Mauricio Serna: Got it. That’s very helpful. And did you provide or can you talk about the signing bonus for the Bread Financial contract renewal?
Gina Drosos: We didn’t mention that. We have an appropriate arrangement with Bread, we’ve extended it three years. It’s a very strong partnership for us, and we believe strongly that this helps us really stabilize a view of, you know, cost of funds as we navigate into the future together.
Mauricio Serna: Got it. Thank you very much and best of luck.
Operator: Our next question comes from Jim Sanderson with Northcoast Research. Jim, please go ahead. Your line is open.
Jim Sanderson: Hey, thanks for the question. I wanted to dig in a little bit more to the same store sales expectation based on the revised guidance. Should we anticipate a continued negative double-digit teen comp pretty much through the holiday quarter? And can you give us a sense of how you’re looking at that balance between transaction value and declines in actual transactions throughout the rest of the fiscal year?
Joan Hilson: So, I’ll take that, Jim. So, in terms of the pace across the year, I mentioned that we would expect second and third quarter to continue the trends that we saw in first quarter, [fourth quarter] [ph], we see it slightly higher due to a few things. And we don’t really give comp guidance as you know. So, when you look at it on a total revenue basis, there are a few things in there. One is the fact that we have a 53rd week. We’re lapping the UK labor strikes. We also had a significant impact over holiday the last three days of holiday due to weather. Although, you know, bear in mind, we we’re very well aware that, you know, that can happen again. And then I’d say, you know, lastly, the bridal recovery is, you know, factored into the fourth quarter as well.
But to Gina’s point, we are, you know, very mindful and thoughtful about the ATV level that we’re seeing in bridal today, and we have carried that through the balance of the year in our guidance. So, we would expect, you know, continued decline in transaction, the same impact on ATV that, you know, we saw in the first quarter related to bridal, and we’re positioned for, you know, with good inventories and healthy inventories to take the appropriate promotional actions that we believe we would need to take throughout the year.
Jim Sanderson: Okay. Okay. Just to follow-up a question on the 150 store closure announcement. I think that will be complete sometime in fiscal 2025. Can you give us a sense, first of all, if what you would expect based on your history with closing stores, how much of the sales from the closed stores you would expect to recapture from omnichannel, and then wondering if you can provide any thoughts on what type of positive impact that will have on EBIT margin going forward?
Joan Hilson: We haven’t dimensioned the overall impact of the store closings, but clearly as part of our $250 million cost savings program. What I would say is that they – what we see in transference is, we have stronger transference in our largest banners, the [cadence] [ph] sales banner. And, you know, as I said, we would expect most of these closures to occur in traditional mall locations. So, we’ve seen nice transference there. We have been able to capture if you look at our sales per square feet, over the last several years, we’ve seen significant increase in sales per square feet indicating that as we’ve, as you know, over the last 5 years, we’ve closed 5 years to 6 years, we’ve closed over a thousand stores, and we’ve had a significant increase in sales for selling square foot that we expect as well to pick up volume within our e-commerce channel.
