Mike Madden: Yes, from an OpEx standpoint, Jeremy, I’m looking at this kind of year-over-year Q4, I don’t think that that’s going to drive it very much. I mean, our hours are pretty similar to what they were last year. And when I mentioned earlier in the call in response to one of Anthony’s questions about investing in stores that’s primarily at the 2023 look ahead as and we plan to test even before we get to layering in any more OpEx there.
Jeremy Hamblin: Got it. Okay. And then just coming back to some of the puts and takes here on gross margins. So obviously, you noted, still a promotional environment out there, both in your stores and at competitors. You have freight, which sounds like it’s improving, but still a drag year-over-year. Can you just quantify expectations around great drag, again from what it was in Q3, what do you expect it to be into in Q4? And then as we look ahead to start 2023 based on where your inventory levels are, and the timing of when those float in and are expected to sell through, any color you could share on that Mike would be great.
Mike Madden: Yes, so I mentioned in Q3, I’ll start there, our merchandise margin was down 480 basis points. And just directionally the way I would think about that is about half and half, half of it’s probably being more aggressive on the promotional front as compared to last year. And then the other half being pressure from inbound freight rates. That again, as a reminder, we incur that, when those goods are shipped from overseas is when we incur that cost, but it hangs up on the balance sheet until the goods sell through. So these goods sold through in Q3 and into Q4 for the most part have much higher rates attached to them. And so the P&L is impacted by that in Q3 and Q4. As we get closer to the end of the year, that pressure on the freight end of it starts to wane a little bit and the way I would think about it on the freight because real time today, we’ve got much lower inbound freight rates.
So as we get that inventory received in in the system and start selling it early next year, you’ll start to benefit from that. And it’s a little early to project maybe what impact that will have going into next year. It could be, if you kind of take from peak, kind of this time last year with the freight rates word to now, I mean, it could be 200 to 300 basis points of improvement. But as you know, and as everybody’s watched those rates can move around quickly. So we’re mindful of that. But we are in a period now where we’re back to kind of the normal inbound rates. I don’t know if I got all your question there. But if there’s anything left, let me know.
Jeremy Hamblin: Well think, yes, let me just put it in slightly different context. So yes, I think your landed margins last year were in the kind of 57% to 58% range. And they’ve obviously been down substantially. This year, I think something more like let’s call it 53% around there, so I’m just trying to get a sense for the sound like we’re going to get back to maybe 57, or 58 like you had in 2021. But it does sound like your expectations are for more in the mid-50s range for 2023. Is that fair?
