Karru Martinson: Good morning. So with Montego in the cash harvest mode, I mean, how should we think about the door growth the ability to take additional price as we go forward? Kind of was surprised by the increase in the distribution this quarter. How much more room is there to run for the brand?
Howard Lorber: Nick, do you want to handle that?
Nick Anson : Yes absolutely. Appreciate the question, Karru. No, we’re obviously very pleased with Montego, we’re — as with all price increases Karru, we’re constantly analyzing the marketplace there. And yes, as we’ve prudently taken pricing and increased the margins and the profit associated with that brand, we’re still gaining distribution and growing the brand, which is fantastic and a testament to the execution of our sales force at the retail level. We are constantly analyzing the marketplace there and looking at various opportunities. The brand is doing very well. It’s well situated. It’s price positioned well. But I would remind you that even at times when we’ve taken price increase and it’s not necessarily the cheapest in the store, it can remain very competitive in the stores that we’re at. So we’re feeling very good about the brand where it’s positioned in the marketplace in the moment and for continued future growth.
Karru Martinson: Okay. And recognize that the discount market continues to grow 10.5%. But we always get asked on the consumer behavior. Is that smoker perhaps cutting down on their consumption? Are they doing one pack instead of two or forgoing that? I mean what are you seeing out there with the consumer behavior?
Nick Anson: Yes. I mean, there’s — look, there’s no doubt that the average consumer remains under significant pressure. As I mentioned in my remarks, obviously, they’re under pressure. Inflation is easing, but overall prices remain high. Look, there’s no doubt that disposable incomes have been impacted and smokers are reacting by down-trading and reducing overall consumption. But I would argue that based on that and with the down trading and anticipating those current trends to continue, I would argue that our mission statement to provide the best value proposition in the U.S. marketplace has never been more relevant.
Karru Martinson: Just lastly in terms of the capital structure your bonds stepped down to the par call. I believe what was it yesterday?
Bryant Kirkland : It was yesterday.
Karru Martinson: How are you looking at that?
Bryant Kirkland : Good. Hi, Karru, it’s Bryant. You’re correct. We did step down to par for the call yesterday. We did not make any repurchases during the quarter. However, in early October, we bought back another $6.25 million of the 10.5% senior notes. That leaves us with about $527.5 million of those notes outstanding, and we’ll continue to be judicious of those repurchases.
Karru Martinson: Thank you very much. Appreciate it.
Operator: Ladies and gentlemen, those are all the questions that we have for today. Thank you for joining us on Vector Group’s quarterly earnings conference call. On behalf of all of us at Vector Group and Liggett, we thank you for your participation and this concludes today’s call. Thank you.
