Corie Barry: On the membership side, let me make sure I clarify the numbers. We have about 100 million My Best Buy members, of which 40 million to 45 million are active. On the Totaltech side, we currently have 5.8 million members. That’s compared to 4.6 million we had last year. So those are kind of the two pools of membership that we’re talking about. And we haven’t given the percent of sales of those members, but you can imagine, it’s a fairly high percent of sales between those two membership pools. I think we see a lot of opportunity to continue to engage with those members. As you can imagine, with a My Best Buy program that large, we know a lot about those customers. And we are able to tailor to those customers. We know even more about our Totaltech members, of course.
And I think we see a future where we’re able to tailor more direct opportunities, sales opportunities with them. We also can see potentially that if we look at a tiered approach, there’s a whole another tranche of customers who might be interested in doing more with us and having a longer relationship with us. And now as we’re heading during the second year of Totaltech, we’re learning a lot. We think we’re going to drive more engagement a more personalized approach. We’re working on our onboarding process for new members so they really understand what’s available to them. And we’re leveraging some of our existing vehicles so that people understand everything that we do from consultations, all the way through services, all the way through trade-in and some of the other offers.
And then, of course, this speeds into some of our Best Buy Ads model, where we can tailor our advertising to specific audiences based on what we know about them. So, this pool of customers is really vital to us, and I think we are continuing to improve the way we engage with them, and also drive their engagement back with us.
Karen Short: Any chance you could just tease out a renewal rates?
Corie Barry: We haven’t given renewals, and we’re not going to. And as you can imagine — I mean they’ve been relatively in line with our expectations. You can imagine, there are some places where we see much better engagement and renewals and people who engage in things like support or who value the warranty side of Totaltech as an example, there are very, very interested in renewing. And so, I think that’s — when we talk about tailoring the program for the future, we’re looking for those customers who find value in some of the big more unique aspects of the program and stick with the program because they see the value in that.
Karen Short: Okay. Great. Thanks, very much.
Operator: Next caller, please go ahead.
Seth Sigman: Hi, everybody. It’s Seth Sigman from Barclays. Nice to talk to you. My first question is just around pricing and the promotional environment. I think the point that you made is that actually ended up being a little bit less promotional. Can you just elaborate on that? And then as you think about this calendar year, it does seem like a lot of retailers are planning conservatively in this category. I guess what have you reflected here in the guidance for gross margin specifically related to discounting and promotional activity? Thank you.
