Dana Telsey: Good morning, everyone. Congratulations Diane and hello Jay, Jack and Logan. So just current trends we’ve been hearing about end of October into November, can you frame how it’s looking for you guys with Famous and the Brand Portfolio and next up, the path of the Brand Portfolio is very impressive both in terms of margins, sales increases and how it combines and interacts with Famous Footwear. With that path of operating margins of the brand portfolio improving, what do you see is the long-term opportunity in terms of that margin and the stickiness of the famous footwear operating margin now in that double digit range with the promotional environment, anything in terms of how you’re managing pricing and promotion that maintains that stickiness or is the benefits from supply chain reduction, can it offset some of the promotional headwinds that may arise, thank you.
Diane Sullivan: Well, let me start Dana on a couple of those things. I think as the short answer is the sustainability of this on the operating margin side is yes. We absolutely believe there is enough stickiness with as the structural changes that we’ve made, the way that we’re approaching the business, the product creation capabilities we have and our focus on margin as I just said is absolutely going to allow us continue to make progress against that and I know Jay and Jack, as we move into ’23 we’ll certainly be sharing more with you about that and are really planning to do an Investor Day sometime in the first half of ’23 where we share a little bit more where they’ll share a little bit more of their outlook for the next couple of years.
So I think more to come on that, but the short answer is yes. We absolutely believe that we can. And then secondly, Jay a little bit. I spoke about a little earlier, but maybe on the trends that we’re seeing and then maybe Jack can close it out on reiterating kind of what are some of our assumptions were.
J. Schmidt: Well, we’re certainly seeing, on the I would say the nonathletic side of the business, we’re seeing multiple categories open up in terms of loafers and flats are very, very good right now and again, anything that feels comfortable really trending nicely as consumers continue to select new things to add to their wardrobes. Our boot business on the brand portfolio side is good. It was also good on Famous and we see that as starting to tick up as the weather gets colder. I did say more the fashion side of that is really where the dynamics are and obviously our brand portfolio fits in perfectly there. You picked up on it. It also works very nicely on our vertical integration there with several of our brands lifestride shoals, even some franco sarto and Naturalizer coming in nicely as we really open up that whole famous opportunity there as we love to integrate that and it’s coming up really nicely.
Back to the margin question, we don’t see any return on that. We feel like we’ve made enough structural changes and also the way that we’re running the business both on the Famous side that has really more of the brands they want at higher retails and then also we really did change the mix of where we’re really focusing on the brand portfolio side and that gives us reason to believe that that will continue.
Diane Sullivan: Dana is that — get to the core of your question.
Dana Telsey: Works great. Thank you very much.
Operator: Thank you. Ladies and gentlemen, that concludes our question-and-answer session. I’ll turn the floor back to Ms. Sullivan for any final comment.
Diane Sullivan: I just want to say thank you for joining us this morning and wishing everybody a happy Thanksgiving. We’ll see many of you next week and looking forward to that. Thank you.
Operator: Thank you. This concludes today’s conference. You may disconnect your lines at this time. Thank you for your participation.
