A – Mike Longo: Yes so €“ I mean the vendor direct pricing cadence, you know certainly during holidays was aggressive, but €“ you know so were the partner pricing promotion. So it really was a barking place. Overall that was heavily dependent on promotions and very active, again, especially in apparel. So overall there’s a significant impact with regard to the promotional environment. Certainly, the direct businesses are having an impact on that and my expectation would be as inventory does start to get a little bit more cleaned up and level out across the marketplace, reduced promotions, not just from the direct channels but also from our competitors, can hopefully put a little less pressure on the Apparel business in particular.
Mitch Kummetz: All right, that’s helpful. Thanks and good luck!
Mike Longo: Thank you.
Bob Volke: Thank you.
Operator: Thank you. Our next question comes from the line of Cristina Fernandez with Telsey Advisory Group. Please proceed with your question.
Cristina Fernandez: Hey! Good morning and thank you for taking my question, I have a few. The first one is, I wanted to see if you could talk about how you approach the guidance for the fiscal year different than last year in light of not being able to meet your targets. Do you feel like you have enough cushion or conservatism in the outlook, you know in case the consumer environment remains as it is today’s through the rest of the year.
Mike Longo: Yeah, I mean, you know I think we go into each period with guidance thinking that we’ve got a good answer. You know we’re obviously not purposely targeting being overly aggressive or overly conservative. I think as we saw how the fourth quarter played out as we started to look at what we were seeing in the marketplace from some of the other companies that were putting out results and some of the commentary we made. Clearly we felt that there were some things that we needed to be a little bit more careful of pushing too far beyond the envelope, so to speak. So again, we still think that the guidance we are giving is fair and reasonable. I don’t want to say it’s going to be overly aggressive on one end or like sand bathing on the other end.
Again, we feel this is a reasonable approach for our business based on what we’re seeing for fiscal ’24. So obviously, a lot of assumptions into those numbers. Still some level of volatility, especially when it comes to consumer behavior and pricing and inflation, etc. So again, this is what we think is a reasonable approach for now. Obviously, if circumstances change, we will continue to update and modify that that guidance as necessary.
Cristina Fernandez: Thank you. And pushing a little bit more on the low single digit comp outlook, how are you thinking about that level of growth in relation to industry growth? I also wanted to touch on market share gains. Are you seeing those market share games from competitors who left the market, maybe you can pass out that outlook for the year in more detail?
Bob Volke: Yes, I think what we’ve seen so far in estimates is a lower growth rate overall for the next few years, than what €“ you know certainly what we’re guiding to for this year. And obviously what we’ve seen over the last four years since pre-pandemic has been a very significant increase in our business that is outsized compared to the market. So we certainly believe we picked up some share. We paid lots of investments in the business model to continue to pick up share. But again, based off the consumer environment and all the pressure points that are out there and inflation, we want to ensure that we don’t get too far over our skis with regard to expectations.
