But also, she needs a nudge in the promotional in the sense of having a promotional reason to come and shop with us. So that’s what drives the stance. I think its time to sharpen our — or has been time during the fourth quarter to sharpen our elbows and make sure that we get a good amount of what’s available in terms of discretionary spend. It doesn’t have much to do with inventory. Our inventories are very healthy. We’re well positioned. We’re down double digit on an adjusted basis. We have returned agility to be close to where we used to be entering the season at like 70% or 30% open so that we’re keeping our powder dry to enable us to chase the winners. So, expect to see something of a continuation of our position from Q4 into Q1. And as it relates to the balance of the year, let’s see how the health of the consumer stands up.
I would be optimistic that we can lean more into newness and fresh fashion than promotion, but let’s see how the consumer responds. The second question was about AUR. And yes, I mean, when we are designing our architecture for bras, we’re not just thinking about extracting more money from the consumer at the top end of the price range. We’re thinking about what’s the most competitive build across the board. And so, it actually having a stronger opening price point than we’ve had historically, is a better competitive activity in this environment. And that’s what we’ll do. So, we’re not just driven by — it has to be all about AUR. We’re more driven by what makes most sense for the consumer, what gives us the best broad range of products across the spectrum of occasion and emotion needs throughout the year.
But yes, AURs are pretty healthy, higher than they were pre-pandemic and we feel good about what’s coming.
Operator: Does that conclude your question?
Amanda Douglas: Yes. Thank you.
Operator: Our next question comes from Simeon Siegel with BMO Capital Markets. Your line is open.
Simeon Siegel: Martin, any help contextualizing the size of the PINK apparel now versus historically and maybe if you have a view on where it should be in the future? And then minority JV, you called out higher Adore Me expenses weighing on 1Q SG&A, I believe. Would it also lift gross margin? And then just last quick one. I’m just clarifying your guidance. Does it not account for any incremental buyback, including the remaining on the ASR? And then maybe just a similar vein interest is growing. So just any general thoughts on how you’re approaching debt versus buybacks? Thank you.
Martin Waters: I’ll let T.J. take the financial question. Simeon, just give me the PINK question again. What specifically asking about PINK?
Simeon Siegel: How large is PINK apparel? Maybe how is that in the context how are to somebody want be?
Martin Waters: So, in round numbers, the PINK business is approaching $3 billion. Half of it is intimate. So, the other half is apparel and sleep. I won’t give you the split between apparel and sleep. You maybe have a guess at that yourself. But you can tell from that framing that it’s a significant part of the business. And that’s why when it was underweight in the fourth quarter, it had such an impact on the total company at four points. I hope that helps, Simeon. T.J.?
