Richard Galanti : We haven’t seen — last quarter, I mentioned a couple of things on the fresh side and the protein side that we actually saw strength in canned chicken and tuna, which was the comment that the buyers made saying that we’re seeing — to the extent that prices were skyrocketing and some fresh protein, we saw strength in canned protein. We don’t see currently a lot of trade down on fresh. Prices have started to come down on some of those items as the underlying commodity costs have come down a little bit. KS penetration is up. Our critical senior is up. I don’t have the exact number in front of me. I’m guessing it’s about somewhere approaching 1 percentage point, but — which is big when it’s, I would say, over the last several years, it’s probably been 0.5 percentage point.
But — so probably up a little more than normal, but — and again, we had — somebody asked us the question recently, are you seeing some trade down to private label? And we, of course, corrected them and said it’s a trade up.
Greg Melich : You also mentioned it’s a housekeeping item, but I want to make sure I got the charge right. So you’re basically running a check to reduce the size of a contract that was at a higher price. So when — what’s the payback period on that check? Do we see it over four quarters, two quarters, six quarters?
Richard Galanti : Yes. It’s a moving target, honestly. It’s based on rates, frankly, and rates right now have come down dramatically. So that would be a year, it could be a little longer than a year or a little less than a year, depending on what happens tomorrow.
Operator: We go next now to Peter Benedict of Baird.
Peter Benedict : Hey, Richard. Just on new member sign-ups, you kind of mentioned it a little bit there in response to Greg’s question. But just maybe talk about new member sign-up trends. Holistically, what you’re seeing, anything U.S. versus maybe some of these international markets you’ve been entering. Just interested in your latest thoughts there.
Richard Galanti : Well, I think the biggest thing continues to be we’re better when study does sign up that they sign up in those countries where we offer executive membership, which is, I’m guessing, 85% of our company, more, maybe 90% of our company. It’s just not in some of the smaller unit countries. And overall — starting with the U.S., but overall in Canada, we do a better job of getting you to sign up as an executive member to start with. We also do a better job of getting you to sign up to auto renew with putting in your credit card. All those things help — let’s face it, all those things help, too. We know that an executive member buys more and shops more frequently in a year than a non-store member. We know that one of those members with a credit card, co-brand credit card shops even more frequently and spends more.
And they do all 3, they’re an executive member with a card versus being a regular member, that’s the big kahuna here. And so I think that we’ve seen those trends go on over the last few years, frankly. And what’s helped in the last year is the fact that, again, just our new member sign-ups has been higher than they had been historically over the last few years versus the last year — last year or two. And I think we believe that’s more because of COVID, and we were in a good place to shop.
Peter Benedict : Sure. That makes sense. And as my last question, just an interest and — interest income and other, obviously, has a few components to it. I’m curious if you can help us understand what the interest income was in the quarter. I think it was about $8 million last year. I’m sure that was up a lot this quarter. Just curious if you could give us a sense of what that number was in the first quarter?
