Jared Briskin: So first and foremost, very small business for us. We were in the process of seeing some planned tightening growth as we were to go forward, but unfortunately that didn’t forward. So not a business that we’re terribly concerned about comping. But we do think it’s an advantage for us based off the other product lines that we carry. With that inventory not being in the market for the fourth quarter or the foreseeable future and our ability to get additional inventory and the highly coveted footwear styles, we do feel like that’s an advantage for us in the fourth quarter and as we go forward.
Operator: Our next questions come from the line of Cristina Fernandez with Telsey Advisory Group.
Cristina Fernandez: I had a couple of questions I wanted to see if you could expand on the consumer trends you are seeing. How stable is the demand? Are you seeing any trade downs on any change in behavior, meaning are you finding consumers waiting more for promotions to make the purchase?
Mike Longo: We certainly are cognizant of the fact that the consumer is feeling pressure from inflation. We believe that our positioning in the industry and in retail in general skews more towards the hard to get the luxury items as we continue to call it affordable luxury items, which then causes the consumer to make different choices. We believe that one of the things that you’re putting your finger on is the middle class shopper moving up and down in the price range based upon pressures they’re seeing. We have a bit of a different point of view and our consumer approaches that a little bit differently. Bill?
Bill Quinn: So we haven’t seen customers trade down nor waiting. The behavior is for some customers, not all customers, number one, are impacted by inflation. Other customers that are they’re going to cut back in things like eating out as well as buying for themselves. So that is the behavior of trend. But again, our customers overall plan to spend more during the holidays. And then on the not waiting, customers are actually spending a little bit earlier in certain cases, and that’s being driven by concerns around availability as well as some of the promotions.
Jared Briskin: I’d also chime in just purely from a liquidation perspective, we continue to see our best liquidations in the more premium price points and best level product across footwear and apparel. So again, our positioning in those products, we feel does give us some advantage, but we are seeing significant continued acceleration in our sell foods in those best level products that typically carry a higher price.
Cristina Fernandez: And then my second question was around the benefit you’re seeing from Nike pulling back from some of your retail competitors. How is that materializing given the level of promotions out there, particularly in apparel?
Jared Briskin: We’re definitely seeing the improvement where the distribution buzz cut back for sure. It’s certainly more outsized in the footwear area right now than it is in the apparel area. But we’re seeing it across the board and again, feel like it’s something we can continue to take advantage of for the foreseeable future.
Cristina Fernandez: And then the last question I had, it’s more for Bob on the, again, on the fourth quarter outlook, it implies really significant operating margin expansion, based on my math north of 500 basis points solidly double digits. So on the SG&A side, is it mostly just leverage on the higher sales or any other cost rolling off or lapping that would allow you to get that amount of operating market expansion?
