Katrina O’Connell: Yes. I think — it’s funny, Bobby and I were talking about this. We’re in the really proud of the way that the Gap team has come back with great current fashion, but really, it’s current for the modern essentials. And so, whether it’s the faux leather pants that have really driven a lot of interest in the normal five-pocket styles, or whether it’s their great interpretation of the basics like a jean jacket with a pop sleeve, that just makes that product more current. I would say, overall, they’ve just done a really nice job of having trend-right fashion, but interpreted into modern essentials. And so I’ll answer the other two, and if Bobby has anything more to add on Gap, I’ll have him do that. As far as Old Navy, optimal inventory assortment, I think we’re making progressive improvement through every quarter.
And importantly, as we move into spring, we’re just very excited to have that responsive inventory back, because that will start to give them the opportunity to be much closer to demand and be able to chase into the inventory trends. As an example, Gap has been able to chase back into the faux leather styles as well as that Gap — that pop sleeve denim jacket, for instance, in a very short amount of time after they saw the fall product succeed, to get it back in time for holiday. And so, just an example of how once we get that responsive inventory back, I think Old Navy will similarly start to see the ability to really change the way they are able to serve their customers. And then on the $250 million of annualized expense savings, right now, our view is that, that’s expected to just offset the reset in bonus for next year, since as you can imagine, we’re not likely to pay bonuses this year based on performance, as well as some of the wage inflation that we’re seeing.
But as Bobby said, more to come. We’re not stopping at the $250 million. I think we feel like that’s a good start for where we need to be really bearing down on cost in the company. But, overall, we are working hard to think about how to think longer term about more expansive cost efforts that we think will right-size the company’s expense structure to make it more fit for purpose. So, I don’t know, Bobby, on Gap, if you’d add anything.
Bobby Martin: No, I think I would just double underline on the cost. I mean, we said we’re really early in this work. But I mean, this is work where — I mean, we’re taking a real comfortable position on questioning everything that we do. So, it’s work that will, I say, going on well into 2023 so a lot more to come there. I would not miss a chance because I think Katrina did it nicely, but I think it’s a meaningful deal that we’ve seen strong women’s specialty business turn across wovens, bottoms. It’s sweaters, it’s everything. I mean, there’s a great oversized turtleneck sweater that’s really, really hot in there. They’ve gotten bold enough trend-right right now, knowing the customer is ready to get out. So, whether it’s partywear right now, et cetera, and it’s in the category, it’s in the flannel shirts and so forth.
So, seeing that business turn and the way the team, I think, has geared up to keep that going, it has my attention. I’ve seen spring and summer. So, I think that, hopefully, we’re going to great interpretation of the find ourselves with some positive traction here.
Operator: Your next question is from the line of Corey Tarlowe with Jefferies. Your line is open.
