Michael Binetti: Congrats on a great quarter. Meghan, I guess just a housekeeping one. When do you think FX pressure to the gross margin can start to get better here given where rates are moving lately? And then I guess I’m just curious if you could help us unpack the gross margin a little bit more for next year. I know you answered it a little bit, but it seems like the industry is looking to get clean on inventory. So there should be some recapture opportunity there. Obviously, of freight, you spoke about a little bit and I’m curious how long you think that pressure on the fixed cost line within gross margin that flipped over to a negative this quarter on a nice comp. Does that roll forward with us for a few quarters?
Meghan Frank: Great. Thanks. I would say in terms of FX, our outlook is that Q4 is more similar than not to Q3. I think hard to put a fine point on next year, but I would view it as an opportunity over the longer-term time horizon. In terms of gross margin next year, again, do view airfreight as a benefit but we’re also committed really to that bottom line operating income expansion on a modest basis. We’ll continue to balance opportunities and investments in the business, really focused on driving into our long-term goals, both of revenue growth and being able to scale with the business and support that long-term opportunity that we see. And then I would say fixed costs, particularly on the DC side, we have some upfront investments in our DC capabilities and footprint in order to support that long-term volume.
So we’ll see some pressure in the near term and then see that start to leverage over time as we move through our five-year plan. It is a multiyear road map. So we’ll continue to offer some color there as we move through that.
Michael Binetti: If I could sneak one in on the fourth quarter just — I think you embedded in the comp for fourth quarter, particularly between the channel stores and e-comm, considering where traffic is, how much it’s up based on some of the metrics you gave us and how busy your stores get over the next few weeks here. Maybe just a little bit on how you’re thinking about the two channels.
Meghan Frank: Yes, we didn’t break down the channels for Q4. What we did offer was 23% to 24% sales growth overall. And we did give some color for the year on e-commerce at approximately 30% growth, which would embed both our Q3 results and then expectations for Q4.
Operator: The next question is from Omar Saad with Evercore Partners. Please go ahead.
Omar Saad: I wanted to ask my first question on pricing, actually. I know you guys have been — haven’t been too aggressive or haven’t had really the need to use pricing lever even in this inflationary environment, but as you see COGS inflation, freight, FX impacting the gross margin. Maybe talk about your appetite and the brand strength and the brand’s capability to use pricing as a tool as needed? And then maybe also dive in deeper on China. It seems like the form they were pretty solid despite all the COVID closures going on there? Maybe talk about what the outlook will be once — what your expectations are for that business once the — who knows when it will be, but once the kind of market and economy and consumer spending and retail environment opens up there?
