Corey Tarlowe: Hi, great. Thanks. Good afternoon and thanks for taking my question. So, I wanted to touch a little bit on the Gap. So I think 1 thing that’s clear is that strategically, this business has been really focused on driving capital-efficient growth, whether it’s franchising international, selling the China business or maybe even more recently, going on to launching on Amazon fashion. So, could you maybe just talk a little bit about the overarching strategy at the Gap brand and how that’s progressing and how you see that playing out as we look to the fourth quarter and next year?
Katrina O’Connell: Yes, Corey. It is very much consistent with what we’ve put out for Gap brand, which is that we have spent the last couple of years really right-sizing the business model to a more modern model for the Gap brand, closing North America specialty stores that we potentially had over-expanded back in the heyday, getting out of malls that are not as relevant anymore, pivoting to be much more digital, really focusing on ensuring that the international growth, which we think is important, it’s our most global brand, is being done with other people’s capital in a way that we can be in those important markets, but not be sustaining the operating losses that we were sustaining there. So, really focusing on a much healthier core.
And then really, the focus on the creative health of the brand, the relevance that drives the North America core through product relevance and partnerships is the recipe for that brand. And I think that, that’s what’s playing out in the third quarter. It’s what Bobby articulated about their sort of product early signs of improvement and what we remain committed to as we head into next year.
Corey Tarlowe: Great. Thank you very much and best of luck.
Operator: Your last question comes from the line of Janet Kloppenburg with JJK Research. Your line is open.
Janet Kloppenburg: Hi everybody. Congratulations on the progress. Katrina, I just wanted to flesh out the merchandise margin direction for the fourth quarter where it seems like you have some caution. And I appreciate the inventory breakdown, but you did a great job of bringing your inventories down. So I’m wondering, with this product — better balanced product, not where you want it to be, but balanced, better balanced, is there some indication that the promotional levels will be that much more severe, even though the inventory levels appear to be in pretty good shape, or let’s put it this way, much better shape than they were? And then on the SG&A, it seems like you saved a lot on marketing in the third quarter. That’s my view. And I’m just wondering, will you start to uptick your marketing spend in the fourth quarter and going forward into 2023? Thank you.
Katrina O’Connell: Yes, sure. So, I think, Janet, we are glad that we have started to see the inventory levels come down. When you adjust for the in-transit and the pack and hold and the basics that we’re carrying, we do still have fashion heading into the fourth quarter. That is about the current revenue outlook, and that’s what gives us the caution on the margin combined with the fact that we know others are working hard to get their inventory levels down. So we’ll see where the margin lands, but we remain sort of prudent about what it might take in order to get through that. So we’ll see where that lands. But again, trying to be helpful in articulating that we had to run discounts impacting the margin of about 370 basis points for Q2 and Q3 and while we certainly hope its better in Q4, it’s certainly on our mind that it could be that, as we head into the quarter.
