Operator: Our next question comes from the line of Rob Ottenstein with Evercore ISI.
Rob Ottenstein: Great thank you very much and appreciate you doing this call and bringing Amanda on. Look forward to meeting her soon.So the two questions, one, can you give us an update on where the social media buzz is, your ability to monitor it and counteract it and whether you see that still as a drag on the business now or is that dissipating in your view?And then second, perhaps go into a little bit more detail on what’s going on salons, why this deep decline still and whether you have any kind of readout on the sell-out usage on the stylist level?
Eric Tiziani: Absolutely. Thanks for the questions. First, on what we call the social media buzz, I would break this into two parts.One, just sentiment about the brand, right? We’ve talked about some of the misinformation in the past and that negative media and some sentiment in the first quarter of the year and we’ve really seen the sentiment improve and pick up and mentions negative mentions in social media drop pretty significantly as we’ve traversed through the year and as we’ve been investing to drive that narrative and correct misinformation in the market.So we’ve seen good progress there and the second part I would use to answer that question is what we talked about earlier in the call around earned media value.So this is an area that we’ve been investing in and we believe the big multiplier on our own marketing investment.We talked about how we’ve returned to the Number 2 position in earned media value in the haircare category in the U.S. in the third quarter and actually exited the quarter Number 1 on the back of a really successful campaign we had.
So we’re seeing good progress there. That’s part of what we’re talking about when we say we’re making good progress on stabilization.And your second question was about the pro channel and again, last call, we talked about this area where we going to accelerate our investments in the balance of 2023. We’ve done that. We believe we’re seeing green shoots from that and those activities resonate with the stylist community as well. The sell-out trend in Pro has been very similar to the trend we’ve seen elsewhere in the business, particularly similar to what we’ve seen in Specialty Retail.If I think about the third quarter and the stable trend we’ve seen frankly as we traverse through the quarter, if anything we saw Pro actually pick up a little sequentially as the quarter went on as those investments took hold.So we’re quite pleased to see that as well.
Operator: Our next question comes from the line of Olivia Tong with Raymond James.
Olivia Tong: My first is just around what you’re seeing in terms of the key drivers of the sequential improvement in dollars in Q3 and if we back into Q4, it looks like it doesn’t necessarily continue in 4Q. I imagine that the holiday sell-in was part of that.If you smooth that out, if you could talk about the sequential trends that you’re expecting, and then also in terms of exit rate on consumption, if you could talk to October trends, what you’re seeing so far, and then just generally your view on what stabilization looks like over the next 12 months.
Eric Tiziani: Thanks, Olivia. Absolutely. So, I’ll start with this question around the progression through Q3 and Q4. And I’ll startby maybe just talking about sell-in in the third quarter and then I’ll talk about sell-out.So in terms of our net sales or what we call sell-in performance, Direct-to-Consumer have the strongest performance then followed by Pro and Retail in the third quarter when you look at those net sales declines.From a sell-out perspective in the third quarter, again, Direct-to-Consumer was the strongest and then Pro and Retail were actually quite similar in the sell-out decline trend.So let me explain why, what are the differences there? First of all, in Direct-to-Consumer, it’s worth noting that the sell-out was better in the U.S. Our own olaplex.com, we talked about that growing again for a second consecutive quarter versus prior year.
