Bill Newlands: Sure, you bet Vivien. We have seen some more trading down in the wine business in the fact that private label has been tending to outpace branded sales by roughly 2.1 points in the last 12 weeks. So that has had some impact. What’s interesting is you get a bit of a, I would say, a buying model scenario, meaning you’re seeing some trade down at sort of mid- to lower price points. And then you’re doing fine if you get into higher price points and a little bit in the middle has been a little shaky is some of what we’re seeing. So — which is a little different than what you have seen historically in these particular environments. As I said in my prepared remarks, there’s been a pretty radical change in the amount of our business in the premium sector.
I would — I didn’t categorize it as $20. But we’re well over 60% of our total business now occurring in the premium and fine wine sector, which was 34% just a few years ago. So we’re seeing a pretty radical move within our business as we thought what if we reshape the portfolio because over the long term that’s where the consumer is going. And we believe that’s not only where there’s better profitability but there’s better growth as well. So we believe the work that we’ve done is bearing fruit, and I think it plays itself out in terms of the growth profile of some of our higher end and critical brands.
Operator: We have reached the end of the question-and-answer session. I’d now like to turn the call back over to Bill Newlands for closing remarks.
Bill Newlands: Thank you, Rob. Despite the ongoing inflationary headwinds affecting the concern in our business over the last three quarters, we’re on track to deliver another strong year of growth and remain well placed to further build on the solid track record we have established against advancing our long-term strategic initiatives for nearly four years now. Our Beer business continues to lead in share gains, growth and margins and we’re confident in our ability to capture the significant opportunities we still see for our core and our next wave brands. Our Wine & Spirits premiumization strategy continues to gain momentum as well advancing our higher-end brands, DTC channels and international footprint, all yielding noticeable results.
Lastly, the performance of our businesses, coupled with our disciplined and balanced capital allocation priorities has allowed us to maintain our investment-grade rating, surpass our cash returns goal, grow our beer production capacity and execute small growth accretive M&A. With all that said, let me reiterate, looking ahead, we remain committed and believe we now have an even stronger foundation to deliver sustainable growth and value creation for our shareholders. Thanks for everyone for joining the call, and I wish you a happy, safe and healthy New Year.
Operator: This concludes today’s conference. You may disconnect your lines at this time, and we thank you for your participation.
