Operator: Thank you. Our next question comes from the line of Abbie Zvejnieks with Piper Sandler. Please proceed with your question.
Abbie Zvejnieks: Good morning. Thanks so much for taking my question. I just wanted to ask about the inventory moving through to only being up around mid-single digits by the end of the year. It’s certainly impressive. So can you just talk about your strategy on how you’re going to move to that inventory both at Famous and the brand portfolio and then I guess how are you thinking about promotions at the brand portfolio and are you concentrating those more in your DTC channels versus letting them flow to some of the wholesale partners. And then I guess on just balancing newness in this product creation that you’re talking about to drive demand versus moving through that excess inventory. Thank you.
Diane Sullivan: Yeah. So I’ll start Abbie, you had a lot of questions, if I don’t unpack them in the right way, let us know and we’ll and we’ll certainly add some more color to it. I think our inventory position, we feel let’s just talk about the Famous footwear side. I think we’re in terrific position at Famous. As we got some of new goods in during the course of the quarter, we actually did see some acceleration in those pockets of in demand kind of styles that that Famous had. We have got plenty of room and have within our guidance to make sure we maintain our competitive position in the marketplace in the fourth quarter of this year. So I feel like again, through all of our guidance and what we’ve planned that we don’t really see any issue and we want to make sure that we go into the first quarter next year in a really clean position and in fact, I think J, we saw that almost 60% of our inventory is really new in this quarter.
So, we’re really hoping that that newness is going to really motivate the consumer to buy. So we believe we have it pretty well covered there. On the brand portfolio side, again, we all know that in the second quarter, our inventories increased as all of the pandemic issues glided and some things came early as the other came a lot early, but as we’ve gone through the back half of this year, we have really not been focused on promotion or liquidation at all. It’s been fundamentally full price selling because we frankly did not have the inventory. Last year, we were down and I think it retailed somewhere and on average about 30% on our inventory levels and brand portfolio last year. So the fact that we have some inventories is terrific and we’re planning on ending the year as Jack mentioned in a good spot.
So, while it was lumpy through the air here and there, but of course, where wasn’t it, as we end this year going into next year believe we have tons of opportunity to chase and to manage the business and whatever this new normal kind of looks like.
J. Schmidt: Yeah and I just said, is that in brand portfolio, we really thought it come in early and so this was really — we really ended third quarter exactly where we thought we would with inventory and we see fourth quarter coming into that same place and also that we don’t have to front load anymore because of the supply chain normalizing. So we’re going to see it return to a much more manageable type of business with better turns throughout the — as we go forward. So anyway, but the fall is really — it’s exactly what we said. It came in early and it’s really being driven down and fortunately it’s in the right sales that the consumers demanding.
Abbie Zvejnieks: That’s super helpful. Thanks so much.
Operator: Thank you. Our next question comes from the line of Laura Champine with Loop Capital Markets. Please proceed with your question.
