We’re turning inventory much faster, we’re chasing sales much more aggressively, we’re controlling liquidity much more tightly, we’re buying opportunistically – things that maybe we did historically but we’re doing them to a much greater extent now. But I would say that we’ve leaned into being off-price without necessarily having all the tools and the processes that our peers have, and we’ve been addressing that over the past couple of years. We’ve been developing a lot of those off-price tools, reports, capabilities, and we’re rolling out many of those. We’ve started rolling them out and over the next 12, 18 months, we’ll roll more of them out, so I do think that there’s a dividend that’s yet to come in terms of the investment we’ve made in merchandising.
I feel like we should be able to drive sales growth and margin growth over the next two years. I’m very confident that this strategic asset that we’ve built in merchandising is going to pay dividends for us.
Chuck Grom: Michael, just as a quick follow-up, can you touch on the technology investments – I guess, what have you done and what’s left, because I think that’s a key part of the ingredient, being able to leverage the buying team that you’ve added over the past couple of years.
Michael O’Sullivan: Yes, it’s absolutely right, Chuck. When I joined Burlington, I was very nervous that I was going to walk in and find lots of antiquated systems at Burlington, and actually that wasn’t the case. What I found was systems that were pretty up-to-date. What I did find, though, that those systems hadn’t necessarily been configured with off-price in mind. They’d been configured with a much more department store sort of pre-planned approach to buying. What we’ve really done over the last three years is change how we configure those systems, but also that drives our planning processes and our buying processes and it drives the need for those systems to generate different reports, that look at different aspects of the business, so that’s really the path we’ve been on.
Thankfully, as I say, we haven’t had to sort of tear out the old systems and bring in new systems. It’s been more about reconfiguring the systems that we have. Now obviously to do that right, you have to take a step back and you have to sort of say, well, let’s understand our business needs, what are we trying to do, so there was a lot of user requirements, business requirements work that was required, but that’s all behind us now. We’re at the stage where we are actually rolling out new tools, new processes across the buying and planning organization.
Operator: I would now like to turn the call over to Michael O’Sullivan for closing remarks.
Michael O’Sullivan: Let me close by thanking everyone on this call for your interest in Burlington Stores. We really look forward to talking to you again in May to discuss our first quarter fiscal results. Thank you for your time today.
Operator: Thank you ladies and gentlemen. This does conclude today’s call. Thank you for your participation. You may now disconnect.
