The second piece is really around competitive pay. We have to retain and attract the top talent to execute at the level that we need to, to really think about growth in 2024 and beyond. And so you are very familiar with our growth vectors, but it’s about having the right team to deliver the kind of execution that we need to really win. The last piece is really around the capabilities, and we have talked about this quite a bit over the years and really excited about the traction that we have been getting. You are seeing data and analytics as a new capability, not a capability we had several years ago, and our pricing science has really served us well. Marketplace is now officially launched that didn’t exist six months ago. Private brands, we have made investments and as we have talked about, we see growth opportunity there.
Personalization is another dimension, Macy’s Media Network. So, building new capabilities requires talented individuals from the industry and we have been able to attract and retain those individuals. We do consider the way that we have managed non-payroll expense is a win for us. When we look at the data, the consumer price index is in the range of about 6%, some indices seem to be a little bit higher, but we were low-single digits during that period. So, we have been very disciplined on that side. That being said, we remain committed to a double-digit, low-double digit EBITDA profile on net sales and total revenue, and that’s about discipline as we move forward.
Operator: Thank you. The next question is coming from Alex Straton of Morgan Stanley. Please go ahead.
Alex Straton: Great. Thanks for taking my question. Really two pieces. First is that you are already hitting this low-double digit adjusted EBITDA margin target. And I think that was your kind of longer term, so a nice outcome there. So, maybe is that still the right long-term target, or what are some puts and takes there? And then secondly, just following up on the luxury piece and the questions earlier, I just wanted to zoom out, it sounds like you are incrementally positive on Bloomies and Bluemercury as a part of the bigger luxury strategy. And I know some of the competitors in the space are struggling. So, maybe you could help us understand how that opportunity has changed in the market broadly compared to, say, pre-COVID, or if you are thinking about it any differently than you did then? Thank you.
Jeff Gennette: Hey Alex, so let me start with luxury and then I will throw it to Adrian to talk about the double-digit EBITDA profile and how we are kind of thinking about that in the future. So, we are bullish on luxury. And this is a share gain for us in terms of going after the luxury opportunities. You have a customer that remains healthy. They have the resources. As I mentioned, they are really spending where there is scarcity and specialness. So, the full omnichannel experience is quite important. What is the experience like online, what is it in stores, what it is, in many cases, there is a colleague, customer relationship that is quite developed. And they are very discerning our customers on their purchases, so how do we think about that.
So, we are definitely committed to additional market share in €“ particularly when you think about Bloomingdale’s and you look at Bluemercury. So, when you think about how that manifests when you look at Bloomingdale’s, so we have really want to be that customer’s consideration for a multi-brand upscale retail option. We just finished our 150th anniversary at Bloomingdale’s and spent a lot of time on content €“ exclusive content and really developing strong mutually productive relationships with established luxury brands. And this can be approachable to aspirational, a real curated expansion of luxury labels that our customers love. And those are adding new content, not only on the website, but in individual stores is €“ and these can have huge effects on overall comps.
