Cody Ross : That’s helpful. And then just real quick, I want to pivot back to your pet segment. You grew 14% organically, which is quite substantial. But it trailed Nielsen in the quarter by roughly 4 points based on our calculations and your growth decelerated on a three-year stack basis. What is causing the mismatch between consumption and shipments today?
Mark Smucker : Well, again, let me just start at — Cody with pet snacks, we grew in our pet snacks business at 2x the category rate and gained a meaningful amount of share. So where our strategy hinges first and foremost on pet snacks, we’re very pleased with our performance. And that is a comment that is relative to both our core biscuit business as well as the innovations that we’ve launched against our snacks primarily in the premium space. And you can’t deny the growth on Meow Mix of significant growth in 19 of the last 20 quarters. So where we have focused and really executed our strategy, the portfolio is performing exactly as we would have expected and in many cases, had exceeded our expectations.
Operator: Next question is coming from Max Gumport from BNP Paribas Exane.
Max Gumport : With price increases hit the shelf and the consumer continuing to feel more of an impact from the economic environment, are you starting to see more significant signs of price elasticities or trade down emerging in any categories? And if so, are there any similarities that these categories share?
Mark Smucker : Max, this is Mark. I would start by highlighting that our categories are very advantaged, particularly in the fact that we have — we under-index in those categories as relative to private label. And so some of the return or share growth that you’ve seen in private label is attributable to the fact that those brands had many supply chain challenges during the pandemic and the supply chain has gotten a bit better for some of the store brands and has allowed them to recapture some of the share that they had lost in the pandemic. But overall, our categories remain extremely strong. Our brands remain strong and the fact that we provide the consumers with a number of different options across the value spectrum, consumers can — will continue to be able to find brands in our portfolio that meet their budget and deliver ultimately value for them.
So we continue to remain very confident in our strategy and our ability to meet consumers’ needs across that spectrum.
Max Gumport : And one follow-up. You recently reduced the SKU count of your Smucker’s fruit spreads by 30% in order to position the business for improved profit, opportunities for growth and continued category leadership. You mentioned in your prepared remarks that velocities are up 40%. Can you discuss what other impacts you’ve seen from this adjustment so far?
Mark Smucker : Well, first, I’d actually like to thank you for highlighting that. That is obviously our namesake business. It’s not our — of course, it’s not our largest business, but over the years, we’ve had a very significant proliferation of SKUs. And as we looked at that business and got much more strategic about it, realize that we stand to benefit from a significant optimization of the portfolio. And basically, what you said came true is that we reduced our SKU count and we saw a significant flow back into core items, which has benefited both top and bottom line. And again, it ultimately comes back to a strategy of being focused.
Operator: Thank you. We’ve reached end of our question-and-answer session. I’d like to turn the floor back over to management for any further or closing comments.
