Laurent Vasilescu: Harmit, I just want to square away some math here. I think in your prepared remarks, you mentioned that DTC should be about mid-40% of the percentage points of the overall sales for the year. Does that imply global wholesale would be down high single digits? I might be off with the math, but just wanted to confirm and if that’s the case, how much of that decline is coming from U.S. wholesale? And then maybe drilling down further, just curious, I think last quarter, you mentioned that mass was down high teens. Just curious to know how you’re thinking of how it performed this quarter and how you’re thinking about it for the full year?
Harmit Singh: Yes. So the mid-40s is largely Levi’s. If you think of the Company Dockers has about 30% of the business is DTC. And Beyond Yoga, it’s half the business. But if you would think of the Company, we are a little better than 42% at the end of the year. That’s the projection. So if you do run the math, our view is global wholesale is down in the low mid-single digit and is largely the U.S. and Europe, where, as Chip mentioned, our customers cautious in the open to buy. And we are building that into our expectations and really focused on driving our direct-to-consumer business. If things change, obviously, you’ll see that roll into the numbers from that perspective.
Laurent Vasilescu: Very helpful. And any color on the mass channel, how it performed this quarter and how you’re thinking about for the year?
Harmit Singh: Yes. So the mass channel was down about 13%. And in quarter four was down 19%. It was lapping a 10% growth quarter in 2022. And we’re planning it down. We’re planning it down low double digits. And again, we sell to two wonderful customers, largely Signature and Denizen and they’re cautious in the open to buy. And we’re reinforcing. The good news for us is one of the customers, we are taking women’s out — denims and women’s out of doors and really working with them to grow our Levi’s Red Tab and that does help premiumize the brand.
Operator: Thank you. Our next question comes from the line of Brooke Roach of Goldman Sachs. Please go ahead, Brooke.
Brooke Roach: I was wondering if you could talk to the sell-through trends that you’re seeing in U.S. wholesale for the core Red Tab business and how consumer engagement with the brand at wholesale may be differing relative to the stronger trends that you’re seeing in North America DTC? And then Harmit, can you clarify, is the more cautious view on wholesale a function of a more cautious open to buy? Or has there been a slowdown in sell-through trends versus your prior expectations that may be driving this outlook?
Harmit Singh: Yes. So March is, as you all know, it’s a very difficult month to read because of tax refund checks, the weather. And so, I think as we think about the quarter April, for example, it’s early days, but we’ve seen traffic come back and things are looking a lot better. To your question about — and our direct-to-consumer business, which is a real representation of how the brand is showing up in our assortment is doing well. To your question about the cautious view on wholesale is largely be open to buy that we’re thinking that’s driving that decision. So if that opens up, things get better, and that will probably, over time, as inventories tighten should also improve the promotional environment.
