Pamela Kaufman: Just a question €“ so I just have a question on marketing spend, which was up 10% in the quarter versus last year. Where have you stepped up marketing spend? And what are your plans going forward? Over time, are you still planning to come back to your targets for 6.5% to 7% of sales €“ or do you think that the current levels between 5% to 6% of sales are more appropriate?
Mark Smucker: Sure, Pam. It’s Mark. So we have continued to invest broadly across our portfolio and supporting all of our brands. There was a step up a bit in the third quarter because we turned on new advertising on Nutrish, which has actually been supporting the brand and the growth of that brand. So that’s been positive. And you may also recall that as we’ve talked about our marketing as a percent of sales, we’ve continued to invest in our brands, but because of inflation that percentage has fluctuated a bit this year. And over time, we would anticipate continuing to target, say, above a 6-ish percent of net sales on our marketing broadly across the entire portfolio.
Pamela Kaufman: Thanks. And then on pricing in the coffee segment, how are you thinking about it over the next several quarters given green coffee costs have moderated significantly? And when would you consider lowering coffee prices?
Mark Smucker: Yes. I guess I would just start by saying that coffee costs have not moderated significantly over the past couple of quarters. We did see a dip as you highlight in spot prices when we were experiencing some volatility. But as you know, we buy coffee and hedge our coffee position to make sure that we can achieve our financial plan. And so the coffee markets and particularly in the last several weeks have rebounded, and we’ve continued to see that there is some inflation and more elevated coffee costs. So as always, we will adjust our pricing whether that’s list or using other levers to the extent that our physical position would dictate so. So I can’t really give you any more than that, but we will be responsible and prudent and pass along price changes effectively over the coming quarters.
Pamela Kaufman: Great. Thank you.
Operator: Thank you. Next question is coming from Cody Ross from UBS. Your line is now live.
Cody Ross: Hey. Good morning. Thank you for taking our question.
Mark Smucker: Good morning.
Cody Ross: A couple of questions here. First one on pet. Some of your key competitors announced pricing actions effective in February on their pet businesses. Do you plan to take another round of price this fiscal year as well? Or will you wait until the asset is sold to post? And then similarly, do you have any pricing plans in place for the remaining pet food business that you’ll retain?
Mark Smucker: Cody, we actually have taken pricing for the benefit of our portfolio, and that is a forward-looking comment as well. So we have effectively already done our pricing activities in pet. And I’m sorry, the second part of your question, I think I missed it, could you repeat that?
Cody Ross: Yes. I was just asking if you have any pricing plans in place for the remaining of your pet food business or pet business that you’ll retain? And then I have a follow-up.
Mark Smucker: Yes, I think I already answered that.
