Rupesh Parikh: Good morning and thanks for taking my question. So I just wanted to go back to your commentary on inventory destocking. I was curious if you can provide more color in terms of where you’re seeing this categories across the trade? And then your confidence in being — getting back to a more normalized inventory ordering in Q4?
Brian Grass: So yes, and repression might be focusing on our kind of honing of the quarterly cadence and as we get basically greater visibility we are seeing cautious ordering patterns in the short term as retailers factor in things like student loan impact. And keep in mind, a lot of them are ending their fiscal years generally in December and January. Retail inventory in our view is at generally low levels, which is why we are seeing Q4 ordering patterns more in line with the first half of the year. I want to clarify that, we said more normalized in the press release. And I think what we’re really trying to say is more in line with the first half of the year, but we see Q3 being slightly below that. I also kind of want to point out that the Q3 comparison is a 10.6% decline in the prior year, whereas the Q4 comparison is a 16.7% decline.
So that’s part of the explanation as to why we expect Q4 to be stronger against that comparison. We also have had some isolated supply pinches on certain components that are going — we expect to hurt Q3, but we’ll definitely benefit Q4 as we come out of those. And then we have secured distribution gains that we’ve talked about in the past those were secured in the first half of the year, but those are going to layer into the back half of the year and will be more fully weighted in the fourth quarter. We’re also — and we called it out, we made more marketing investments in Q2. We expect to make even more marketing investments in Q3, which we also called out when we tried to shape kind of the view of our guidance for our — our EPS guidance for Q3.
And we expect more drive from those marketing investments in Q4. And so, we really kind of just see this as a honing of our quarterly cadence as we get greater visibility and get halfway through the year. I hope that all makes sense.
Rupesh Parikh: No, that’s helpful. So it sounds like the overall demand backdrop is fairly consistent with what you guys thought maybe last quarter for the full year. Is that a fair characterization?
Brian Grass: I think it’s fair. There’s obviously puts and takes and a lot of shifting and moving around. But generally speaking, I’d say that’s fair.
Noel Geoffroy: Yes. I think generally, we see — as we’re talking means consumers are making choices on where they spend their money, and that’s been the case and what we assumed as we kind of came into this year. So we don’t see major changes in kind of their — as they look at inflation, as they look at the student loan repayments, some of the things that Brian mentioned, we don’t see major changes in that as we go through the back half of the year.
Rupesh Parikh: Great. Thank you. I’ll pass the line.
Operator: Our next question is from Susan Anderson with Canaccord Genuity. Please proceed.
Susan Anderson: Hi. Good morning and let me send my congrats to Brian, too. It’s nice to have you on board. I guess maybe just as a — as you look at the Beauty business, it sounded like hair tools are starting to rebound, particularly at mass with Revlon. I’m curious what you’re seeing kind of in the prestige category, particularly Drybar and if you’re seeing any rebound there? And then what you’re thinking about new innovation in the category in the back half?
