Jeff Harmening: No, I think that’s very fair, David. And I can understand your angst on this point. I guess I would do a couple of things. We talked about three-year — three-week data. Last time I remember talking about three-week data was back in December when there was a panic about what was going to happen due to timing of Christmas and New Year and Nielsen data and then it turned out that it wasn’t as bad as people thought. So I think that’s a cautionary tale about three-week data. The other thing I would say is that if you look at two-year comparisons over the last few weeks, what you’ll see is that the last couple of years, the trends haven’t changed all that much. Having said that, I mean, as you look at the last two weeks, it’s pretty clear that elasticity — volume elasticities have increased.
And it’s something that we expected, and we baked into our guidance for the year. And so, elasticities have not been zero, but they’ve been quite low. We would anticipate as the year goes on, that elasticities will increase, and that’s what we have seen. And so I want you to know, we’re not too surprised by the last quarter’s trend and it’s anticipated in our guidance. And so that’s what — but look, it’s a hard period to model from that perspective, but that’s what we think is going to happen is that we elasticities will increase, but that’s accounted for in our guidance already. In the last three week trends, I wouldn’t follow those all the way out the window.
David Palmer: Got it. Thank you.
Operator: Thank you. Our next question is from the line of Max Gumport with BNP Paribas. Please go ahead, your line is now open.
Max Gumport: Hi, thanks for the question. It’s nice to see the recovery in dry pet food and treats, however, it does sound like the trends in wet pet food have been a bit challenged. I understand it seems like maybe it’s a mix of your own service levels as well as some category weakness as a result of changes in the consumer economic environment and consumer behavior as well. I was hoping you could talk a bit about what you’re seeing in that subsegment and what you expect in terms of a recovery moving forward? Thanks.
Jeff Harmening: Yes, Max, I think you just set you summarized it nicely. What we see here, there are a couple of different trends. And remember, the pet category is almost a $50 billion category. So, there can be lots of trends going on at the same time. Importantly, there’s still a trend toward humanization, which is why I think you see our dry pet food recovering so nicely and why you see our treats business recovering. At the same time, there is — people are more mobile. And so they’re not — in aggregate, the treat segment is down a little bit, and the wet segment is down a little bit because consumers are not home as much. And so they can’t do it on their pets as much as when they are at home all the time. On top of that, as consumers are feeling the pinch from inflation, there is some downward pressure in several other places on sales.
And I think you see that most pronounced in wet foods a little bit a treat. It’s a tailwind for our dry pet food business. And so that’s one of the reasons why we see that improving. And so — but I think in general, you have the plot, which is that our wet pet food business has not recovered as fast as we thought. Part of it is due to mobility, part of it is due to service, and part of it is due to behavior in the current environment.
