Rupesh Parikh: Okay. Great. And then, gross margins this year, you expect to expand around 200 basis points. What are the bigger opportunities do you see going forward to further expand margins in the coming years?
Mandy Fields: Yes. So we talked a little bit about transportation cost easing and that €“ if those should sustain would be a tailwind for us as we head into fiscal ’24. The other thing that we’re looking at is on the FX side. We source a majority of our products from China, and as we’ve seen favorability there, that could be a tailwind for us as well from a gross margin standpoint.
Rupesh Parikh: Great. Maybe one last question, as we look at — look to the next fiscal year — and I know you’re not providing much guidance today, but is there anything you guys would caution us in terms of modeling for next year just from a comparison perspective?
Tarang Amin: I mean it’s hard for us to say right now because we’re not providing FY ’24 guidance. I think you’ve seen from this call a general bullishness on the business. Mandy said it well, she always takes a very balanced view and so I think we’ll better be able to talk about that. But I don’t see any big red flags at this moment in terms of the veins that we’re particularly worried about, but we’re always going to be balanced and I think, again, it’s served us well in terms of taking in consideration all factors.
Rupesh Parikh: Okay. Great. Thank you.
Operator: Our next question comes from Oliver Chen with Cowen and Company. Please go ahead.
Tom Nass: Hi, thanks for taking my call. It’s Tom on for Oliver. A question on pricing. How should we think about the potential for price increases going forward this year and the demand elasticity in that regard? And additionally, have you seen any slowdown in demand and so where might those pressure points be?
Mandy Fields: Yes. So I’ll take the question on pricing. We have used pricing very judiciously over the last several years. We really have only taken two major price increases: one back in 2019 related to tariffs, where we touch about a third of our portfolio from a pricing standpoint and then last March in response to the inflationary environment that we’re all operating in where we took pricing on about two-thirds of our portfolio. Right now, pricing is not on the docket for us to take again. We take very seriously our ability to provide our consumers with an extraordinary value with exceptional quality and we’ll continue to do that. So, right now, pricing not on the docket for us. And, go ahead. On your second question, I’ll pass it to Tarang.
Tarang Amin: On the slowdown, yes. No, we’ve not seen any slowdown in demand. I know there’s a lot of concerns out there on recessionary environment. What I’d tell you is, historically, mass color cosmetics, mass skin care has fared really well in inflationary environments, but €“ or recessionary environments, but even more importantly, we’ve long been bullish on the category. And this is a category that really did suffer during the pandemic when people were restricted from their normal behavior. So I’ve long felt there’s a lot of pent-up consumer demand for the categories in which we compete, and we very much are seeing that. I mean for the quarter, as we said, overall mass color cosmetics is up 8% in track channels, masking care was up 6% and our growth is even stronger. So we’re seeing an acceleration of consumer demand, not any slowdown and I feel, again, very bullish in terms of how the category shapes up as we continue to go forward.
