Christina Hennington: And I would add on a similar note, we think that there is opportunity to do that same step back on how we create, make, buy, move and sell our Apparel business. You think about the exceptional growth that we’ve had in our business across the board, but certainly in a big category like Apparel and the volatility we’ve seen in import transportation lead times and ups and downs in the market. For us to take a step back and say, is there process flow, technology, planning decisions, sourcing decisions and opportunities to flow inventory with more efficiency is at the heart of this exercise. We actually have started it a while ago, and we’ll really be able to accelerate the investment in that process work and reimagine the opportunity around our Apparel line.
Brian Cornell: Michael, I want to make sure we’re really clear. We see significant opportunities over the next three years; two, buying cost savings in the neighborhood of $2 billion to $3 billion as we improve process and simplify our operations. At the same time, we’ll continue to be focused on growth and taking market share and meeting our guests and continue to enhance our business position. So it’s not an either/or, it’s an and. We’ll continue to be focused on being a growth company, continuing to build market share, driving traffic to our stores and visit store sites and become a much more efficient organization that leverages the scale we’ve gained over the last three years.
Michael Lasser: That’s super helpful. Let me just clarify that and ask one follow-up question. Is the $2 billion to $3 billion on top of what you’ll get from recouping the inventory write-downs, the cancellation fees that you paid to cancel orders this year? Or is that — is $2 billion to $3 billion inclusive of that recapture opportunity? My second question is, do you need to make price investments in the business to improve the perception amongst customers during this difficult economic time, that is taking more front-stage discussion now that your big competitor talked about a good start to its fourth quarter? So there’s discussion around whether Target might be losing share to its competitor that’s perceived to be more value oriented. Thank you so much.
Brian Cornell: So Michael, there are a couple of questions there. One, we see the savings as being incremental for an operating plan; two, we do expect that the holiday season is going to be very promotional. We’re seeing that as we move into the month of November. But as we’ve mentioned many times, one of the things that really stands out in our quarter is our ability to continue to hold and gain unit market share across all five of our merchandising categories. So we’re continuing to build share. We’re going to continue to see traffic driving our business, and we think it’s going to be a promotional holiday season, and we’re prepared to compete in this environment.
Michael Lasser: Thank you so much and good luck. Have a good day to all.
Brian Cornell: Thank you.
Operator: Thank you. Our next question is from Ed Yruma with Piper Sandler. You may go ahead.
Edward Yruma: Hey, good morning, guys. Thanks for taking my question. I guess first, you called out shrink a number of times and I know it’s been a persistent issue, but it seems like it’s intensifying. Is this something you think you can remediate kind of tactically or process? Or is this kind of endemic of other structural issues, namely maybe the location of some of your newer stores and jurisdictions where maybe shrink is just more endemic? And then as a bigger picture question, as you look to €˜23, with the consumer being volatile, how quickly can you bend the merchandise offering to focus more on those entry price point or those value-seeking items that the consumer is demanding today? Thank you.
John Mulligan: Hey, Ed, this is John. I’ll take the shrink question. I think, first, I’d say it started probably in some localized geographies originally, but we see those circles expanding and expanding and the impact continuing to grow. I think from a solutions perspective, we see two things. One, this is a nationwide problem that we need to address nationwide with other retailers. This is primarily driven by organized crime. And so there is a role for us to work as a retail group with law enforcement with the government to help find solutions. More specific to Target, there are things that we can do from a remediation standpoint. We have put those in place in a number of stores, and we see the impact of that. It’s obviously not something we like to do.
It’s far less convenient for guests as they shop our stores, but we think we can manage that from a service perspective. And you can see us continue to do that. As we see stores that are more impacted, we’ll continue to provide additional remediation factors. The biggest focus for us is keeping our team and our guests safe, and so we start there. And so that drives a lot of our behavior and that’s the goal. And then the third thing is to prevent theft. But we really start in a place where it is about keeping our team and our guests safe as they’re in our stores.
Christina Hennington: And on your second question, Ed, on value, price perception and our offerings. I would tell you that we’ve had a concerted effort to make sure that we demonstrate the balanced value across our assortment for a long period of time. In fact, last quarter, I called it a maniacal focus on opening price points because we need to make sure that we appeal to the range of consumers that shop Target. And as I said in my prepared remarks, some of that is going to be opening price point value options that we can engineer into, especially in our strong owned brand offering. But some of it is actually larger sizes where people are seeking value through the per-unit equation that comes with bigger pack sizes. So we are absolutely focused on it.
It comes through in everyday price, it comes through in our own brand assortment, it comes through in our promotions, and it comes to our accessibility with our great RedCard, our free loyalty programs and the solutions in aggregate. And that’s part of the Target equation. It’s all also relevant with the assortment that’s fresh, seasonal and on trend. It doesn’t matter what your priced at if the assortment is relevant. And that’s why we need to always stay on-Target.
