Richard Hare: Let me add to that, Steve. Anthony, we continue we always reassess and evaluate all areas of our business for cost efficiency. During this past quarter, I believe our headcount was down to 2,487. I think we were down 71 people versus the end of the year. Most of that was in distribution and home delivery. As the demand came down, so did the need for additional support there. And generally speaking in other areas of business, just one in particular, we’re evaluating our entire lease portfolio for opportunities for further reduction of expenses. Looking at all of our retail distribution and corporate leases for areas where we can get savings and extend the term on certain leases. It’s a constant process.
Anthony Lebiedzinski: Got it. The last question for me before I pass it on to others. Given where your share price is today, what is your appetite now for share repurchases?
Clarence Smith: We meet with our Board every quarter and we’ve got a meeting in a few weeks and we evaluate it every quarter. We’ve got authority now for about $13 million and we’ll get in as it makes sense for us.
Operator: Our next question is from Budd Bugatch with Water Tower Research.
Budd Bugatch: Good morning, Clarence, Steve and Richard. I know these are challenging times for the industry as you noted, Clarence, and you talked about expecting to see more disruption and we’ve seen enough of it already. Are you seeing any of that with your suppliers? I know, Steve, you mentioned you got four to seven weeks in good supply pattern with your suppliers, but I’m just curious to see if you can give us any more color that you may be seeing.
Clarence Smith: I can’t say I’ve seen anything that will impact our direct suppliers. I must admit, I was a little concerned with the [Liggett] release. They’re the main player in the industry. It tells you a lot about what the industry is going through there, but we haven’t seen anything that’s disrupted our flow of product with our main suppliers.
Budd Bugatch: Okay. You talked about January, February and gave us the cadence on that, but in conjunction with what you just mentioned and other things that we’re hearing, April has seemed to have hit another real significant air pocket. I know you don’t like to comment on the current quarter, but I also know you don’t want to surprise people either. Can you give us a flavor of what you’re seeing in the industry now or for the macro standpoint or how it affects Haverty?
Clarence Smith: We’ve both been around a long time. I will say that, historically, April is the slowest month, one of, if not the slowest month of the year for a couple of reasons. One is because of Easter and other is because of tax season that type of thing, tax day. I don’t think you’ll see anything much different than what we’ve historically seen about April.
Budd Bugatch: I mean, TS Eliot made the same comments, so that being the coolest month. I know April and Easter and Passover, we always used to joke when I was doing what you do, it was either late or early when it was never on time.
Clarence Smith: The good thing is, it is behind us. Easter hit early, it’s behind us and now we’re moving on.
Budd Bugatch: Why did you open up St. Petersburg? Just curious from that standpoint.
Clarence Smith: We’re hoping third quarter, mid third quarter, hoping to get before Labor Day. All of the problems have just been getting the approvals from Florida, as you know, how difficult it is to get.
Budd Bugatch: I remember that remark. I understand.
Clarence Smith: We were able to open very quickly our store outside Memphis, but Florida is a little different.
Budd Bugatch: I got you. Last for me, on the expense side, Richard, and thank you for all the detail and the color you give and that’s really very helpful to help people understand the structure of furniture retail. Are you seeing any cost issues that are worrisome? We were starting to see rate issue for the way people are paid. I’m curious, if you’re seeing that or what you can give us color on that.
Richard Hare: Yes. I would just say nothing that really keeps me up at night. Just your standard inflationary increases, but they’re low single-digits. Steve, I think, mentioned it in his opening remarks that, we’ve locked in our freight contracts. We’ve got that behind us and things are back to more historical levels there. But I guess it’s probably not so much a cost problem, but a revenue issue with the way business is. We continuously look at other areas to find cost efficiencies and we’ll continue to do that.
Budd Bugatch: Any of the freight issue, any of at Baltimore or any of the turmoil in the oceans giving you problems?
Steve Burdette: No, Budd. We do not use the Baltimore port, so that will not cause us any disruptions. The overseas, what’s going on in the Red Sea and all of that, that movement is going around — already diverted, going a different path. It’s just extending the lead time by a couple of weeks, but that’s not any impact to our customers. We plan for that and we know where it is. No disruptions there to impact our customers.
Budd Bugatch: Okay. Thank you very much and best of wishes on the balance of this year and beyond.
Operator: Our next question is from Cristina Fernandez with the Telsey Group.
Cristina Fernandez: Hi. Good morning everyone. I wanted to ask about the industry or revenue assumptions behind the guidance and maybe, Clarence, you can touch on it. It seems like, the order trends got a little bit better or less worse as the quarter progressed. But at the same time, you talked about the challenges in the industry and in some companies going out of business. Do you think we should expect similar trends as we saw in the first quarter or we’re getting closer to that point, where there could be an inflection in demand at some point this year?
Clarence Smith: We have said that, we thought things would be better in the second half. I don’t know if we’re feeling that or expect that from what we are hearing from Fed and marketplace. It is definitely difficult. We’ve been down for a long time in written business. I think that will be softening up. I think it’ll be less down, but we don’t see — I don’t have visibility to the point where we think it’s going to be positive anytime real soon. I think we’re saying the same thing in the industry. I haven’t heard anything positive from other players. I think it’s across the board, frankly. And it’s now moved into the better end of the market, as I mentioned. I mean, it started in the lower end of the market. I think it’s hit everywhere.
