Lori Beaudoin: Yeah. Sure. So the – we are thinking that gross margin in the fourth quarter, yes, we do have our Appalachian series, which is driving margin. But the Appalachian series isn’t necessarily the highest margin of that offer of the KB offerings. And we also have the pricing benefits that we recognized in Q3, but we don’t see them pulling through exactly the same in Q4. The product mix will be different, and that will impact the overall margin. So we anticipate that Q4 margin will materialize really more in line with our year-to-date trends is kind of a good way to think about it, where we are guiding to about 200 bps for margin to be improved for the total fiscal year. And then the other thing I want to caution you is don’t forget, our margin, it varies by channel.
And it doesn’t necessarily flow straight down to earnings margin, right? Because we have different operating expense per channel. So thinking about gross profit margin isn’t necessarily maybe the best way to think about our business more in terms of earning margin.
Peter Galbo: Got it. Thanks, guys.
Operator: Our next question is from Andrea Teixeira with JPMorgan. Your line is now open.
Andrea Teixeira: Hi, everybody. Good afternoon and congrats, Lori. Thank you for being such a great leader and teaching us along with Alex, and welcome, Jennifer. Can you — I guess, I mean, two things. One, the real question, then a follow-up. If you can comment on the wholesale, I think we’ve seen you gain wholesale inventory, sorry, against what you’re gaining in terms of distribution, and how is the productivity per shelf in particular for the core Decoy, understand of course, Decoy Limited has been extremely successful. But just understanding how the price points landed for Decoy and how receptive has been? And when would you believe that you’re going to land in terms of — again, getting all the distribution lapped at some point.
How we should be thinking going forward if we should be thinking of acceleration in some of these channels outside California and with the gains that you had in public in some of Kroger and all of that? And then related to the question just now on margins. And I think we’re seeing — I understand the channel, but KB, obviously, in direct-to-consumer is a higher margin. So I’m thinking it really doesn’t really relate. I don’t know if there is any discrete item that you want to point out in terms of getting a margin to around 53%-ish in the fourth quarter? Or if you were thinking more that given your SG&A because did you see carries a higher SG&A if we should be thinking that difference would be that SG&A gets really heavy in the fourth quarter, which makes your — because if you look at the EBITDA guidance even after you changed it, it implies that really a much lower margin and EBITDA margin for the quarter.
Thank you.
Alex Ryan: Okay. I think the answer is true. How are you?
Andrea Teixeira: How are you doing? Good [indiscernible]?
