So, we feel like we have multiple levers both on the expense and cost of goods sold lines to not only drive bottom line performance, but also insulate us a little bit if trends remain volatile here in North America. So, the teams are doing a very good job of flexing and executing against the expense initiatives. Even here in the first quarter, where we’re highlighting some volatility in sales continuing in North America. Our SG&A guidance, if you take the 32% to 33%, Kate, and put that on the volume estimates, you get an SG&A range of roughly $460 million to $470 million in terms of dollars. Within that, the VS and PINK business for the North America business, primarily is about $430 million or flat to last year in the first quarter, even with those investments in technology, marketing and also bonus-related costs.
So hopefully, that helps you understand a little bit better kind of the — I’ll say, the volume of a number of different initiatives and ways that we’re flexing the model to keep costs under control, not to mention the wonderful performance on inventory levels that the merchandising and merchandising, planning and allocation teams have executed to here. So hopefully, that helps.
Operator: Our next question comes from Alex Straton with Morgan Stanley. Your line is open.
AlexStraton: Great. Martin and TJ. Thanks for having my question today. Just two for me. First on the 1Q guide, it looks like it assumes the underlying revenue CAGR to 2019 accelerates a bit from the fourth quarter. So, I’m wondering, does that mean you’re seeing acceleration quarter-to-date? Or how should we think about what’s embedded there? And then secondly, the comment on the slight growth in market share. I’m just wondering like what did the category grow? And maybe what do you include in that market? I’m just trying to understand how your share changed year-over-year. And also, if there’s anything you can share on bras there, that would be great. Thank you.
Martin Waters: Why don’t I take the second question, TJ, you can address the first question? So, market share, we have lots of different measures of market share. The one that we use most is intimates as a combined category, which is essentially bras and panties essentially. It excludes fine — one might traditionally call lingerie, meaning sexy sleep. So, in that definition, we have 20% market share. And what we see within that 20% is that the bra mix is stronger and the panty mix is less. Why would that be? Bra is a harder business, more competitive business, higher barriers to entry, fewer competitors. And frankly, we’re better at it. It’s our most important economic engine. Panties is more of a cut and sew business. It’s easily accessible to every player.
It has low barriers to entry. And so, it’s a more competitive and price led market. So that’s the key distinction we look at there. And as I said earlier, essentially flat across the 12 months, maybe 0.1 point of increased. TJ, do you want to take the second question about acceleration?
