And as I pointed out, what we don’t see is much of a difference in terms of that volume change versus a year ago between the 13-week data and the past 4-week data. And that’s where I think people would have modeled and us included a bit of an improvement in that trend from 13-week to 4-week because when you roll off a price and you wrap the initial volume elasticity effect, you should see an improvement there. And that is exactly what I was pointing to when I talked about the shifting consumer behavior. And in terms of what’s behind it exactly, I think everybody is trying to figure it out. A lot of the data, to answer that question, is on a lagging basis, whether it’s diary data or channel data or things like that. And so we are studying it carefully.
Importantly, it’s not a trade down within individual categories to lower-priced alternatives. It looks optically more like a cutting back and what I call the hunkering down. And one thing I know for sure, people aren’t eating less. So, it’s – they are making choices to manage their budget. As I suggested, likely to cover other expenses, and it’s just hard to imagine how that continues for an extended period of time unless people start eating less, which I haven’t seen happen.
Max Gumport: Understood. Thanks very much.
Operator: Our next question will come from Jason English with Goldman Sachs. Please go ahead.
Jason English: Hi. Good morning, folks. Thanks for slotting me in. We turned a lot of ground already. Oh, and you can rest, by the way, on a great year. You mentioned a few brands that were supply constrained, and your intention to rename this more targeted promotions now that the constraints are being lifted. What are those brands? And would you expect that promotional intensity to be enough to drive their net pricing deflationary?
Sean Connolly: Yes. Let me give you just without kind of tipping our hand on what we want to do competitively. This is always a hot topic is what’s the promotional environment, how is it going to change. In the simplest sense, Jason, we are okay with category building promotions that have a positive ROI. And I expect you will see more of those now that supply chains are servicing above 95%. Again, as I have mentioned in the past, for Conagra, we like certain holiday promotions because there is an incremental opportunity to drive volume there. And we haven’t really been at full speed on some of those. So, the most recent example was in the length in season where we usually do some very high ROI fish promotion because you sell a lot of fish on promotion during the Lenten season.
We didn’t do that last year because we had a fire on our fish line. So, that’s an example of the kind of thing we can do more of and even some holiday type things with Birds Eye where demand was – had been very constrained because the supply chain issues previously. So, you are going to see competitors do more on that. And frankly, that’s a good thing. And I think investors should think it’s a good thing because it’s going to help drive healthy quality category volume. Now conversely, what we are not big fans of is deep discount, low ROI promotions that train the shopper to buy on deal. Conagra kind of a period of its history, where it did plenty of that stuff. We drained the swamp on all of that over the last 8 years, and we kind of got off that.
