Barry Bruno: Sure. Yes, we’ve got a lot of brands in our portfolio. We’ve got a classic brand classification approach we take, and it won’t surprise you their seed and there’s grow and they’re sustaining milk, 80% of the incremental dollars that we’re putting in is going against those seed and grow brands. It won’t surprise you if I say a seed brand as a hero is a thorough breadth we’re reporting kind of gasoline or maybe see is better to say putting water on them, maybe gasoline is a bad example. But that’s where the spend is going. We make hard choices about it. We’d always like to spend more, but those — in our brand classification, we know where we want to put those dollars and that’s how we allocate it. So I won’t get into those specific brands here, but that’s how we approach it. When you’ve got 14 power brands, you’re going to make hard choices, but we know where to put those dollars to work. We think HERO is certainly one of them.
Matthew Farrell: Okay. Okay. Let’s move to another table. Thank you, guys.
Filippo Falorni: Some of your competitors have talked about retailers reducing their inventory levels. I wonder if you guys have seen any impact in your business and particularly what categories you see most of the impact.
Matthew Farrell: Yes. Okay. Well, Barry and Paul will deal with this every day. But I can tell you, in the fourth quarter, we had a major e-retailer significantly reduced their inventories and their days of supply. So that was a hit with respect to the fourth quarter. We did see a lot of that pullback happen midyear in 2022, but more recently, it was more retailers, but I’ll let Paul and Barry comment on that. Take it away.
Paul Wood: Yes. By and large, we’re back to a ship to consumption model. I’d say the retailers — some may have their other challenges within their own network. They want to ship more product, but they may have constraints at their DCs or getting it out of their own DCs to their stores. But by and large, it’s a ship to consumption. You guys or in stores across the country, you see what I see. We need more inventory on the shelves. It’s just a matter of catching up. But I do not feel like what Matt described last year, is anywhere or the other side of that book shelf. And we want to get back — they want to get back at just getting that product through their warehouse and through their network, but very small.
Barry Bruno: It was really in Q3 and Q4, though, for sure. We felt it.
Christopher Carey : Chris Carey, Wells Fargo. So from a ship to consumption standpoint, we’ve continued to see scanner trends, which are a lot stronger than your underlying results, right? So even in this quarter, there might have been a 10-point gap between what you did in personal care delivery versus what we can see in scanner. And so. Are we starting to get to the point where non-e tailer, so large e-retailer, that is going to remain noisy, but are you getting back to a shift to consumption in your core brick-and-mortar retailers because, again, we’re seeing strong results in personal care consumption than what you’re actually reporting, right? And it’s making it a lot harder to actually call quarters and understand what the underlying trend here is, right?
So if you’re back to ship to consumption, that would seem to be a positive development. But I guess what I’m hearing is actually that inventory will remain volatile in the front half of the year. So I’m just trying to square the.
