So off to a good start, we’re one quarter in and recognize we haven’t made the year yet, but certainly good enough for us to be able to reaffirm our outlook and get off to the good start that we needed to.
Lauren Lieberman: Okay. All right. Thanks so much. I’ll pass it on.
Operator: The next question will be from Bill Chappell with Truist Securities. Please go ahead. Bill, your line is open. Perhaps you’re muted on your end. Please proceed.
Bill Chappell: Can you hear me?
Mark LaVigne: There we go. Hey, Bill.
Bill Chappell: Thanks. Good morning. Hey just trying to understand the inventory reductions at retail during the quarter. I guess, is the plan that for the rest — I mean, did you expect that when you were given guidance in November? And so this is all, kind of, in line with expectations? Was that a surprise by how deep they went and you’re just — it’s taking out some of the cushion that you had baked into the year? Or do you expect to kind of makeup with Battery sales in the off season?
Mark LaVigne: So I think there’s a couple of different things in your question and maybe John and I will tag team on separately. I think the first part of your question, we expected low-single-digit decline coming into the quarter. We ended up in mid-single-digit decline. That is entirely related to a change in the way retailers have dealt with inventory in October, November, December most prominently in December as we got towards the end of the holiday season. Really, the low-single-digit decline, the mid-single-digit decline is entirely explained by the way retailers dealt with inventory. I would say we are starting to see that revert, I think the way we said it in the call was there are some retailers that are well below historical averages.
And so for those retailers that were on the more extreme side of that, as soon as we got into January, we started to see that reverse and start to get back to not yet to but closer to normalized levels. In terms of the retailers that really just trended down to the low end of their historical range, it wasn’t as an abrupt change, but we expect that over the course of the year for them to work back to where they’ve been on a more normalized basis. So we are assuming that. We’re already seeing it in some cases, but we certainly did see a different — we saw a change particularly as we got into December. I also think as part of your question, there’s a difference between what’s in scanner data versus in our results. And I think John can decompose that and walk you through the different pieces of that, because that’s related, but a little bit different.
John Drabik: Right. Yes, obviously a lot of the changes are — what were in our outlook, but there was a little bit of incremental. So what was in our outlook and what was the difference between the scanner that we saw in the quarter, in our actual reported results, lower current year volumes, unit response to pricing actions that was in our outlook. The shift in holiday orders that definitely had an impact. And then we had talked about exiting some of this low margin battery business, part of our margin management group. And I think it was the right move to make and it was definitely accretive to our margins, but that did have an impact on the top line. And then I think a little bit more of what we also saw. You saw track channels performed very strong. Non-track channels were actually lower than that. So that was a drag as well on our top line.
