Scott Mushkin: Hey, guys. Thanks for taking my question. And it’s kind of along the same lines of what Ken and Rupesh were talking about. Kind of looking out at the kind of medium- and longer-term algorithm on growth here, especially with the new store builds, it’s hard for me to kind of understand how you wouldn’t normalize the comp at least 4%. And if the base stores are growing decently and with all the new stores coming in and just trying to like talk me out of that, like why wouldn’t that be the case?
Curtis Valentine: Well, I don’t — Scott, I don’t think we’ll talk you out of that. I mean, certainly, we aspire to drive that type of comp as we look ahead. Again, a long ways off from 2025 and ’26 some pressure on the consumer at the moment, and we’ve got to execute. We’ve got to deliver on the things that we’re putting in and what we’re investing in and do a good job here in 2024. But we’re certainly angling to drive a sustainable comp for 2025 and beyond.
Scott Mushkin: And you guys said you’re happy with your new stores. I assume there’s a maturation process going there and you’re seeing that come through. But if you take a step back and now that you’re getting a lot of the smaller box formats in the ground, like what’s working better than maybe you thought? And maybe what’s a little worse? And what are you going to tweak?
Jack Sinclair: Yeah. I’ve been really pleased with frozen foods, which is something we talked about a lot when we introduced a new format, that’s performing really well, and I’m very pleased with the space that we invested in that. I’m very pleased with meals, how we’re doing with prepared meals, and we put a lot of emphasis on that, in turn, new format stores, and that’s flowing through well. We’re encouraged by, as I said earlier, with our innovation center in terms of what that’s doing for our stores. So there’s kind of 2 or 3 high points in it. One of the areas that we invested in that hasn’t been as strong maybe is the plant-based meat investment. Plant-based dairy is doing very well, and our dairy business is doing well.
But plant-based meat was a big trend, and that’s probably not come through as well as we would have liked it to do. But overall, in total, it’s coming through the way we’d like it. I like the fact that we’ve got meat at front of the store in terms of what that’s doing to drive center of plate. So I think, by and large, the things that we put in place have worked pretty well.
Scott Mushkin: Guys, thanks. I appreciate you taking my questions.
Jack Sinclair: Thanks, Scott. Thank you.
Operator: And thank you. And one moment for our next question. And our next question comes from Mike Montani from Evercore ISI. Your line is now open.
Mike Montani: Good afternoon, and thanks for taking the question. I was just hoping to unpack a little bit for the quarter and then in the guidance for the full year. If you could just unpack a little bit what you saw in terms of traffic and how you’re thinking about the traffic. Would that be up next year? And then also in terms of inflation, is that kind of 2% to 3% in the fourth quarter? And how much of that do you have baked into the guide for the comp?
Curtis Valentine: Yeah. So I’ll take it from the fourth quarter. Yes, I saw positive traffic again in the fourth quarter. Really, the shape of it didn’t change materially from the third quarter other than AUR and units stabilizing a bit. AUR is a little slightly higher than what you were describing there, Mike, in the fourth quarter. As we look ahead to ’24, it will be a slight positive traffic again. We are expecting inflation and AUR to be slightly up. And then we’ll have slightly lower units as the offset there. We’re expecting units to flatten out as everything kind of normalizes and stabilizes finally, hopefully, in 2024. We’ve said that a couple of years running now. And not all the way there yet, but pretty close, and that’s what we’re expecting for 2024.
Mike Montani: Thank you and good luck.
Curtis Valentine: Thanks, Mike.
Operator: And thank you. One moment for our next question. And our next question comes from Bill Kirk from Roth MKM. Your line is now open.
Bill Kirk: Hey, good afternoon. So I think you’ve lapped adding DoorDash as an incremental e-commerce partner. So if 4Q e-commerce was up 17% year-over-year, I guess, what happens to that growth rate now that the partners are mostly the same year-over-year?
Jack Sinclair: Well, we brought in another partner. So there’s — we’ve got the — Uber Eats is coming. Sorry, I didn’t remember that for a minute. We brought Uber Eats very recently into the business. So that will add to it. What I’m very encouraged about is how the omnichannel process that we’re going through. It’s really encouraging that when we get the kind of growth that we’re getting in an e-comm environment because customers wouldn’t be navigating to our assortment if there wasn’t something differentiated in it. And the fact that we’re doing so well in e-com gives me a lot of encouragement about the work that the merchants and the foraging team are doing in terms of bringing products to the marketplace. In terms of going forward, it will be, what it will be.
