Chris Peterson: Yes, so let me start with the back-to-school question. The writing category is a little different. It is not going through the same dynamics on retailer destocking, consumer discretionary, pullback, et cetera. The writing business is much more normalized. We feel very confident that we are set up to gain market share during this back-to-school period, depending on which projection you look at. Some people project the writing category to be slightly down versus last year. Some people project it to be flat and some people to be up slightly. I think we’re trying to take a middle of the road view on that. But we’re very confident that we’re set up very well to gain market share during the period. On the 55 brand question that represents 10% of the company’s sales and profits, I would put those 55 brands into three buckets.
The largest bucket of the 55 are brands that we are going to continue to sell. But we just are going to support less, so to speak, in terms of innovation resources. We will continue to support them fully in terms of sales resources, but we think our innovation resources, our A&P dollars are better spent on the top 25 than this other category. So consider that sort of a milk [ph] type column, if you will, for those brands. There’s a second category of brands that we are going to proactively look to discontinue. And these are brands that represent a very small percent of the company’s revenues and profits, and frankly are a distraction. And we believe we’re better off just delisting them because we don’t believe they’re saleable. We don’t believe they’re significant.
And we don’t think it’s worth it to even go through the effort of trying to sell them. So there’ll be some brands in that category. And then there’s a third category where we’re going to look to do something different. And that could be a divestiture or a licensing type opportunity. That’ll be a small subset. I don’t think you’re going to see massive change like we’ve had in the past from an M&A divestiture standpoint. That is not our strategy. We believe that we have a strong portfolio. We just want to focus our efforts and our resources on the biggest brands that are market leading, which represent 90% of the sales and profit of the company.
Andrea Teixeira: And Chris, just a follow up on that. So thinking about the 10% headwind that eventually we’re going to see happening, of course we don’t know the size of each of the buckets you just described. But assuming that there’s like, call it mid single digit potential headwinds if you were to simply delist some of these to your second bucket or potentially sell, like is that something that we should be worried about into 2024 that could be a headwind or you’re going to manage these gradually?
Chris Peterson: Yes, I think we’re going to manage it gradually. I don’t expect it to be that high. I think, could there be a period in the future where we have a low single digit headwind from this? Possibly. But I think this is going to be an over time thing. I don’t think it really will rise to a mid single digit type level in any given year.
Andrea Teixeira: Thank you.
Operator: Thank you. And our next question coming from the line of Peter Grom with UBS, your line is open.
Peter Grom: Thanks, operator. Good morning, everyone. So thank you so much for the color on the building blocks for guidance this year. But I was just hoping to understand the implied ramp in the fourth quarter just in terms of operating margin, it just seems — the outlook implies several hundred basis points of operating margin expansion. So you sounded quite optimistic on gross margin. So can you just unpack that or what’s implied in the fourth quarter a bit? And then back in June, you kind of mentioned core sales below algorithm, operating margin expansion on algorithm for the next year, I think it was 12 to 18 months, but just seems that the exit rate would be implying something well ahead of that. So is there anything specific about 4Q that we really shouldn’t be extrapolating in terms of thinking about operating margin expansion into next year? Thanks.
