Alex Straton: Thanks so much.
Operator: Your next question is from the line of Paul Lejuez with Citi. Your line is open.
Paul Lejuez: Hey. Thanks, guys. Hi, there. You mentioned seeing commodity costs higher in the first half of 2023. Any quantification of that relative to what you’ve been seeing as a drag in the second half of 2022? And then also, you’ve pulled back this year a bit on store openings. Curious, how you’re thinking about store growth for next year, obviously, specifically Athleta and Old Navy? Thanks.
Katrina O’Connell: Sure. So Paul, we’ll provide a lot more color on 2023 as we get closer to the year. What we wanted to make sure that you guys understood is, we do see the cotton movement happening. Of course, it takes a while for the raw materials to move through the full average unit cost of a garment. And so, more to come on when we get to see the timing of the benefit on cotton start to flow through our COGS. I think importantly, we’ve bought the first half, so any raw material movement won’t be flowing through COGS materially in Q1 and Q2. But certainly, we’ll be focused on figuring out how much of that we can get through our back half average unit cost. So more to come on that dynamic. We just wanted to sort of give early thoughts on it. And then — sorry, your second question?
Paul Lejuez: Early thoughts on openings for next year?
Katrina O’Connell: Yes. So, Athleta, we’re going to open about 30 stores and we feel good about that pace of growth. I think that’s a reasonable pace of growth, and so you could likely expect that. For Old Navy, the 10 stores that we’re opening this year was a pullback. That was partially based on, given the performance, really wanting to make sure we were staying prudent on those store openings. We did have some slip into next year, but likely, we’ll have a more moderated pace on Old Navy store openings as we move forward. But again, more to come as we fully land that pipeline of stores.
Paul Lejuez: Got it. Thank you. Good luck.
Katrina O’Connell: Thank you.
Operator: Your next question comes from the line of Mark Altschwager with Baird. Your line is open.
Mark Altschwager: Good afternoon. Thanks for taking my question. So, just standing back on margin, EBIT margin, a lot of moving pieces this year, a lot of temporary factors as you kind of right-size inventory and prepare for some additional sort of clearance and promotions on the holiday. But as we look forward to next year and your path to clearance, you annualize some of these SG&A savings that you’re seeing, is there a baseline level of EBIT margin that you think the business can achieve sort of regardless of kind of what the revenue backdrop might look like? Thank you.
Katrina O’Connell: Yes, I mean, there are so many moving pieces, Mark, and I think that we haven’t issued any forward-looking guidance on anything beyond sort of where we are now, so more to come on that. I think that overall, as we think about the future, what we have said is a little bit of what you’ve heard over the last couple of quarters, which is we feel good about the store closure activity that’s really given us a lot of benefit in ROD leverage. We feel good about the work that the Gap team has been doing about transitioning many of our international markets to partners, which will help us maybe with lower revenue but fewer losses of operating income. And we are committed to really deeply staring at the operating costs that we’ve added into the business in the form of marketing overhead and technology.
