So, this is almost behind us in terms of operational execution. So, now it’s all hands on deck towards generating further growth. So, we are pleased to see that the reset is moving in the right direction. Now, I know your question is about the outlook and what we expect moving forward. And of course, we cannot predict the future, right? So we are controlling the controllables there. And we are in the early steps of our reset plan. We do expect, and I think MJ was referring to that, to report better results in 2024. But it’s too early to give you exact details on the shape of the growth curve at this point in time. The three of us, I can tell you, will be in Shanghai and in the factory in Ma’anshan again in two weeks’ time with our team in the field.
We will obviously keep you updated, and we’ll give you full 2024 guidance in our quarter four call, and the perspective on how the business is expected to look. Our go-forward plan has been proven, John, to work in EMEA and it’s starting to show early results in the U.S. So, we see no reason why we cannot follow suit in Asia. However, I would like to repeat one of the previous mantras with which we are driving the business since the last two quarters. We really seek, John, a stronger business before we seek a bigger business, and I cannot think on a better region to apply that mantra than in Asia at the moment.
John Baumgartner: Okay. And to follow up in the Americas, I think you’ve quietly built up some pretty nice TDP growth year-on-year, despite the absence of any kind of big bang, one-off increases in sizable retailers. But looking at the Americas results today, seeing the volume being softer coming from food service, how should we think about that sort of volatility from food service in the Americas numbers going forward? I imagine, to the extent that you’ve gotten volume declines in food service, you’re shifting leaders to more profitable outlets. How do we think about preparing for further volume declines in the Americas going forward? If we see that, is there a tradeoff of more profitability going forward? Just help us walk through the non-measure channel component of the geography.
Jean-Christophe Flatin: Thank you, John. Well, I’ll spare you the same words of how we’re seeking profitable growth here. But imagine the two buckets, as you call them out, food service and retail. In the retail environment, you see the baby steps with a very promising outlook when it comes to distribution gains and with our continued solid velocities. And very promising ACV gains when it comes to the new items, the new innovations. So, expect a promising solid outlook when it comes to retail, which is approaching 50% of our sales. In food service, it’s a balancing act. Expect some headwinds in the net because we have made some proactive decisions to manage growth profitably. Now, if you look at one slide in which we made specific remarks on these, we are growing solidly outside some of our largest customer in food service.
So, we believe now that we have put focus, teams, and resources to multiply growth in these sub-channels, which are more margin-accretive, to give us that balance that MJ was referring to more towards the second half of 2024. So, expect more growth.
John Baumgartner: Okay. Thank you.
Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Brian Kearney for any closing remarks.
Brian Kearney: Great. Thank you, Operator. Thanks, everyone, for joining us. Feel free to reach out to me if you have any follow-up questions. Have a great day.
Operator: The conference is now concluded. Thank you for attending today’s presentation. You may now disconnect.
