But to answer your question specifically, we did not go out to fourth quarter and make significant reductions to fund the third quarter. This is really additive to the fall season and was in our original plans and guidance for the year. So, we are helping you calendarize the season better. But the marketing spend here in the third quarter is not a surprise to us, it’s been planned all year. The teams have been working on it for months and months, and we’re excited about the reception that we’re seeing from customers and the media.
Kevin Wynk: Fran, I think we have time for one more question.
Operator: Thank you so much. So, our last question of the day is from William Reuter with Bank of America. Sir, your line is now open.
William Reuter: Hi. I have two questions. The first is with the loss in market share, do you think this is to lower priced options as consumers are just having constrained budgets? Or do you think that there have been competition that’s been introduced near your price points? And then secondarily, any comments from a dollar or margin basis point standpoint in terms of what the tailwind of lower [freight] (ph) is in the second half of the year? Thank you.
Martin Waters: Yes. I’ll take the first part, and then we’ll go to T.J. on the second part. So just to be clear on the market share, very — it’s a small change in market share position, and that reflects a few moving parts that I’ll just unpack for everybody. One is digital share is up. So if you think about new competitors that have come into the market in recent years, they tend to be digitally-native players. We’re doing okay in digital. Our share is up. Down slightly in stores. Up slightly in constructed bras, non-sports bras. Down more meaningfully in panties, which is a harder category to defend a lower price point category, a category with lower barriers to entry. Specifically, where are we — who’s gaining share? Walmart, Amazon and off-price are the places that are picking up the share.
Is that a surprise in this difficult economic environment? Probably not. That isn’t an excuse. We need to find ways to extract more cash from our consumers. We need to develop better merchandise that’s more innovative and commands higher price points so that she is prepared to invest in this category rather than just default to generics and low-price generics. So, it’s on us to be able to respond to it, but the specific answer to your question is that it is lower price and off-price that’s picking up our share. T.J.?
Tim Johnson: And I think, William, to the second part of your question around supply chain and big round numbers in both the third and the fourth quarter, we’re probably seeing a tailwind and our forecasting of about $15 million to $20 million, but I think more importantly than the tailwind, accentuating the good work the teams are doing around the cost of goods sold initiatives as part of the transformative foundation will be equally important, if not more important, in the fourth quarter in particular. So yes, there are some favorable trends in the marketplace we’re benefiting from like many others. But there’s also a number of good initiatives underway on cost of goods starting in the fourth quarter that will have a benefit going on into 2024. And that’s work our teams are doing, specifically on our product and in our business.
Kevin Wynk: Okay. Thank you, everyone. That concludes our call this morning. We appreciate your continuing interest in Victoria’s Secret & Company. Thank you.
Martin Waters: Thanks, everybody.
Operator: As we are concluded, please go ahead and disconnect. Have a wonderful day. Thank you.
