Michael Fiddelke: Yes. I think we’re both at, what, 20 years or so at Target, Christina. We’ve seen ebbs and flows across the categories in our assortment over that time. And to us, the long-term winners will be the ones that build engagement in the moment now. That’s why we’re so focused on traffic. Apparel and home will have their time on this on again, and we’ll be well positioned when they do. On the first quarter versus the balance of the year, I think I’d go back to just some of the broader themes. I think the biggest variable, that’s a tough one for any of us to predict right now. It’s just what’s the path of the consumer during the year. We the first quarter reflective and mindful of the discretionary trends that we saw in the fourth quarter.
And we’ll learn a lot, I think, together as we move through the year, and that will inform what the balance of the year plays out at. But we think an appropriately cautious approach based on the trends we’ve seen is the right place to start and well in package as the year progresses.
Brian Cornell: I’m trying to scan through the room to see hands have been up for a while that we haven’t gotten to.
Karen Short: Karen Short from Credit Suisse. So a couple of questions I wanted to ask. We know what your — or headwinds were for ’22 in terms of dollars. You’re at kind of the $1 billion plus mark. And obviously, we know what you’re guiding to on operating profit dollars for this year. But I guess the question that I would have is, it seems like maybe you’ve set a low bar. And so the real question is, if there’s upside to the top line. Is that something you would choose to flow down to the bottom line? Or would you be more inclined to lean into continuing to, I guess, invest to maintain that kind of five-plus percent operating margin for ’23? And then the second question I would have is just on the $2 billion to $3 billion, if you could just give a little bit more on the buckets of where those are coming from? And then it sounds like there’s some capture in ’23, but most of it is ’24 and beyond?
Michael Fiddelke: Yes. It’s a good question, Karen. And I guess I’d go back to just kind of philosophically how we think about the business. we’re in the maximizing dollars business. And so we’d read and react through this year to make the right choices that we think maximize profit dollars both for 2023 and position us well for beyond. I’d love nothing more than in the quarters to come and to say, “Gosh, some trends played out stronger.” The consumer was stronger in the back half of the year than maybe we thought. And if that’s the case, that we’d happily have that conversation and be thrilled to outperform. But I think the reality is, as we sit at the start of the year, it’s an uncertain environment. And we want to plan cautiously in that.
And that isn’t just kind of on paper caution, that’s making sure that we’re positioning the business, right? It was important to start the year clean from an inventory perspective. We feel like we’ve accomplished that goal. And we’d like to lean appropriately cautiously in our inventory buys in the discretionary categories with a ton of flexibility to react if things would turn out better, but we think that’s prudent for the volatility that we see right now.
Brian Cornell: All right. Looks like we’ve got time for one more question. I see I think a paddle up in the back.
