We’re going to know a lot more when we speak in a month post the all-important Black Friday holiday. But I think what we’re trying to do is to show you we’re going to manage this more prudently. The moving pieces really for us right now are, in general, macro conditions and macro demand within the category, number one. Number two, is the promotional environment. And you heard both Shawn and Mary talk about this before, how promotional is the category. We are approaching this from the perspective of slightly more promotional than we have been in the recent quarters, but still less promotional than we were pre-pandemic and less promotional than the peers. It’s working for us. We’re taking market share. We’re expanding gross margins. We think that’s the right way to approach this.
And hopefully, that gives you a little bit of color about that range for fourth quarter. I don’t know, Shawn or Mary, if you want to add anything else. Shawn?
Shawn Nelson: Yes, I think it’s an uncertain time in the economy. We’re being very prudent, as Keith said, and we’re really happy that we have a business that is so dynamic and it has taken so much market share and it’s so competitive in our landscape. And we’re waiting to see, like I think the rest of the world, how to all unfold on the consumer side. But from what we’re seeing so far, this is the best guidance that we can give, both looking at kind of the upside of it and the downside of it. And we’re being really thoughtful. We’re trying to build a business here that’s here for 50 years, We’re trying to — at least we’re trying to build a business that is a legacy brand that has staying power. We’re not interested in short-term outcomes only.
At the same time, we’ve been focused on building a profitable business that’s been able to straddle very, very high growth while generating profits and as you’ll see free cash flow. So, looking forward to the fourth quarter and we’ll hope for a little upside as well.
Maria Ripps: Got it. Got it. That makes sense. And then secondly, sort of understanding that you’re not providing guidance beyond Q4 and but just sort of how should investors think about key growth drivers next year, so maybe showroom expansion, shop-in-shop strategy, product roadmap. And then Keith, you sort of touched on this a little bit, but maybe talk about where across your P&L, you see the ability to be more efficient and maybe preserve margins if the environment continues to be challenging next year?
Keith Siegner: Yes. Thank you for the question, and I’m going to ask everybody for a little bit of grief and patience, given that this is my first quarter in the last couple of months, we were a little bit distracted with the restatement, which did slow my integration into the business a little bit. We’ll have a lot more to talk about with fiscal 2025 here with fiscal third quarter results in about a month. But the way we kind of think about this is the moving pieces for market share gains really remain the same. It is intelligent and measured point showroom and touchpoint expansion. And it’s going to — you’re going to see it across all of the same avenues that we’ve been doing, right? So you’re going to see more Best Buy shop-in shops.
You’re going to see more through our other partner channels. You’re going to see more formal showrooms. You’re going to see more volumes through the website as well. We have a phenomenal customer experience and our configurator that’s working for us, and I think we’ll continue to pay dividends. So, all of that is going to remain the same. We’ll have new product introductions that come throughout the year that are going to continue to drive interest in and love from our customers that will benefit the sales. When we move into cost, like we’ve said, ad nauseam throughout this call, we are going to be disciplined. It’s not just on the SG&A side of things. It’s also on the marketing side of things. We are seeing a lot of benefits from the 25th anniversary marketing campaign that we’ve discussed, but we won’t have that same level of intensity as we move into next year from a percentage perspective.
