Peter Stratton: Yes. So let me just start, Jeremy, with we don’t want to get too far ahead of ourselves because we have one of these stores open. We actually just opened a second remodel in Troy, Michigan, a couple of days ago. So what we are trying to do is to really learn — test and learn right now and to see what that can do. So while we do believe that there is a significant opportunity, it’s been very, very early. The Warwick store has been open a little more than a month as a remodel, and the Troy store really just a few days. So, we’re not talking about the same kind of costs to open a new store. It’s significantly less than that. But it’s — what we’re trying to do is figure out how much are we going to see a lift in stores by changing the sign from DXL men’s apparel to DXL Big & Tall and more clearly identifying who we are and what we do.
Trying to have an experience in the store that allows for better consultation and lay downs and being able to leverage our universe giving Harbor Bay its own identity. There’s a lot of things that we think we can benefit from. And keep in mind, a lot of these stores — some of them are approaching 10, 11, 12 years old. So, to some degree, there is just simply they’re in need of a refresh, they’re in need of updated lighting in paint and carpets or different just maintenance items that we need to take care of. So, I think we’re going to be coming back to you with more information on that as we learn more, but it’s still pretty early, but we’re excited about it and wanted to let you know that at least it’s on the horizon.
Jeremy Hamblin: Got it. Maybe just to clarify the expected range of cash cost for opening a new greenfield location?
Peter Stratton: Yes. So historically, when we opened a new store, it was upwards of $0.5 million. Now that was a few years ago. So in today’s market with increased construction costs and just where the market is, it’s going to be higher than that. But we’re not talking about $1 million. But — I mean I wouldn’t be surprised if a new store cost us $600,000, $700,000.
Jeremy Hamblin: Great. That’s super helpful. And then just — you guys are really building quite a strong balance sheet — and it looks like you’re going to end this year probably roughly around $1 a share. And at a CapEx range of, let’s call it, $10 million to $15 million for next year, you’d end up with $2 a share by the end of next year. But in terms of thinking about, Peter, the range of investment now that you’re clearly triggering a different growth element for your real estate portfolio, can you give us a sense for what that potential range is? Is it something more like $15 million to $25 million next year on a CapEx investment? Just anything that might share a little bit of color on that would be helpful.
Peter Stratton: Yes. I appreciate it, Jeremy. We’re not quite ready to come out with that information yet, but we certainly will be talking about that in Q4 as we put together our 2023 plans.
Jeremy Hamblin: Okay. Got it. And then coming back to gross margins here for a second as well. So really strong performance. You noted, I think, that supply chain costs sound like that is off the peak. As we look forward in thinking about other pieces of it, you noted that raw materials costs are up. We think that some of those input costs have actually started to come down as well in the recent months. But can you give us a sense for where kind of the timing of inventory cycles coming through and turnover rates. Where do you think that you might kind of get some relief from the supply chain cost side? Are we looking at Q2 of next year or Q1 of next year? Any additional color on that would be helpful.
