Steve Bratspies: Thanks, Omar.
Operator: Our next question comes from the line of Tom Nikic with Wedbush. Your line is now open.
Tom Nikic: Hey, good morning. Thanks for taking my question. So I want to ask about, I guess the top line progression for the year. So I think obviously, retailers are still planning inventories pretty conservatively, to start 2023. And I think you’ve guided to a big decline in Q1 and the guidance applies to get better later on in the year. Do you think that the retailer inventory actions are pretty much done in Q1 and at that point inventories will be rebased to where they need to be? And then that that kind of positions you for a more favorable top line environment or I guess I’m just kind of think like how the shape of the year looks like, would you expect Q2 to be down as well. Just trying to figure out like how we should think about the recovery on the top line?
Steve Bratspies: Yes, I think the way you should think about it, first stop we’re seeing a muted view of the consumer this year in terms of their draw from category, which is going to be a challenge as we go forward. And underneath that, you look at retail inventory; it really can vary by the business that we’re in. You look at the innerwear business; certainly we’re in a replenishment business. So when retailers take significant inventory action to reduce inventory across the board and apparel, the replenishment businesses can get impacted. First, we saw that happen. And we continue to work through that even though we look at our inventory levels. And we’re just below where we were in innerwear versus Q1 of last year. So we see opportunity to continue to build that inventory back.
I would expect you would see that in the innerwear business start to rebuild and inventory start to rebuild faster than you would necessarily in activewear. In inactive, there’s still pockets that have a lot of inventory out there. It does vary by channel, it does vary by customer. And yes, some of them were promotional driven inventory factors and others, some have managed inventory a little bit there. So it’s a bit of a hit and misses. So I think will take a little bit of time to continue to work itself through the system. But we’re going into the year with a conservative view of the consumer and the top line.
Tom Nikic: Understood. Thanks very much.
Operator: Our next question comes from the line of Michael Binetti with Credit Suisse. Your line is now open.
Michael Binetti: Hey, guys, hope you can hear me. Okay. So I guess with that in mind, to kind of jump off of that question. Can you give us an indication of the — give us the thoughts on the replenishment and working through inventory, but maybe its thoughts on how Champion fall order books look. I want to see what maybe the response to some of the new product is? Obviously, there’s a lot of factors at play here. But I guess what factors are you looking for to help you anticipate when restocking can begin in the mass channel in the U.S? And then my final one is I think you said inventory units down 6% with the dollars up 25. I just want to make sure I heard that correct. Because that seems to imply something like price per unit up in the 30% range. Maybe just walk me through that if I’m missing anything obvious.
