Kofi Bruce: Yes. No, I appreciate the question. We don’t want to get too far ahead here of our expectations. I will tell you, as we always do, we’ll approach the fiscal year with an eye towards leveraging first, the productivity we get through our HMM cost savings programs. And to the extent that there is additional margin that we need to protect, we’ll use the other levers we have up to and including SRM. But I think we’re not going to say much more at this point about fiscal ’24.
Operator: The next question comes from Steve Powers of Deutsche Bank.
Steve Powers: Great. Maybe a follow-up on Andrew’s Pet question. It sounds like on the — from a retail perspective, you think any of the sort of the deceleration we’ve seen is more a product of year-over-year comparisons. But I guess, I guess when we cut in the data, it looks as though there is a deceleration and maybe a deceleration in General Mills’ market share performance as well as just year-over-year growth. So how are you thinking about that? And to the extent that you are seeing some slowdown in takeaway relative to the overall category, is that a byproduct more of ongoing supply constraints that should improve with time? Or is it maybe more of a byproduct of category dynamics and some degree of demand softening and then trade down in the category?
Jeff Harmening: Yes. No, I appreciate the follow-up question about Pet. I would say, first, it’s not about dynamics in the category. I mean the trend towards humanization is quite strong and remains quite strong. And so, we really don’t see a lot of trade down to private label, for example, or lower-priced brands. I mean it really is a function if there’s a change in the category dynamics is that more people are going back to the office, and so mobility is a little bit higher. And so there’s a little bit of feeding of wet dog food, for example, and more dry dog food and maybe a little bit less treating because people, again, are at their place of work more. So, we see a little bit of that in the dynamic. So as we look at the category, I mean, we were — our pounds were down 2% or so and what we can read in the category and the pounds in the category are down flat.
So we’re trailing — we’re still trailing the categories, so we still have some more work to do. But it certainly is not as big as a delta as it had been before. And so as we look ahead, one of the things we said is that we were pleased to see Life Protection Formula do so well, which tells us that the Blue brand is really good. And so we’re pleased with that. And so the first key is to get service levels up, and we’ve done that on dry dog food. The next is to turn our advertising and marketing back on. And again, we’ve done that in dry dog food, and we’ve seen the results. Now, there service level is getting better on treats, now it’s really time to activate our marketing on treats, and we would think that, that would get better over time.
And then the probably the last to come along will be wet pet food, which is a combination of our service levels still only being in the 80s as well as a pet parent behavior and mobility. So, that’s kind of the order of things. And I guess I would characterize our pet businesses, we feel good that we have improved and yet we know that we have more work to do in several of our areas.
