Mike Madden: Yeah. So we’re talking about 150 basis points so far this quarter. And just keep in mind, last year, first quarter was our highest margin quarter. We hadn’t really gotten to the point where we started discounting aggressively. So we’re up against kind of the toughest comparison, if you will, on the merchandise margin. And we’re eclipsing it right now so far, which is good news. And as we get into the third, the second, third and fourth quarters, we were — we’re doing a lot of discounting and we were trying to clear a lot of inventory. And we don’t have that overhang this year that we did last year. So I think the possibilities there in terms of running at a higher merchandise margin for the balance of the year is there for us.
Anthony Lebiedzinski: Got you. Okay. And then and lastly as far as this rebalanced merchandise strategy. So obviously I think it makes a lot of sense given the current slowdown, macro slowdown, are you looking to do more advertising? I mean, what is going to be the main way that you’re looking to get people into the stores so they know that you’re — you do have more affordable price points?
Mike Madden: That’s a good question. I mean, we’ve given a lot of thought in terms of heading into what is kind of a recessionary like environment. And our belief here is that our promotional strategy can really be effective in driving that traffic. I mean, we’ve got some margin room to do discounting both at the category level, using some coupons, and then backing that up with a strong marketing message. We’ve already seen some things in Q1 that are working. And so we’re trying to we’re kind of looking at this week to week and seeing what worked and we’re going to apply that going forward and with a little bit more margin to work with, I think, that will help us. And then as we get into the back half I think we’ll have more of an assortment to back it up.
So I think it’s a lot about our promotional strategy. That’s where we’re really spending our time and trying to understand what’s driving it and when it does, how to deploy that going forward. So that’s what I would say there.
Anthony Lebiedzinski: Got it. Okay. Well, thank you and best of luck.
Mike Madden: Thanks, Anthony.
Steven Woodward: Thank you.
Operator: And our next question comes from John Lawrence from Benchmark. Please go ahead with your question.
John Lawrence: Yeah. Good morning, guys.
Steven Woodward: Good morning.
Mike Madden: Hey, John.
John Lawrence: Yeah. Congrats, Woody, for a hopefully a wonderful retirement. I’ve enjoyed it over the last few years. Thanks.
Steven Woodward: Thank you so much, John.
John Lawrence: Would you talk about, I mean, we talk about 40% of the mix, but we get to the second half. How much of that? What percentage would that be now as far as the value merchandise opening price point, how much of the mix would we have today?
Steven Woodward: You know, that’s a good question because we are working towards getting it up to that 40%. And I want to talk about the components that make that up. But right now we’re running about 30%. Traditionally, when you look at it on an annual basis, we’ve been around 35%. So, you know, to move that category by 5% or 6% in the overall scheme of things is pretty good. And what we did to fund that was that we went back and we picked all of our items in furniture that have been very successful and have caused us to have gains in the past years. And we really narrowed that down and we took some of those dollars out of furniture to fund this increase of new items that are more in line with our taste level, more in line with our design.
