Operator: Thank you. Our next question comes from Adrienne Yih with Barclays. Your line is open.
Adrienne Yih: Martin, my first question for you is, how are you assessing and measuring marketing success? How do you know that it’s working to acquire sort of younger millennial, Gen Z customers? That’s my first one. And then for both of you, inventory, you can see on the balance sheet starts to spike last year in the fourth quarter, right, over 35% for the next three subsequent quarters. So a lot of that was safety stock and kind of the change in the model mix, et cetera. And maybe this is TJ. So how much of that was in transit? How much of that was unavailable for sale won’t be repurchased again? And then from a unit perspective and I can appreciate the difficulty of this, but how do you drive kind of those positive sales, if that’s what we’re contemplating in this marketplace, if you don’t have that unit velocity? So how are you building in that flexibility to either be promotional if you need to be or to back off and drive full price sales if you need to be?
Martin Waters: Yes. Great questions. So how do you know if marketing is working as the sort of classic question through the ages. Good news is that it’s easier to tell where the marketing is working now than it was a decade ago. So we will have multiple creatives at any given point in time, and the algorithms in the system respond and push the best creative. So the creative that is the best, that is the most well received rises to the top. So spending marketing dollars is more efficient now than ever it was previously.
Operator: And excuse me, at this time, we are having technical difficulties. We’ll place you on a brief hold one moment. And I do apologize, again, at this time, we are having technical difficulties, we will be back with you in just one moment. And again this is the operator. We’re having technical difficulties. We will be right back with you. And excuse me, this is the operator. Your lines are all now open and in the main call.
Martin Waters: Hi, Adrienne, are you still with us?
Adrienne Yih: Hi, I am still with you.
Martin Waters: I don’t know how much you heard. I was in a monolog, and then somebody came in and said the line cut. It wasn’t me I promise. Let me start again. What I was saying is that marketing is now significantly more dynamic than ever it was in the past. So we have multiple creatives out at any given point in time, and the algorithms work out, which is the better and push those harder than others. So it’s a more efficient way of spending money than previously. But the last big campaign that we had was the Undefinable campaign, which was really about our dedication to evolving and listening and reinforcing. The beauty is in the eye of the beholder. That’s the individual’s right to define not a company’s about our commitment to welcoming and celebrating her on her terms, not on our terms, and that generated 500 million media impressions, which is off the charts and was 87% positive in our readout, which is extremely strong.
So, we have metrics that indicate how successful individual campaigns are, and we adjust accordingly. So, we feel good about where we are. That said, if you look at the 13% who are less positive, there is a significant demand in our base of consumers with people bring back the old way of doing business. We like Victoria’s as was. And the reality is that as a very broad appeal brand as such that we are, that customers expect multiple things from us. They expect us to be very sexy and very provocative. They expect us to be leading in comfort. They expect us to be democratic and inclusive. And we’ll be all of those things in our broad communication of the brand. So, we think that we’re on a good track. The indicators suggest that we’re on a good track, and we’re determined to proceed with high energy.
So, I hope that helps, Adrienne.
