Jim Sanderson: Alright. And just one, like, quick last question. On Blue Nile, that will be fully included in the comp base by the fourth quarter.
Joan Hilson: Yes. And as you recall, we’ve acquired it in mid-August. We acquired Blue Nile. And, you know, that business is doing quite nicely for us in terms of the combination of the digital banners has really demonstrated strength. Synergies are pacing to expectation and really expect to – we’ll have the re-platforming done for the start of the third quarter. So, really, as you would call, we said last quarter that we expect a one-point impact on our EBIT margins related to that acquisition in the first and second quarter, and that begins to abate in the third and fourth quarter of next year. So, very good news there.
Jim Sanderson: Very good. Thank you.
Operator: Our next question comes from Dana Telsey with Telsey Advisory Group. Please go ahead, Dana. Your line is open.
Dana Telsey: Good morning, everyone. As you think about the current environment and the volatility, the market share opportunities, given the large size that independents are of the jewelry industry, what do you see as the, any quantitative market share opportunities you have, especially with the new businesses that you’ve acquired that expand the customer base? Is there maybe even into next year, revenue opportunities that you can leverage with services that you’re thinking about as we move forward? And then lastly, in the current environment, obviously, you know about the bridal business, what are you seeing in self-purchase and what are you seeing by brand there? And just one other quick thing. Any shift in the exit rate of the business versus during the quarter and did it vary by region? Thank you.
Gina Drosos: So, in terms of market share, Dana, we see this as a huge off opportunity. One of the things we’ve done in our transformation is created the flexibility by having, you know, lean inventory by paying down our debt, by creating a fortress balance sheet. We’ve created the flexibility to invest in the midst of disruption. That’s what we did when we acquired Blue Nile at what we think was a very favorable price. We were able because of our cash position to do that. And we find ourselves in a similar position now where we see significant disruption in the industry, and so we’re leaning in and playing offense. If you look at the first quarter, we believe that we grew share in bridal relative to independence. If you look at fashion, we have been building our fashion business to increase it as a percent of our total mix for the last three years in preparation for this moment that we anticipated that engagements would be down based on the COVID lack of dating three years ago.
So, we’ve grown our fashion business 36% over the last several years in preparation for this moment. So, that’s why we’ve made the choice to lean in and continue those investments so that especially as engagements return, which we think happens, you know, toward the end of this fiscal year in our fourth quarter, and ultimately, as macro pressures abate, we are ready to really put our foot on the accelerator and move ahead more quickly. So, we are seeing that as a big opportunity this year and I appreciate you asking that because I hope that’s a key takeaway from this call is that we are leaning in to accelerate our competitive advantages. In terms of self-purchase, we are seeing self-purchase at higher price points continue, lower price points continue to be pressured, but we’re very pleased with the breadth of our banner portfolio, and how that is allowing us to play into consumer trends at all price points.
