William Reuter: Hi. My first is on the merchandise margin expansion. You mentioned marketing. And then you mentioned merchandising. Is this largely based upon mix and having more food and consumables and those six major categories of growth? Or what are some of the bigger contributors to expansion?
Arie Kotler: I think the mix is absolutely very important, going back to the three key pillars that I mentioned on the call. The core categories are very, very important. They’re driving margin, of course, tremendously. The other piece, of course, is food service. Food service is something that will help us to continue to grow margin. And this is an area that we continue to invest. I mentioned those six categories, if you want, I can go through them again. But those basically six core categories, led by candy are this category that basically drives the majority, basically, of our sales over here. If you’re looking on those basically, core categories, there are up 2.4% on the same sort of sales pro basis, Q3 versus Q3 2023 versus Q3 2022. And again, it’s all driven by those, basically by those three key pillars that I mentioned.
William Reuter: Got it. And then I think when you were talking about M&A, I think you mentioned that there are four that are in the pipeline, I guess, that are in some sort of active discussions. Number one, did I hear that correctly? And number two, I guess, is there any way you can dimensionalize how large these are?
Arie Kotler: You didn’t hear that correctly unfortunately, that we did four — we closed on five acquisition since July 2022 until basically at the end of this quarter, we closed on five acquisition. And it’s basically we closed on Quarles, which was the fifth [ph] business that was in July 2020 great opportunity that we execute. Now we are over 14 months, 15 months after closing. After that we closed on Pride. Pride was 31 locations in the Northeast, great location. Since then, we opened another store within Pride. And then we had the TEG, TEG and WTG. And just recently, during Q3, we closed another acquisition, acquiring seven stores from one of our dealers.
William Reuter: Okay. Just lastly, for me a question on the $10 program, I guess would it be possible for customers to create new email addresses each time? And is there any way to address this? Are you able to track to make sure that they’re not doing this just each time creating a new one?
Arie Kotler: The answer is yes. There is an opportunity for people. We have some measurement and we have some — I’ll call at some — we have compliance — and can someone take advantage? Absolutely. But I don’t think it’s something that actually go to the extreme. And we have — yes, we have, basically compliance in place and in some cases, if someone tried to dispute, we try to figure out the way how to catch them, but again this is not the concentration. The concentration need to be on how do you increase the base because we see what is happening with those loyal customers. I mean, we will concentrate on basically on targeting them and making sure that we execute versus just watching our customers and making sure that no one is taking advantage.
William Reuter: Understood. Okay. All right. That’s all for me. Thank you.
Arie Kotler: Thank you.
Operator: We have reached the end of our question-and-answer session, I would like to turn the conference back over to Arie for closing comments.
Arie Kotler: Thank you once again, for joining the call this morning. And for your great questions. It was really a lot of great questions this morning. I’m very pleased with our results this quarter. As we navigate from comparison to the back half of last year. I remain very excited about the many achievable opportunities in front of us. And I thank you again for your questions and for the time you spent this morning.
Operator: Thank you. This will conclude today’s conference. You may disconnect your lines at this time and thank you for your participation.
