has a cost to it. And obviously omni-channel from the user experience investments that we’re making there. So in short, the 100 basis points of expense deleverage that you should expect for next year, and that was embedded within our long-range plan, is all of the investment that’s the totality of the investment cost.
Michael Lasser: Thank you very much.
Carl Ford: Thanks Michael.
Operator: Our next question is from Anthony Chukumba with Loop Capital Markets. Please proceed with your question.
Anthony Chukumba: Good morning and thanks for taking my question. So I’m just want to kind of tie a couple things together in terms of my question. You talked about the outperformance in certain footwear brands specifically brought up Brooks. You also talked about you know the fact that you’re definitely counting on some new products to drive growth in 2024 to help in 2024. So kind of tying those two together any insights in terms of some of the sort of hot running brands specifically [indiscernible] on any insights in terms of whether what your expectation is, in terms of whether you can get one or both of those brands particularly giving you the fact you’ve had success with Brooks which is a relatively sort of high ticket footwear brand? Thank you.
Steve Lawrence: Yes. No I think you ask this question last time too. We don’t have any updates on that front I mean as you know that you’re right. Those are two of the hottest brands that are out there. We would love to have access to those and as I’ve said before I don’t think it’s a matter of if it’s when – we continue to have dialogue. And we’ll continue to put our ass out there, right now we don’t have access to those. And so, our mission and our plan is to win with the brands we have access to. And I think you’re seeing that play out in some of the successes Carl called out with Nike particularly some of the higher end running shoes that we’ve gotten from them. Brooks a great call out there, Brooks has been absolutely on fire for us.
We’re seeing great success in brands like New Balance and other running brands. So, we’re going to win with the brands, we currently have. We’re going to continue to try to get, the brands we don’t have access to that the customer’s telling us what they want. And we’re going to continue, to seek out more brands that and incubate new brands earlier in the cycle. So that we’re not trying to catch them when they’re hot, we’re going to have them at the moment they start to turn. So you’ll see that and that’s not just a footwork conversation. I think that’s probably across the store, we’ve got – to get better at getting newness in the stores and I think, the teams really rallied around that, and you see that and a lot of the new brand initiatives we’ve called out.
And we’re going we’re going to scale them very quickly, and make them big and important. So that we don’t have to have a conversation about why we don’t have access to a whole coming on going forward.
Carl Ford: Yes, at the at the risk of double dip and I will so, we’ve got 282 stores in 18 states. And when we talk with our vendors about what’s on the horizon and we talk to them about 160 to 180 stores over the next five years, but longer term, we see runway to be an 800 plus store location that’s nationwide. And partnering with us and what has the unitary growth potential of an Academy. So, we definitely talk to them about the here and now and how we’re happy about 25% sales growth from pre-pandemic and all the things that we talk about here. But we talk with them more about the future what’s over the mid-term and the longer-term horizon. And I think it really resonates of the growth potential associated with the company.
Anthony Chukumba: Got it. An apologies for asking the same question two quarters in a row. I’m nothing if not consistent.
Steve Lawrence: You are.
Anthony Chukumba: I’m just one quick follow-up. So you talked about the stock-based compensation that’s like $0.30 so when – as I look at this initial guide and so on a kind of apples-to-apples like a adjusted basis that would say the guidance was really more like kind of $620 million to $720 million on an adjusted basis. Is it is there also the potential for there to be other ad backs over the course. I mean I know it’s obviously hard to – it’s hard to say and then you want to stick with the GAAP. But I’m just trying to make sure I’m thinking about this apples-to-apples I mean could there be other potential ad backs to GAAP as the year progresses? Thanks.
