I haven’t seen much of a particular pullback. I think the need for power tools in industrial settings in critical industry settings remains moving at pace in the garage is less so because of the aforementioned uncertainty. That’s all. That’s the only color I can add in that situation.
Sherif El-Sabbahy: Thank you. Appreciated it.
Nick Pinchuk: Sure.
Operator: The next question is from Bret Jordan with Jefferies. Please go ahead.
Bret Jordan: Hey good morning guys. Don’t think we’ve touched on the sell-in versus sell-out on the U.S. franchise tools. Do you have any color as far as what their POS looked like versus their take rate?
Nick Pinchuk: I’m not sure what you mean by point of sale. Okay. Yes. Look, sell off the van was better than our sell to the van this quarter particularly towards the end. So that’s – we sold – our franchisees sold more of their vans than they bought in this situation – and that gap expanded a little bit as we went forward in the quarter.
Bret Jordan: And I guess the sellout rate, how do you think that compares to the general market growth rate. I guess, do you think you’re keeping up from a market share standpoint? Or is there any – shift there?
Nick Pinchuk: No. I don’t know, you may have a better view. Look, if you talked – I just talked – I talked – we talked to 36 franchisees and none of them mentioned I’m losing share. Nobody mentioned I’m losing share. So I don’t think that’s happening. And although these are windshield surveys and not based on data. But they don’t seem to be in that situation. They can say, their view is, well, tougher to sell because people aren’t buying, I don’t have the big ticket items I used to sell and that carves down my product line that I can get to people to move on.
Bret Jordan: Okay. There seem there will be a little gap between – with the Matco numbers at the end of last year. So we’re not commenting about Matco becoming more aggressive as far as pushing their volume.
Nick Pinchuk: Nobody’s saying that I don’t know. The Matco guys are smart guys. They may be able to – they may have some magic at, we don’t know. But every place, it’s hard to – what we found is we never really paid too much view of that over one quarter, those things go up and down. So I don’t know. I can’t really comment on their business, but I’m not hearing anything from our franchisees that would indicate that’s a problem for us. Generally, we think that we sell to different people anyway.
Bret Jordan: All right. Thank you.
Nick Pinchuk: Sure.
Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Sara Verbsky for any closing remarks.
Sara Verbsky: Thank you all for joining us today. A replay of this call will be available shortly on snapon.com. As always, we appreciate your interest in Snap-on. Good day.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
