Jeremy Hamblin: Got it. That’s helpful. And then in terms of the inventory overall, so you had some nice recapture from a working capital perspective on your inventories this year. I think about plus 30 million as you go through this kind of swinging back on the product assortment. How should we be thinking about like from a cash flow perspective? You did end the year with inventories that were at least 5 million higher than what you had expected in January when you updated. How do we think about the level of inventories and from a working capital usage perspective, is that something that, you know, obviously, if you see a real acceleration of sales, then you know, that won’t have as much of an impact. But should we be thinking about inventories as something that’s going to be a cash usage this year or something that could also contribute to your cash flow?
Mike Madden: Yeah, the way first of all, to touch on the ending inventory number in ’22, it was a little higher, I think largely due to sales being a little underperforming in December and January. And the other thing I’ll mention is transit times have gotten tighter. So our receipts were showing up a little bit earlier than they had been in previous quarters. So that that timing effect had a little bit of an impact there as well. But as I look into ’23, I think you should probably think about it as neutral, I think and maybe a slight cash generator just given where we are from a store count basis as we end the year I think the way to think about it is we’ll probably end the year right around the way we started it with a little bit of a, you know, obviously a peak into third quarter as we prep for the high selling season.
And then that coming back down to at or a little bit below where we started is the way to think about it. But it’s a traditional type of ramp up and ramp down that we didn’t see in ’22. We expect to see that in ’23.
Jeremy Hamblin: Got it. And then last one for me before I hop out of the queue. In terms of the store portfolio. So you closed ten locations in Q4 I think 16 or no for the year. As you take a look at where the store portfolio is today, is there any thought that maybe I’m sure that some of those stores are losing money on a four wall basis. You know is there thought that maybe you might need to trim more stores on a go forward basis or how should we be thinking about that as we look at ’23?
Mike Madden: Yeah, right now we’re looking at that as kind of a maintain strategy. I mean, I think you may see a few stores drop off kind of similar to what you saw in ’22. But we’ve done a lot of work over the last few years to get our rents in line. And I think largely that’s accomplished. You know, we can still track down a few of those and get rent reductions. But I think it’s a maintain thought process. And we’ve done some recent analysis on our store base and looking at how well traffic those centers are using some of the mobile phone data that’s out there. And what it tells us is we’re by and large, we’re in really good centers across the board. So I think with these changes that, that we’re expecting to see with our merchandise and hopefully some sales momentum as the year progresses I think we want to hold on to our store base.
Now, to your point, we’re constantly analyzing areas of the country, areas of the store base that we think we can improve and maybe, you know, maybe reduce our exposure. But largely I think we want to see the store base benefit from what’s coming.
Jeremy Hamblin: Got it. All right. Thanks, guys, and best wishes this year.
Steven Woodward: Thanks.
