It’s an understatement, right? I mean — and so we’re very happy to be kind of through warehouses being full, product — us having to get second and third places to store product to try to just meet the PO demand from retailers, that expense base should shrink as we try to get back into four walls of a lower manufacturing footprint. We require less distribution warehousing kind of drive those expenses down. But I can also tell you that we gained distribution in Home & Garden going into this fiscal year. And I think we had the worst weather year in a long, long time for that business. And I know that the Street hates hearing about us blaming weather, but it really did wreak havoc on that H&G business. And so I’m actually pretty bullish about Home & Garden getting some nice growth in fiscal ’23 as well.
And obviously, the margin structure rebounds as we shed some of those costs that we incurred trying to meet all the demand from our retail customers. Jeremy, you want to fill in there?
Jeremy Smeltser: Yeah. And I think in HPC, I agree with David’s comments. And then in HPC, look, I think we do have good visibility to retail or inventory. I mean these are our customers. We work with them every day. The big question mark is kind of what happens with the overall, both European and U.S. economy. And so I think we’ve been fairly cautious in how we forecasted the topline. But we all have not figured out yet whether this is going to be a softer or hard landing. We don’t know where the war in Ukraine is going. And so we think this is prudent, what we put out today based on what we’re seeing right now and what we can see in retailer inventory, and we’ll see what happens as the year progresses.
David Maura: Yeah. Also, listen, let me also tell you. I think if you look back to ’08, we actually were able to grow these businesses. Home & Garden and Pet tend to be pretty recession resilient. And so we do take some comfort in that. And quite frankly, we see some trade down occurring at the world’s largest retailer. I think that actually benefits our appliance business as well.
Christopher Carey: Okay. Thank you, both.
David Maura: Thank you.
Operator: Our next question comes from Ian Zaffino with Oppenheimer. Your line is open.
Ian Zaffino: Hi. Great. Thank you. Just on the guide, can you — and I know you talked about pricing versus inflation, but maybe can you talk about what — like absolute pricing is up in guidance versus volumes or maybe just kind of touch directionally on that and maybe segments. I’d imagine HPC pricing is the highest pricing because of the inflation. But any kind of color there would be really helpful. Thank you.
Jeremy Smeltser: Yeah. I mean — so let’s think about kind of compare and contrast the two years, right? So in F ’22, we had to get price in the neighborhood of $250 million, right? And we were able to get that and recognize it in the year. We are in a different environment now. And as I said earlier, it’s more targeted. So I would actually expect our overall pricing across continuing operations to be low single digits for the full year. And where in that range of low single digits really will depend on what continues to happen with currency. I feel like from a commodity and a freight perspective, things have stabilized at least much better than they have in the last couple of years, back to a more normalized pace of change, barring any geopolitical activities that happen. Does that help, Ian?
