But we feel like the Krispy Kreme business has proven it can accelerate and therefore offset some of that. In terms of GLP question, maybe I’ll flip it to Josh, and he can address your GLP concern.
Josh Charlesworth: Yeah. The Krispy Kreme consumer remains strong and the trends are strong. We don’t see any impact of — from the use of these drugs that you mentioned. It’s not surprising. More than 70% of our donuts are sold in sharing sizes, usually at special occasions and celebrations. They’re often given to others. Krispy Kreme is an infrequent purchase. It’s typically bought less than three times a year. And actually the majority of our sales are from donuts that are under 200 calories each. So we know our customers well. We actually do conduct regular brand research on the purchase barriers. The latest research just from a couple of weeks ago shows that once again it’s actually accessibility that remains the number one barrier to purchase of a Krispy Kreme, the availability and convenience of those donuts for our customers.
Health considerations remain a low priority and actually are unchanged from the prior survey. So the consumer remains strong and the trends remain strong for Krispy Kreme. And the growth ambition for Krispy Kreme, as we’ve talked a lot about today, driven by both points of access expansion in multiple channels and the engagement around the brand such as all these specialty premium donuts that we’ve seen so much success with recently is why we’re not concerned around the impact on the overall performance from taking out Insomnia. In fact, we see the opportunity to reinvest the proceeds behind the growth and drive the brand — the Krispy Kreme brand on further.
Bill Chappell: Got it. And maybe I wasn’t clear, I was talking more about the GLP concern on the valuation that you might get for Insomnia but so be it. In terms of just clarifying so, if you take out Insomnia and it takes out 100 basis points to 200 basis points of the total company would that mean it’s probably about a 300 basis point impact on the US business since it’s US? Just trying to understand our numbers as we go forward and kind of the organic growth you’re thinking.
Jeremiah Ashukian: Yes, I think it might make sense to take that offline just to debrief in the follow-up conversation. But I think you’re probably close-ish in terms of your estimation of the impact on the business in the US.
Bill Chappell: Great. Thanks so much.
Operator: At this time, there appear to be no further questions in the queue. I will now turn the call back to Mike Tattersfield for any closing remarks.
Mike Tattersfield: Yes. So thank you everyone for your time. On a personal note, this marks my final earnings call as CEO of Krispy Kreme. As I said before, I couldn’t be happier to transition this role to Josh. I love his passion for the brand, our Krispy Kremers and freaking awesome donuts. It just gives me the utmost confidence in our continued success and I look forward to watching how he and the team will accomplish. Again, thank you all for all the investors and your continued support of the company and gracias to all my Krispy Kremers around the world who inspired me throughout my time here. Lots of love. Ciao Mike.
Operator: This does conclude the Krispy Kreme third quarter 2023 earnings call. Thank you for your participation. You may now disconnect.
