Stefan Larsson: Thanks, Jay. So Zac has really done a great job coming in and helping us execute on the fifth growth driver of the PVH+ Plan, which is about driving efficiencies and freeing that up to invest in growth drivers. So what you see now in Q3 and going forward increasingly you will see that we are step by step becoming more cost competitive. Of course, one aspect of that that’s even more important when we operate and compete to win in a tough macro, but this is something that Zac and I will drive throughout the whole PVH+ journey and beyond.
Zac Coughlin: Yes, I think just more specifically, there was really no one single item driving the 3Q SG&A efficiency. Instead, the efficiency was across the board as our disciplined focus on spending on only the most impactful elements of the PVH+ Plan really paid off. This is about focus and prioritization. And we actually are confident we can both invest in growth and deliver SG&A efficiency. So we also continue to invest in those areas most important for growth that was included in, we’re spending. So digital as we platformed our U.S. Calvin.com site, it continued to build out our European digital ecosystem supply chain as we’re building the technology infrastructure across Asia and logistics capability in Europe. And increasingly moving forward, you’ll see spending in the U.S. retail network and global marketing. So we believe that we actually do have the ability to do both, to invest in those things most important and really drive those efficiencies as well.
Jay Sole: Got it. Thank you so much.
Operator: Thank you. Our next question will come from Chris Nardone with Bank of America. Your line is now open.
Stefan Larsson: Hi, Chris.
Chris Nardone: Good morning.
Stefan Larsson: There we go. We got you now.
Chris Nardone: Okay, perfect. Can you provide an updated State of the Union on your performance in some of your major Western European markets, and then how some of those trends have evolved quarter-to-date relative to 3Q? And then just as a quick follow up into some of your vacancies for head of Americas and head of Calvin, this Q3 announcement change, how you’re looking at the attributes to fill some of those roles? Thanks.
Stefan Larsson: Yes. Thanks, Chris. So starting with Europe, we had a record quarter. We never made a quarter before in Europe over 1 billion. It is the first time we did over €1 billion for the first time in a quarter, so very strong execution by our European team drove underlying growth of mid single digit. Again, we were able to do this despite the tougher macro. For sure, there is a tougher macro situation I will say globally, but in Europe it was a good example of when we were able to navigate through that successfully. And then we go into the start of holiday where Black Friday has become increasingly irrelevant in European — increasingly irrelevant and big. And we just came out of that and drove strong performance across both brands of channels. So feeling good about how our teams continue to execute really well.
Zac Coughlin: I think if we take a look then just more broadly on the European performance, as Stefan mentioned, continued to see strength there. And as we look forward, there’s all important order books, the fall order book holding well, spring order book as we’ve talked about in prior quarters landing at high single digits. And in fact, as some of the supply chain — global supply chain challenges have loosened, product is showing up on time or a little bit early and reconfirming the strength of the brand as those accounts are eager to take that product. So I think moving forward as well, we feel good about the strength that Europe is continuing to drive.
