Irwin Boruchow: Got it. And then, Kristin, maybe can you give us a little bit more color on the 4Q guide from a margin perspective, I think — so you’re calling for flat to up slightly EBIT margin, given the significant decline in the third quarter, can you just walk us through the big drivers of the improvement that you’re kind of embedding for the holiday?
Kristin Wolfe: Sure Ike, thanks for the question. So first and foremost, our three-year comp stack is similar to what we guided to in Q3, the one year is actually several hundred basis points better, given that last year, our Q3 comp was a plus 16% and then Q4 moderated to plus 6%. And while we are maintaining that Q4 guidance, as Michael mentioned, since mid-October we’ve seen a pickup in the sales trend. And despite a warm start to November, our month-to-date sales trend is slightly above the high end of our guidance range. So this gives us confidence in that guidance. So given the improved one-year comps for the fourth quarter, expense deleverage moderates somewhat on each line in the P&L, particularly in SG&A. And then coming down to gross margin, we expect to see favorability or leverage and freight expense, given the dynamics of what’s happening in transportation costs, that headwind is moderating.
As a reminder, last year, those were peak import freight costs in Q4 so we’re lapping that, and those factors should help us drive a modest increase in reported gross margin. And then we do expect to see less deleverage in product sourcing costs, including supply chain costs given the acceleration of Q4 receipts into Q3 that Michael mentioned as well as we’re lapping onetime incentives and hiring expenses in our distributions from last year. And with regard to supply chain, we’ve put in place several initiatives to continue to drive productivity. We’re investing in automation and efficiencies opportunities in the DCs, so continuing there. So overall, given these puts and takes and factors we expect fourth quarter EBIT margin, as you said, to be flattish to slightly above Q4 2021.
Irwin Boruchow: Great, thanks. Happy holidays everyone.
Operator: Our next question comes from Lorraine Hutchinson from Bank of America. Please go ahead. Your line is open.
Lorraine Hutchinson: Thanks, good morning. Michael, the merchandising organization has been a strategic priority for you. Can you describe the investment you’ve made in this capability since 2019 and how this investment might drive the sales and margin objectives over time?
Michael O’Sullivan: Well, good morning Lorraine, thank you for the question. Yes, we’ve been growing our merchant team for the last few years. As you say, this has been a major priority for us. We know that merchandising capability is how you win in off-price. We have recognized since the start that we are well behind our competitors in this regard. We’ve been playing catch-up with these capabilities. I would say our peers built their buying organizations over many years, and we’re trying to do it in a much more compressed period of time. As I mentioned in my remarks, by the end of this year, we will have grown our buying team by almost 50% versus 2019, this is huge. I’m pleased with this growth. And more importantly, I’m very pleased with the quality of the talent that we’ve been able to attract.
