Jeremy Fletcher: Yes, Simeon, great question really is. I would tell you, we’re as confident in our read right now as we ever are after first quarter. Brad mentioned it within the context of his comments, we think it’s appropriate to not overreact to the things that we see in first quarter. For certain a couple of things we know the range of our – the band of our performance has still been relatively tight even though we’ve seen choppiness move throughout. So we’re not seeing the types of serious fluctuations in our business that come on where you do see things like what changes is being pushed back or breaks moving around more significantly. What we are seeing is what we often will see from a variability in business around choppiness of tax refunds.
So whether those are – can be significant impacts as you just try to get a perfect read week to week on the business. As we step back from that, we remain cautious about the consumers in our prepared comments and it’s a focus of our business. Often we get a much clearer read on that as we move forward past some of volatility. So we’re cognizant of where that is. We understand some of the broader commentary that exists within broader retail. Often, we see the impacts of some of those things as they flow through more on a more delayed basis for our business, understand we’re in an election year. Those things we’re cautious about. But as we sit here today, there’s just not the clear indicators that we’re seeing that more sustained pressure that we would normally expect to see.
Brad Beckham: Yes, Simeon, what I would say, it’s a fair question, and I think maybe just on the tax refunds, for example, there’s no doubt that the delay impact of this, to some degree, there in February. I think the reason that we want to just be cautious with how that will play out is just the fact that we are an election year. There’s a lot going on in the world. We have this weather that no doubt has played in to some extent. But we also know that the reality is when people get their tax refunds; it’s normally pretty clear when we get – when we get that and how much of it we get. But we know our lower-end consumer. They’re spending money, first and foremost on groceries, their homes, insurance rates personally, things like that, that are a pressure to them right now. And we just want to – we want to balance that. We know that is some of it, but we also know this weather is some of it as well.
Simeon Gutman: And then…
Brent Kirby: And Simeon, let me just…
Simeon Gutman: Go ahead.
Brent Kirby: I was just going to say maybe just one other thing to add on your question, and it is a good one. But when – just like the guys talked about, when you think about maintenance categories and obviously, failure categories are have to replace maintenance categories, there is some discretion in those. And even on the DIY side, again, a lot of confidence still in the backdrop knowing that we still saw strength in motor oil filters in the category. I mean, we didn’t see any reason to believe that people were putting off the oil change to pay for groceries that we – when we looked at it at a product level. So that was underlying in all of this, too, so just wanted to mention that.
Simeon Gutman: Yes. Thanks Brent. My follow-up, if you take the PPI initiative and you look at the products that were impact is where price was lowered, it looks like the payoff was especially strong last year to that – maybe to that market share question. Is – are you still seeing growth in those PPI products? And are there any opportunities as you look across your pricing and your catalog where there may be some price differences where you can take advantage of that again?
Brad Beckham: Yes. Thanks, Simeon. So yes, I mean, when you talk about PPI, that’s over two years old now. Basically, we’re lapping at 24 months in. We feel extremely good about that investment we made. When you look at those categories, not only those categories but kind of the halo categories that revolve around those key undercar, underhood categories, and it was very broad. It was a very rifle approach, but it was very broad by SKU, by line, we feel really good about what we’ve done there. We – when I look at it, especially versus some of the WDs and the independent two separate type players, we feel really good about what we’ve done, and we haven’t seen really any other reactions to any large degree out of our big competitors nor those other competitors.
That the reason that I feel like that we have made those investments pay Simeon, is because our team has gotten out there and this just hasn’t been a one-pronged approach. The investments were one thing, but we knew going into it, the only way we were going to make that pay was to do what we already did well even better, being out there calling on customers, building relationships with those customers that had traditionally bought from some of the independents through relationships, through service, et cetera, and some of that being price. Our teams have got out there and done all the other things that matter more than pricing, calling on customers, building relationships, the most efficient delivery service in the aftermarket right part, right place, right time, the work our supply chain teams have done in the last couple of years have all made that pay off.
But really to the last part of your question, we feel really good about where our pricing matrix is. We moved it down to that level that you know we did on the professional side, but we’re always within that new matrix we’re always tweaking and optimizing within that new matrix. But we feel like that matrix is where it needs to be for now in the foreseeable future and don’t see anything competitively that would tell us we need to ever do that again.
Brent Kirby: And Simeon, maybe to just further add to what Brad said on that, on the professional side. I mean when you look at the – by category, when you look at some of the categories, brakes, chassis, driveline, ride control, all the big category, a lot of big categories, dollar categories that we’re not seeing that growth stagnate, which I think is kind of where your question is going is that petering out? Are we running out of gas in those categories, we’re not seeing that? We’re seeing continued growth even on top of big comparisons year-over-year.
Simeon Gutman: Thank you.
Brad Beckham: Thank you, Simeon.
Brent Kirby: Thanks.
Operator: Thank you. Your next question is coming from Mike Baker from D.A. Davidson. Your line is live.
