Chris Horvers: I have a couple of top line-related questions as well. So first, as you think about how you’re planning the business, you’ve referenced 2019 up until this point, we’re getting to a period is 2019 even a good reference point. So, are you looking at things on a four-year basis? And then more broadly, is the expectation that your business sort of reverts to like a normal seasonal cadence over the year? And then, related to that, just as you think about that back half and that hard compare, to what extent do you think that the promotions elevated the comp trend in the back half of the year as — in terms of like some sales that you’re just going to have to naturally get back?
Lauren Hobart: Yes. Thanks, Chris. We have been talking in 2019 just due to all of the ups and downs of the past few years, but we will not be doing that going forward. ’22 is the new base from which we’re going to grow. We’re going to grow the top line and bottom line. And yes, it is our hope that this year, finally, there is some normalized seasonal cadence just because with the inventory challenges for last year and the impact that had on consumer shopping behavior as well as some of the issues people are having with inflation. All of that will — we’re hoping will normalize this year so that we can continue to plan from this going forward. Important point and related to what I was just saying to Kate, our promotions did not elevate our comp trends in the second half.
In fact, most of the inventory liquidation that we had happened in our value chain and in our warehouse stores, which don’t affect our comp. Our comp was driven by transactions, 7.6% increase in transactions.
Operator: Our next question comes from Mike Baker with D.A. Davidson.
Mike Baker: Okay. Geez, I hate to ask too mundane, boring modeling questions, but I did want to ask you about your 2020 sales growth or sales outlook versus comps. We can probably estimate the extra week, but is Moosejaw, which I think is a couple of hundred million dollars, supposed to close in March. Is that in the guidance, or would that be above and beyond?
Lauren Hobart: Go ahead, Navdeep.
Navdeep Gupta: Mike, Moosejaw is not included in our guidance as the transaction has not yet closed. So, we will include that commentary in our next quarter’s outlook.
Lauren Hobart: It’s not likely to be material.
Mike Baker: Okay, fine. Okay. And then, a second modeling question. Talk to us about interest income. It was a big driver to earnings in the fourth quarter. What isn’t — you told us what interest expense should be in 2023. Can you tell us what interest income is expected within your EBT guidance?
Navdeep Gupta: That’s a great question, Mike. I think that it will all depend on what do we do with the excess cash as we have also included in our guidance that we will continue to remain opportunistic with our share buyback. So, depending on what we do with the share buyback, that will have an impact on the interest income. But you rightfully said, with the current interest environment that we have, we are able to get a good yield on our excess cash on the balance sheet.
Operator: Our next question comes from Michael Lasser with UBS.
