Janet Kloppenburg : A couple of questions. First, Mike, could you provide the breakdown of the gross margin improvement? I’m just wondering about how much came from freight and how much came from knockdown improvement and what we should look forward to going forward. Also on SG&A, I know you said you’d leverage next year, which is terrific. But when I look at the SG&A increases in the first half of this year, they were mid-single digit. So should we expect first half next year to have higher bonus accrual? I’m not sure there. And Jen, if you could help on AE Men, was it positive for the quarter? And what’s your outlook book there? And maybe you just talk a little bit about the legging business because I know that’s a very [indiscernible] business for you at Aerie.
Mike Mathias: On the gross margin components, we really benefits across the board, product margin, benefits, markdown rate management, some blowing accounts as well, leverage of expenses through gross margin, so was all 3 components. SG&A next year, yes, I think the growth in the first half was mid-single. Our plans for — the plans we’re embedding in ’24 with we talked about 80% of our SG&A spending compensation line items, advertising services, some maintenance areas. There’s changes coming that would not have embedded in anything this year. So we’re making changes to those — all those components in our ’24 plans. Your point, we may have a little bit of a quarterly flow on incentive comp versus this back half weighting that we’re absorbing now, but we can provide some more color to exactly how the quarters will look to get more specific guidance in March.
Jen Foyle : For sure, men’s was softer than women’s, but we saw that coming as we entered into Q3. We definitely doubled down on the women’s side of the business in American Eagle. And certainly, we reached the results of that the comps were definitely more significant in women’s versus men’s. Again, that does not mean that we don’t have opportunity in men’s. In fact, we see that right now, Q4 as we head into Q1, Q2. So we’ve been working hard at it. I definitely see men’s as an opportunity to be a little bit more productive. I think in the past, maybe we were a little bit over assorted there, and we definitely can have a little bit more productive SKUs as we continue to double down on the women’s business. Leggings, I don’t know if I should call that my middle name, that business is never going to go away.
I think we have a cornerstone as far as innovation there. I just — if anyone hasn’t tried our leggings you must try are lagging the Aerie [indiscernible], they are incredible. The real knee leggings they sit at one of the #1 SKUs in our entire company, and it’s because of the outstanding design and the comfortability. And again, everything has to move back to what your brand stands for. And real need is what Aerie stands for. So there’s so much more good stuff happening in off-line. In fact, we had a rallying cry this week on really what OFFL/NE means to the Aerie brand or on its own, wow, you should see in the same mall, we’re getting great comps in off-line and an area at the same time. They like what they’re seeing. And keep in mind, we still have some crossover categories in both stores in the same mall.
So that would tell me that as we continue to test growth for Aerie, there’s some more opportunity for both brands in the future. So again, wagons, they’re not stopping. I don’t know what anyone is ever going to see about that business. And what I love about this, I’m going to finalize with this is the denim business in women’s, in particular, we’re seeing some really great reads early on. And so what I’m saying is we can do both. You can wear things inside, you can go to a gym class in leggings and mention you go out in our denim and that’s what we’re up to.
Operator: That concludes our question-and-answer session. I’ll turn the floor back to Mr. Schottenstein for any final comments.
Jay Schottenstein: Okay. Thank you, operator, and thank you for joining like the call this morning. I hope this is clear in our third quarter results, we are seeing like — we’re seeing momentum build across our growth and profit improvement initiatives. This is a strong testament that our strategies are working. Like Jen was saying, we’re here to build enduring brands, whether it be AE, Aerie, OFFL/NE and Todd Snyder. We are focused also on driving consistent profit growth and return to our shareholders. Thank you for your interest and investment in the company, and we look forward to updating you in the coming year.
Operator: Thank you. This concludes today’s conference call. You may disconnect your lines at this time. Thank you for your participation.
