Unidentified Analyst: Hey, good morning, guys. This is Joe on for Scott. I was really impressed by the Pro commentary. I was just wondering, is there any sort of regional thing that you’d break out whether or not people are more or less bullish on their outlooks and backlogs in areas where there’s been more housing price correction?
Marvin Ellison: So Joe, good question. What I’ll tell you, there are a couple of markets around the country that had a more accelerated what I would call, appreciation of home prices during the pandemic. And let’s call out markets like South Florida, Phoenix, as an example. And as you can imagine, we pay really close attention to those markets. We’ve not seen any material difference in sales performance in those markets as those prices tend to come — are coming down than in the broader US. And so when I cited the statistics that 70% of our Pros in our survey from January are very confident in their backlog being consistent to last year and being able to sustain it, that is pretty much a universal statement across all geographies.
What I can tell you is that we’re very pleased with the performance of our MVP loyalty program and how it’s sustaining and giving us the ability to drive sales. And I’ll let Joe just touch a little bit on that program and how we think that’s going to allow us to build loyalty and continue to grow this very important business.
Joe McFarland: Yeah. Thanks, Marvin. And Joe, thanks for the question. As it relates to the Pro and the market, Marvin made his prepared comments. But as you dig deeper, there’s, kind of, five key areas that we look at, which is the jobs how far out the Pro is booked in the next six months, materials can they get what they need and is it the right cost? Can they get to Pro Credit? What does the labor market look like? And then just the balance of the type of work they do. So remodel versus new construction. And as we track these and as we roll out our Pro loyalty program, we’re pleased with the trajectory of the business and the health of this small Pro that we’re servicing.
Unidentified Analyst: Great. Thank you so much.
Operator: Our next question is from the line of Brian Nagel with Oppenheimer. Please proceed with your question.
Brian Nagel: Hi, good morning. I apologize. My question may sound like similar to prior questions. Going back to the comments made by your competitor last week, they discussed what — they turned to broadening, if you will, of consumer normalization or consumer weakness. You called out weakness around the holiday, the gift giving, discretionary. But are you — would you characterize also seeing that, what they discussed in this broadening or weakness in normalization across your portfolio?
Marvin Ellison: Brian, it’s a fair question. And I’d start off by saying Q4 is typically our highest discretionary selling period of the year because of the holiday season. But when we look at core home improvement categories, we feel really good about the performance of the DIY customer. And I think as Brandon gave that monthly comp cadence for the fourth quarter, you notice that every month, the business performed stronger with a positive comp in January, and that was almost directly correlated to the DIY customer being stronger each month of the quarter, because we moved away from that discretionary period that was so heavily focused on the month of November, because of how they buy. So as we look at the overall customer, we look at the health of the DIY to discretionary spending, we don’t see any really red flags that we’re concerned about because the core home improvement discretionary categories held up really well for us, case in point appliances, case in point paint.
So those are areas that really performed well. And I’ll let Brandon add any additional comments.
