Operator: Thank you. Please standby for our next question. Our final question comes from the line of Marni Shapiro, The Retail Tracker. Your line is open.
Marni Shapiro: Thank you, guys. And congratulations, and just in case I forgot best of luck with the holiday. But I wanted to dig a little bit more into Urban. I feel like everyone is picking on them, but I want to understand the customer is obviously under pressure. She’s coming in less frequently to the store and the site you’re watching for buy on promotions. But I’m curious, is she buying the fashion there? Entering Q1 and Q2, there was not much of what I would deem I guess, the right fashion, the fashion I see her going for. And ending Q3, there’s more than there was a quarter ago or two quarters ago. And even walking there this week, it looked the front of store looked very different. Obviously, still inventory to clear, but it felt very different. I guess I’m asking in a way, how do you know that it’s the economy pressuring the customer and not the assortment pressure in the customer, is she buying this fashionable price or is you even holding back there?
Richard Hayne: Okay, Marni. How’re you. Nice to talk to you. I will take a shot at it and pass it over to Sheila, she’ll probably get the correct answer.
Marni Shapiro: Thank you.
Richard Hayne: What we see with the Urban customer is we believe that it’s a tough macro environment for them, and they certainly have less disposable discretionary income to spend, certainly less than the prior year when the government gave them a lot of money. So that’s one thing. But we see them pulling back more than you would expect. If that were the only thing going on. So I’m led to believe that it’s partially our assortment and how we are presenting that assortment. We do see the customer responding to fashion items. And they seem to be responding very strongly to those fashion items. I would say the problem we’re having is there are not enough of them. Now that could be our problem or that can just be a macro problem of — she doesn’t need that many.
So I — this is a question that we ask ourselves on a daily — at least a weekly basis, if not daily. Is it the price architecture? Is it the assortment? Or is it a macro issue? And I guess, every time we talk about it, where we come down is it’s probably a combination of the three, and it would be very difficult for me to even hazard a guess at which of those three is most important. Sheila, do you have anything you want to add to it?
Sheila Harrington: No. I would say, obviously, we take the merchants to take the assortment as the most controllable aspect of our business. And we take that 100% of it on as an assortment issue even though we believe it’s not 100%. So there’s definitely more that we can do. She’s reacting to fashion in embellishment and sparkle in a very nice way. We wish we owned more. There’s definitely key highlights within our bottoms assortment that feel very strong. So we just have to — as we go in and I spoke to opportunity because I think as Urban changes trend more quickly than not, we have the ability to react that much stronger. We are studying some warm stores with some fresh ideas in December. So hopefully, we’ll have an indication of some sense of forward change that will help the merchants do a stronger job come Q1 year.
