John Garratt: As you think of the algorithm and if you just step back and look over the last three years, while it’s been up and down over the last three years in this environment, every element of that well in excess of the algorithm. If you look at sales comp, well in excess of the algorithm, expansion of gross margin and operating margin, operating income, EPS, well in excess of the algorithm. So we feel very good about the performance over this period of time, and we feel the model remains very strong, very resilient. We continue to see ourselves as 10%-plus EPS growers over the long term, not every year. Some years, we see it prudent to invest to protect that growth over the long term. But if you look at the business model and fundamentals, they’re very strong with the unique combination of value and convenience resonating as strong as ever.
We continue to see very compelling store-level economics in new store returns and then significant bumps from the remodels. And we continue to see 16,000-plus new store opportunities for everybody in our space. But obviously, we’ve been getting an outsized share of that. So significant runway for growth. The initiatives are performing very well, helping both the top line and bottom line. They’re focused on both. And we see, as I mentioned, a lot of levers within gross margin to continue to expand that over the long term. And the business generates a lot of cash to then buy back shares and reinvest in the business. So we think top to bottom, the business model and fundamentals remain very strong.
Karen Short: So is it fair to say or reasonable to think that, that’s more of a ’24 return? I mean I know you haven’t given guidance, but just some…
John Garratt: I don’t want to give specific guidance, but I would just say we feel very good about the future and the strength of the business.
Operator: Our final question is Corey Tarlowe with Jefferies.
Corey Tarlowe: Thanks for taking my question. And congrats, John, on your retirement announcement. It’s been a pleasure to work with you. My first question for Jeff on market share. You talked in your prepared remarks about seeing customers trade in the Dollar General. You talked about higher income consumers trading down to Dollar General. So I think it’s clear that Dollar General is gaining share across income cohorts and categories, and you talked about Value Valley as well comping up over I think it was 30%. So maybe could you talk a little bit more about where you think this market share is coming from? And where you see it likely to come from even more so as we look ahead?
Jeffery Owen: Well, Corey, first of all, we are very pleased at the market share gains that we’ve been able to achieve, both on the consumable and on the non-consumable segments of our business. And when you think about our customers as well, we’re also incredibly pleased with the fact that we were able to increase our productivity with really all segments of our core customer. We increased our share of wallet, our share of trips. Those are all really encouraging signs and very pleased to see that. It’s a credit to our team and their ability to connect with this customer, bring an assortment that she’s looking for and delivered in a consistent fashion. As you think about the donors, it’s really the same donors we’ve had for quite some time, primarily drug is our biggest share donor.
