So, it’s interesting that those projects are still lagging, and there’s still — there should be, in my opinion, there should be still a big upside as they finish those projects and then they go to spruce up the furnishings. Because if you spend a lot of money on your new bathrooms and your new kitchen, which are usually where people go first, generally speaking, you buy furniture next. So, it should be a very positive thing for us. What I think is happening is — right now is more fear than reality, and we’ll see what happens and which way that goes. But as I said earlier, our customers are still in really good economic shape. They’re just — I think they’re taking a small pause for a minute as everyone’s been talking about.
Chuck Grom: Okay. Thanks very much. And then I know directionally, B2B is more accretive than the traditional retail business. But clearly, some of the optimism, I think on the longer term, margin structure is in B2B, particularly as it ramps. I was wondering if you or Jeff could just maybe speak to some of the buckets of why that B2B business is so much stronger on the margin front because I think it would help bridge the gap from some of the fears on some of the costs starting to come back into the P&L as an offset?
Jeff Howie: A couple of things there, Chuck. So first of all, B2B is likely accretive to our op margin. And really, the dynamic there is you don’t have the overhead of some of the retail and then not as much advertising costs. So, it does lend some accretion from that standpoint. But I think when you think about the costs that are hitting the P&L, the second part of your question is, I think we have to think about that really in two phases. The first is the near term, which is Q4 and the first half of ’23, where we’re seeing the higher product costs, the higher inbound shipping costs and all of our additional costs as we work through our backlog. That will become a tailwind for us as we turn the corner and head in the back half of ’23 and ’24. I think that in and of itself will support our margins long term. And then B2B will really just be the icing on the cake on top of it.
Operator: Your next question comes from the line of Seth Basham with Wedbush Securities.
Seth Basham: My first question is around merchandise margins. You guys have been doing a great job holding the line on merchandise margin despite some of the pressures. As you move forward, could you help us understand the puts and takes, the arc of merchandise margins in the fourth quarter and through the first half of 2023?
Jeff Howie: Thanks, Seth. We don’t guide specific line items like that, but we are giving you a guidance on the overall direction of gross margin, with March margin is one component of that. And we do see headwinds there in Q4 and in the first half of ’23 for all the reasons that we’ve talked about, the product costs, the ocean costs and then our own challenges with getting through our backlog with out-of-market shipments and multiple shipments to customers. And again, I think that that becomes a huge tailwind. As we look to the back half of ’23 and ’24, that gives us optimism from the long-term sustainability of our margins.
Seth Basham: Got it. Just to frame the question differently then, Jeff. Thinking about the merchandise margins and how you’ve been able to hold them flat year-over-year given the level of inventory that’s rising and the likely higher level of clearance and discontinued lines that you’ll have going forward, would you expect to be able to offset those pressures on merchandise margins with things like product costs, and inbound shipping cost reductions?
