Jeff Harmening: Yes, sure. As I look at it, I mean, the promotional environment has been quite rational. And I suspect that it will be going forward. I haven’t seen anything yet to lead me to believe otherwise. As we look at what’s going to drive growth, I think it will be a number of factors. One I would lead with this new product innovation. Even though our new product innovation has led our categories each of the last four years, it’s still below what we would have expected normally. And the reason is not because we haven’t had good innovation is because some retailers were reluctant to bring it in, because their own supply chains were pressured, our own supply chains were pressured. And so, as I look at the year ahead, I like our new product innovation network, we have to come.
But I also think we’re going to get better distribution on innovation we’ve had over the last couple of years where we didn’t get full distribution even though it may have warranted given the quality of the innovation that we’ve had. And so, I think that will be a driver. The same with distribution, and I look to our pet business, especially on our distribution levels of treats and wet because we haven’t been able to supply the business. And so if you can’t supply the business, that means that you’re going to lack some distribution. You may have some distribution gaps. And so distribution growth across a couple of our key categories in North America Retail, as well as Pet is certainly going to be an opportunity for us. And then with promotional spending, I think the quality of our merchandising, and we have very good tools to understand what the return on investment are so to our retailers.
And so, I don’t know that it’s going to be a significant increase in amount of merchandising. I think it’s going to be, I would hope, and I would certainly anticipate an increase in the quality of the merchandising, which should be good growth drivers for our customers, as well as for us. And because, in our categories, they are really able consumption categories. And the more you have in your pantry, the more you tend to use. And so, those are some things that I think will be the drivers, along with increased marketing, and our marketing has been very good. And we have a lot of tools to ascertain where the best marketing spend is going to be in. We’ve been investing in our brands. We’ll continue to invest in our brands, and that will certainly be a source of growth for us.
Chris Carey: Okay. Thanks so much for the perspective. Appreciate it.
Jeff Siemon: Okay. Malika, I think we’ll wrap up the questions there. Maybe I’ll turn it to Jeff to — for some closing comments before we finish the call.
Jeff Harmening: So I’ll end this call where we started, which is to say, as we take a quick step back, we’re really pleased with the year that that’s just happened and 10% sales growth, 8% operating profit growth. That’s included — that excludes a 3% headwind from divestitures as well as earnings per share growth that are double digits. As we look forward, our guidance is to be in line or exceeding our long-term growth algorithm on sales, operating profit, EPS and certainly on dividend increases. And so, we are confident about the year ahead and that confidence is driven by our ability to navigate a number of environments these past three years. And will this next year look different from the last? Of course, it will. But we know that already, and we’re confident that we have a team and brands and capabilities that will thrive in the year ahead. And so we look forward to keeping the conversation going.
