Max Gumport: Got it. Thanks very much.
Operator: Thank you. Our next question today comes from Robert Moskow with TD Cowen. Please go ahead.
Robert Moskow: Hi, thanks for the question. Sean, I think you said in your script that in the Nielsen tracking data, you had started to see signs of some sequential improvement. I didn’t quite see it in the slide, and I haven’t seen it in our data yet. So I was wondering if you could give a little more color on that.
Sean Connolly: Sure. Happy to do that, Rob. If you look at the slide we shared today, notably, it’s units, it’s not dollars. And that’s the metric that we are looking at, is units, not dollars because to us, that is going to be the marker of when we start to see this change. Frankly, if you look at the slide that I shared today, it’s got 52 weeks, 13 weeks, four weeks. What the competitive set would expect to have seen is that as you move from 52 weeks to 13 weeks to four weeks, you see improvement in trend. And as you could see on that slide, it was fairly flat. So what we’re looking for is bend in the trend in unit movement as a proxy for this consumer behavior shift beginning to move. So if you look at the more recent period, which is — it just came out, I think, this week, which is the four-week period following what we shared today, you see the first noteworthy change in unit movement for Conagra and there may have been one or two other competitors that saw some movement there as well.
That’s important because that’s the kind of movement that we thought we would see across the industry back at our Memorial Day or so, and it didn’t materialize. And we’ve got our first data point now that’s showing it’s going in the right direction. That’s the metric we need to move. If units move the way that we expect them to move, everything else will take care of itself at dollars. And so that’s why we’re focused on that.
Robert Moskow: Okay. And a quick follow-up for Dave. You mentioned a lot of little supply chain issues that affected last year, Dave, like the frozen fish issue and then the beans and the Chili. Is there any way to add it all up and help us understand like what kind of easy comp this provides either on sales, profits in the back half?
Dave Marberger: Rob, I would just go back to what we said last year. We didn’t quantify everything exactly, so I wouldn’t want to give you a number here. But if you go back and look at what we communicated last year second half, I think you’ll get a pretty good feel for the magnitude, generally speaking. But we didn’t give a precise number on that.
Robert Moskow: Okay. All right, thanks.
Sean Connolly: Thanks.
Operator: Thank you. And our next question comes from Nik Modi with RBC. Please go ahead.
Nik Modi: Yeah, thank you. Good morning. Sean, it’s clear your brands within frozen are doing well, and you see that in the share gains. But I’m just curious if you have made any observations regarding the perimeter, right, some of the things that we’re seeing through our channel work is deflation happening in the perimeter is putting pressure on frozen the category. So when you think about the competitive landscape, are you kind of factoring that in? And do you think that could put more pressure on potential pricing and promotional spend over the next several quarters?
Sean Connolly: Nik, can you say more about the specific things in the perimeter that you’re seeing that are growing? Anything might be impacting Frozen?
Nik Modi: Yeah, just fresh vegetables, fruits, primarily, right, the gaps between frozen and some of the fresh areas of the store.
