The net result of which is we think it was a sort of, I would guess, single-digit, couple of hundred basis points of growth that we probably missed just by, frankly, not seeing the in-stock levels that we thought we could deliver on that in Q2. So against that backdrop, we also predicted and it’s playing out that the return to full supply would lead to an overshoot, especially amongst commodity producers. At the very same time that retailers were probably looking for a way to recover their price perceptions from a time when eggs were very highly priced in Q1. The net result of which is we’re seeing some really hot front-page ads for private label eggs across the country as low as $0.50 or $0.75 a dozen in a multi dozen pack. And the reality is I don’t want to sort of try to throw our very sort of one limited, but more importantly, intentional promotional plans against the splash of a front-page ad on a hot price for commodity X.
So we’re very happy to wait until those kind of short-term supply dislocations play out until the retailers regain their price perception until other producers sort of clean out their oversupply issues, and then we can start to talk to consumers again and continue our strategy of driving trial through promotions as opposed to driving short-term volume through promotions. Pete, do you want to add anything to that?
Peter Pappas: Thanks, Rusty. Yes. I think the only thing I would add is two things. One is one of the principles that we follow is we want to be very, very protective of the brand, and we do not see a need to subsidize volume through summer promotions. The bulk of our volumes kicks off really now in back-to-school as well as in the holiday period. So you’ll see us begin promoting in those time frames in partnership with our retailers. This has all been orchestrated in support with our retail partners. So they understand that we’re not in a position to where, A, we really need to be promoting at this point in time, given performance. And then B, the role that we play for these categories is quite candidly, margin driving. We’re an offset to a lot of the deep discounting that they do, given our velocity and the margin structure that we provide them.
Cody Ross: That’s super helpful. Two more quick ones from me, if I may. Just trial seems like it’s down a little bit naturally as more supply is coming on, that makes sense. Can you just help inform everyone on the call today how your repeat purchase rates have performed through this — through all this noise of supply coming back online?
Thilo Wrede: Go ahead, Russell.
Russell Diez-Canseco: Yes. I was just going to say that I’m not seeing a big change in repeat purchase behavior as we’ve seen consistently before during and coming out of COVID. The reality is that we get a pretty consistent trial to repeat to loyalty funnel. And frankly, it’s still a big part of our marketing team’s focus to continue to improve those conversion rates. But we really haven’t seen a big change up or down.
Cody Ross: Great. That’s super helpful. Last one for me. You guys recently announced an Analyst Day, I believe, in September. Can you just share, to the extent that you can, any thoughts on what we can expect some high-level topics that may be addressed and I will leave it there.
Russell Diez-Canseco: We hope you’re coming, Pete — Cody. Are you going to join us?
Cody Ross: That’s the goal right now. That’s the goal. Often, in September sounds good with college football in full swing, so.
Russell Diez-Canseco: Thilo and Matt are going to make it worth your while.
Cody Ross: That sounds good.
Thilo Wrede: So Cody, the — I don’t know if we’ll be able to swing college football. But intention is that it’s been a few years since the IPO, which for us then is a good opportunity to spend a bit more time with the financial community to talk about what our longer-term plans are, how we will accomplish those plans, what gives us confidence so we can accomplish those plans. And it will be an opportunity for the financial community to get to know the company a bit better. I’m new, I haven’t met most of you yet, will be an opportunity to sit down and have maybe a few more in-depth conversations as well.
