I commented on denim and opening price point right now at lower end. But again, across the aisle, the men’s customers turn from denim to a chino fabric that we’ve got out. And again, these are things I think that the brand is really going to look to try and capitalize on. So much more rationalization around the breadth of the assortment and really getting deep where we know — looking for us and then again, keeping enough open that we can chase into it. And last point on that. It’s not just being more responsive and having a better inventory balance. The more effective we are at that, those are big down payments and steps toward localizing more effectively as well in the inventory we carry and increasing sell-through. So, it’s something, I think, that’s a big, big, big opportunity to the brand and underlying why we feel so strong about the opportunity for Old Navy going forward.
Oliver Chen: Thank you. Happy holidays.
Operator: Your next question is from the line of Ike Boruchow with Wells Fargo. Your line is open.
Jesse Sobelson: Hi everyone. This is Jesse Sobelson on for Ike. Thanks for taking our questions. I was just curious on this — so first, the $53 million write-down of the Yeezy product. I just wanted to kind of confirm that, that was all of the product that you guys held and it’s just fully written down. And then kind of looking at over the longer term with the real estate with your business. I was curious on your views of the ownership there. And we should expect any more sales in the future?
Katrina O’Connell: Thanks, Jesse. So, yes, we did take the appropriate impairment on the Yeezy inventory as we are winding down that business and that $53 million is reflected as appropriate. As we think about — you’re talking about corporate-owned real estate, I’m assuming, based on your question?
Jesse Sobelson: Yes.
Katrina O’Connell: So, the way I think about the corporate-owned real estate is, we will always look to monetize underutilized assets. To the degree the assets are being fully utilized, we are proud of the assets we have and we feel good about them. So I’m not previewing anything else, other than to say, we do try to look and prudently evaluate how we’re utilizing our assets to make sure that they’re adding the value they need to add. But at this point, we feel good with where we are today.
Jesse Sobelson: Wonderful. Thank you.
Operator: Your next question is from the line of Matthew Boss with JPMorgan. Your line is open.
Matthew Boss: Great. Thanks. So, Katrina, a couple of things. Maybe one, could you help rank assortment changes that you made at Gap which drove sequential improvement this quarter? Two, at Old Navy, is there a way to think about maybe just a reasonable time line for optimal inventory balance that you think across categories at Old Navy? And then three, on the $250 million of annualized expense savings, I guess, what percent do you see flowing through to the bottom line next year, versus opportunities you see for reinvestment?
Katrina O’Connell: So, in order, for Gap, are you talking about the specific — like the specific assortments, what’s working there? Is that what you’re asking?
Matthew Boss: Exactly.
