Jason Judd: Yes. Sure, Eric. This is Jason. Good morning. With regard to inventories, we’ve been very consistent with our language around the purpose for why the inventory balance was escalated at the beginning of the year and how we were going to work through that balance and have it more in-line with our sales trend by the end of the year that still absolutely holds. That should be where the expectation is for the end of 2022. And as we work into 2023, the expectation is that we continue to be on this trend of being in-line with sales or growing slower than sales as we push for efficiencies there. Obviously, balanced with the comments that Tim just had around the work that needs to be done in balancing out the assortment, but that is again into a mix of different price points and cost points, but the trend that we’re on right now is the trend that you should be modeling.
Eric Beder: Okay. And for the acquisitions now, what is going to be your criteria for acquisitions, I guess, both operationally and financially? And when you look at it, are those acquisitions going to be in EXPR and then paying the royalty to the joint venture or is it envisioned they’re going to be inside the joint venture?
Tim Baxter: Well, it’s a great question, Eric. A really good question. So, I’ll start with the first, which is the criteria. We’re going to be exploring multiple opportunities, and we’re going to be very, very focused on those opportunities that we believe will provide us with the most top and bottom line growth. That is, put simply, those are the two most important criteria. Will this be accretive to our top and bottom line? Can we drive growth through these acquisitions? And so, it’s more than just about the revenue and it’s more than just about whatever brand it is. It’s got to be able to drive both top and bottom line growth for us. The bottom line growth would obviously be driven through synergies that we believe we could create.
And we also believe that as we look at these brands, we’ll be able to identify very significant opportunities for top line growth because of our expertise in brand management. So, those are the two most important criteria. €˜Full stop’. The second piece to your question, we have formed an intellectual property of JV for the Express brand and Yehuda and I are aligned that we will form intellectual property, joint ventures for future brands. And yes, any brands that we would be operating just like Express under a license agreement with the IP JV.
Eric Beder: Got it. So, be potentially more of these joint ventures in the structure going forward for specific acquisition? .
Tim Baxter: Those terms would clearly be different for each and every acquisition.
Eric Beder: Okay. Thank you. Good luck on the holiday season.
Tim Baxter: Great. Thank you very much, Eric.
Operator: The next question is from Jay Sole with UBS. Your line is open.
Jay Sole: Great. Thank you so much. Tim, I know you touched on this a little bit, but just want to understand a little bit the trends that you’ve seen here in December, because Abercrombie from last year, maybe weather compares a little bit easier and there’s some inventory challenges across the mall last year related to supply chain. Is what you’re seeing now, sort of just a change versus your expectation. Are you actually seeing the consumer get a little bit weaker? And where is it going? I think somebody asked a question about next year, just how are you thinking about the trends that you’re seeing now from the consumer next year? And maybe connect that to how you’re, sort of buying inventory at this point for what you’re thinking about next year?
