David Kanen: Yeah. So I guess at a high level, to me, the call-out here is at EUR83 million in revenue, we were actually operating profit neutral and generated a little bit of cash, which is impressive given the cost containment, the increase in gross margin and then the prospects for the future. So that being said, I’d like to understand or drill down a little deeper on the new branded stores, the direct operated stores that you’ve been opening. So my question is for Jason. When you look at all of these new stores you’ve opened Atlanta, Manhasset, Long Island, Houston, Fort Worth, et cetera. Can you give me a sense as to what those stores will run rate in annual revenue, Jason?
Jason Camp: Dave, good morning. Listen, we – three of those openings have happened in the last 45 days. And so, I think it’s premature to attempt to predict an annual run rate on these openings. But I would say, based on the traffic — the quality of the traffic that we’re getting, we expect these stores to perform above our, let’s say, network average for Natuzzi Italia.
David Kanen: Okay. And just as a reference point, Jason, what is the network average?
Jason Camp: Just shy of about 3 per unit.
David Kanen: Okay. So these new stores should be — is it — your internal plan, is it EUR4 million plus or is it closer just slightly above EUR3 million?
Jason Camp: We’re watching these new guys carefully and obviously going to align on budgets per location as we get closer to the end of the year. But I think for public consumption purposes, I think, I probably said as much as I can say and should say.
David Kanen: Okay. So I mean, it seems clear to me that given the production per location and the high marginality that it’s critical. And I’ve had these conversations before and I know that you acquiesce to them. But it seems critical that we open up more DOS branded stores. So can you give us an update? I know that we need to preserve our balance sheet, but also at the same time, opening these DOS stores puts us in a position over the next two years to get revenue back over EUR100 million per quarter, where it seems we could generate meaningful operating profit. So Antonio, the question is, we’ve had a — let’s call it, a noncore asset in North Carolina that has meaningful value that could potentially subsidize the net 10 stores, if not more than that. Can you give us an update on that and just reiterate that this is a top priority to open these DOS stores, hopefully, getting to 15 or 20 additional in the next two years.
Antonio Achille: Thank you, Dave, for the question. So I answer with two sentence. The first one is that we do confirm that open in the U.S.. For Natuzzi Italia, North America is a strategic priority. We are doing this size as you could expect of 2024 budget, which include, of course, also the investment statement. But the principle is to safeguard this intent. On the dismissal of non-strategic assets, there have been some progresses. We are considering option. I cannot say more than that, but there’s been some positive evolution. So we hope that there will be some news on that front, which I remind you is our Board decision because, especially if we talk about a point, it goes beyond what is my autonomy. But we’ve been following up with all the meaningful approach with the asset, we always set publicly where we are considering this mystery, which including our [indiscernible] in Italy, High Point in North America, the iconic building, plus some terrain we have in [indiscernible].
For all those three assets we have interfere, pending or process in advanced stage. So we’ve been not dormant. So for NATCO, we have a process for the assets in the U.S., we have offer, which are pending either some final due diligence or some final consideration and approval from the Board. But this has been definitely — something will be following up.
