John Lawrence : Right, thanks. Congrats guys, and good luck!
Mike Longo: Thank you.
Operator: Thank you. Our next question comes from the line of Jim Chartier with Monness, Crespi, Hardt. Please proceed with your questions.
Jim Chartier : Good morning. Thanks for talking my questions. I wanted to follow up on first quarter. You know just given kind of a three year trend in fourth quarter, will kind of imply that first quarter comp should be up more like mid-teens and again, given the seasonality that you’ve talked about in the guidance, it looks like you know guidance applies something more like high single digits in the first quarter. So just curious, anything in terms of timing of launches or shifts that we should be thinking about, where again that three or four year comp trend should be softer in the first quarter.
Bob Volke: Yes, good morning. Yes, we feel like we haven’t modeled appropriately. I mean certainly launch calendar changes, all these things, you know that we have to deal with and look at. So we feel you know reasonably confident with where we sit today in the guidance that we’ve given, that we understand that calendar well, and we’ve anticipated any potential changes.
Bob Volke : Jim, one other thing I’d add to that is, we’ve probably all see the staffs comes out from the IRS. There was obviously some concern that the average refund might be a little bit lower this year. So I think again that’s also part of the factory we looked at in the first quarter.
Jim Chartier : Okay, make sense. And then, you mentioned you’re conducting a systematic review of the cost structure. I guess first, when do you expect to complete that review and then does your guidance assume any benefit from cost savings related to this year.
Mike Longo: It does. This is Mike. We began the process mid-Q4. We were able to achieve some of the results in late Q4 and of course, those trend began the year in week one. So it’s certainly helpful. All of the other things that we have on the table are in the plan and part of the guidance. So if we’re able to find additional cost savings, we’ll consider that upside from here.
Jim Chartier : Okay, and then finally, any thoughts or observation on the kind of new store performance that you kind of gotten to more of 3% to 4% store growth rate out of the new stores performance.
Jared Briskin : Yes, this is Jared. Our store development team, you know working with our merchants and ops groups that really doesn’t an incredible job of our new stores, our site selection has been fantastic. We continue to focus on the underserved areas that are very, very complementary to the market or incremental to our vendor partners and we’ve been very successful. So we do plan to take up the new store openings during the fiscal ’24.
Jim Chartier : Great. Thanks and best of luck!
Mike Longo: Thank you.
Bob Volke: Thank you.
Operator: Thank you. Our final questions will come from the line of Sam Poser with Williams Trading. Please proceed with your questions.
Sam Poser : Mike, I’ll apologize ahead of time for ending on this note. Last year, you missed guidance sort of consistently throughout the year. And so the question really is, is when we look, has there been a change in the way you’re approaching full year guidance now, sort of all things being equal compared to the way you looked at it last year. I guess that’s the best way to ask the question.
