Lauren Lieberman: Great. Thanks so much. So just taking a look, [playing our loan model] (ph) and looking at kind of the dreaded multi-year stacks, and — but looking at the two year stacks on volume and on price mix this quarter in particular, like, all your comments make frankly more and more sense on the things you were lapping and the contribution, for example, for charcoal, to price mix that the inverse probably, I guess, for wipes on health and wellness. I was curious as we look forward, any other periods, because the stacks are messy, that you think should be called out where there is a dynamic of retailers having reduced inventory in the prior year so that we should be particularly keen for differences in shipments versus what we’re seeing in tracked channels, knowing there’s always on track that we won’t see.
Kevin Jacobsen: Yeah, Lauren, it has certainly been, as we said, bumpy. This is now — this is — not everyone understands, I think, the definition of bumpy, and that we have, lots of lots of et cetera. I would say we are at a pretty good period of normalization now where I don’t see anything, that we look ahead and say there was significant inventory buildup or something that we have to lap that’s very notable. You know, we’ve gone through the COVID waves lapping. Pricing would be the one thing I call we’re still lapping pricing. And Kevin, I think, and I have been clear on that. But I think you can predict that based off of what we put out there. And of course, that comment is barring any other changes that we see. Any other shocks in the environment, I want to knock on a little bit of wood saying that. But I don’t see anything material that we would be looking ahead and saying, there’s a big lap ahead of us that we have to consider, pricing being the one exception.
Lauren Lieberman: Okay. Great. And then just in follow-up, I was curious if you could comment on kind of where you stand, I guess, in terms of shelf space or distribution and knowing that and we’ve talked about several times in the past pre-COVID, there was some, kind of lost shelf space. And now you’ve had — as you pointed out in the release, really strong innovation agenda. So I guess, where do you stand on kind of shelf space? How are you thinking — do you think there’s opportunities to be growing shelf space with innovation in ‘24? Is that part of the outlook or not so much?
Linda Rendle: Yeah. We made good progress as we returned to full supply and getting our total distributions point up. So we made good progress over the last, call it, 18 to 24 months across a number of our businesses. And you all remember that in many cases where, the current — us and our competitors couldn’t fully supply to a lot of third tier brands that had entered in, for the most part, that is cleaned up, and we’ve been able to gain distribution points as a result of that in aggregate. What we’re focused on for fiscal year ‘24 is exactly what you said. We want to gain distribution on our innovation. We want to make sure that we have the right SKUs on the shelf, as we think about, the right pack for the consumer, given their value seeking.
We think we’ve done most of that work, but we want to continue to make progress, and particularly ensure that we get our innovations on shelf as fast as we possibly can on both the physical and digital shelf, and that’s what the team will be focused on. And that will contribute to ‘24. We expect the category growth plans and the plans we have with retailers and our execution of those plans to contribute. But we feel good about what we’re walking into and what we have for both the front half and the back half.
Lauren Lieberman: Okay. Thanks so much.
Linda Rendle: Thanks, Lauren.
Operator: And our next question comes from Steven Powers from Deutsche Bank. Please go ahead, Steven. Steven, is your line muted?
Steven Powers: Sorry. Can you hear me?
Operator: Yep. Can hear you now. Go ahead.
Steven Powers: Okay. Great. Sorry about that. So following up on that conversation you were just having with Lauren, actually, so it sounds like, things are relatively normalized from a supply and inventory standpoint. So the guidance implies, shipping to consumption. I guess I I’m curious, if it also, you’ve guided to what you expect category growth rates to be, both from a value perspective and a volume perspective, or if you’re embedding any bias of share gain or even some share sacrifice as you still continue rebuild the margins? Just how to think about your guide relative to category growth expectations?
Linda Rendle: So we’ve certainly taken account of the foundation of any year that we plan. We look at what we expect the categories to contribute, and, our assumptions in both as we lap pricing and as we head into what we predict is a mild recession in the back half of our fiscal, assume category rates commensurate with that. And then by category, we’re looking at our plans, comparing it to that and adjusting based off of if we see headwinds or tailwinds. We want to make progress over the long term on share. We’ve built that into these plans. We’ve built in the fact that we’re spending additional advertising and sales promotion, that we have good innovation plans. And that lands us at the total outlook that we’ve provided. But they’re very much grounded in the realities of the categories and what we expect.
