Janet Kloppenburg: Thanks. And on SG&A, Mike?
Mike Mathias: Yes, we’re very pleased with our progress to date. It’s been a focus since the beginning of the year. I thank the teams cross-functionally for all their efforts. We achieved flat or slightly down in Q3. We believe will be flat again for the fourth quarter. But the work is not done. It’s still work in progress. We’re working through plans for next year. We — I think the other fact is that we’re not — it’s not just an SG&A focus even though it’s what we tend to talk about the most. And you ask — you guys asked the most questions about SG&A, but it’s really only half our expense base. So, as we look at plans for next year and on a sort of longer-term basis, even for the next few years, we’re looking across every category in every area that impacts gross margin down through SG&A and even depreciation impacts. So, work in progress. We’ll talk more on the next quarter about expectations for 2023 and beyond. And just now, we’re not done.
Jay Schottenstein: In this business, you have to be an optimist, otherwise, you can’t be in the retail business. And I’m excited about a lot of things. I think some of these new product launches that Jen was talking about that it’s going to be very exciting for the Company. We have the ability, as Michael was saying earlier, we see our costs coming down. We see the cost of freight going down back to the 2019 levels. So, there’s reason for optimism. We see we have the ability to work closer to need and be able to chase the merchandise. So, everything is pretty positive. And we can only control what we can control. But I’m optimistic. I think that there’s a lot of good signs. I was reading that the mortgage rates start coming down. Hopefully, interest will follow that. And I think it’s going to be better than people expect.
Operator: Our next question is from Dana Telsey with Telsey Advisory Group.
Dana Telsey: Nice to see the progress. As you think about the tailwinds of some of the freight expenses with cotton costs and what you’re seeing, how do you see that unfolding in the margins? And then, on the Aerie business, Jen very exciting about the new spring launch. Anything we should be watching for as we go through the holiday season besides the leggings that could indicate even a further pickup in sales go forward in terms of levels of demand? And then just on the core American Eagle business, denim trends, in particular for men and women, any differentiation that you’re seeing? Thank you.
Jay Schottenstein: Okay, Dana. On the trends with freight going down, cotton going down, it’s all positive. That’s good news. The last two years, it was the opposite. I remember eight months ago, everybody was forecasting freight to keep going up, cotton to keep going up, commodity keep going up and everybody was positive, eight months ago, prices were going to go — keep going higher and higher and still in the opposite way. So I think things are positive. I think also we just don’t compete against stores like in the United States, it’s a world market. And I think that a lot of the factories that we deal with sell other countries, other continents, softer in Europe, softer around the world. And that gives us advantage of buying our products at better cost.
So that’s a positive sign to be able to offer. And one thing I’m proud is that we give the customer a great selection. I think we have the — one of the best lineups in retail. Our quality is a number 1 and our value is a number 1. So, we’re very excited. We think the designers and the buyers and our team have done a great job. I know that as far as was planned for next year, it’s very exciting. And I think Jen will talk about that later. So, I think it’s all positive.
