Jed Gold: So on the €“ we will start with the first question that you asked, and John can jump in and provide some more color. But from a modeling perspective in Titan, it’s still early days. We’re piloting that in a handful of stores and while we’re encouraged with the early results that we’re seeing, there are some things that we still need to tweak and as we think about continuing to roll that out over the next 18 months. So right now, the model assumes just a little bit of a headwind because of some of the investments that we need to make, particularly in the first half of 2023. On the labor side, we’re offsetting some of that with some productivity initiatives as we’re looking at labor scheduling and tightening that up. But we aren’t assuming any upside due to titanium in 2023.
John Lai: Yes. Jed, can I provide some more color as to the why it’s taken us so long to roll this thing out? And I want to overstate that this is more than just a product launch. This is an entire reengineering, reconfiguration of our rinse and drying system as well as adding a brand-new service, brand-new package, brand-new program. And we’re also resetting and putting in place a better service delivery model for our customers. And so that massive amount of transformation, we think, is going to have a huge lifting effect, but because of the massive size of it, we’re going through this in a very thoughtful and intentional way, region by region as we always do our rollouts. This is not a flip the switch. And the next day, we’ve got a new product with new pricing.
And as we’ve shared before, we’ve always felt that we need to earn the customers’ trust and deliver exceptional value. And so this is going to be a natural, what we believe to be, pull where people are gravitating towards this service, not through aggressive sales tactics, not through slick promotional gimmicks, but through demonstrating the value from the service. And we’re really encouraged by the early-stage results, but I’ve been asked to not share any of those results because you guys take that and run with it from a modeling standpoint. And then I’m out there having said too many things. So bottom line is we’re optimistic, we’re excited, but we’re staying kind of on soft ground with respect to the impact this year. But we’re really confident about what that lifting effect is going to have in years following.
Jed Gold: And then, Michael, the second question around the sales de-leverage, it’s a tricky one in the sense that €“ I mean, right now, we are very focused on different marketing initiatives to try and drive retail volume to bring in that retail traffic. And we’ve been testing and trying different things. But quite frankly, we haven’t seen anything that €“ to our satisfaction that makes sense to do a wholesale rollout of yet. But we are continuing to lean in there. The other thing that we constantly look at and assess is where and when it makes sense to take pricing. While we don’t have anything planned at this point, it is something that we continue to look at and assess. And then from a cost containment perspective, I believe we’re still early days, particularly as we look to leverage the scale of Mister in recognizing some various cost containment initiatives that will help offset any potential sales to leverage if we found ourselves in a scenario where sales were decreasing.
Michael Lasser: Understood. Thank you so much and good luck.
Operator: Our next question will come from Peter Keith with Piper Sandler. Please go ahead.
