Jeff Howie: Hi Steve. Let’s take your demand question first. So, in terms of the cadence across Q3, it was incredibly inconsistent and as choppy as we described, and that’s both across our portfolio of brands and the quarter. We started the quarter off relatively strong mid-single-digit comps as we talked about in the Q2 call, and then we saw it really trail off after Labor Day once the Fed announced our fourth rate hike. And even if you look at it, whether it’s 1 year, 2 year or 3 years, it was just inconsistent. One year decelerated across the quarter, 2-year was up and down and 3-year actually accelerated across the quarter. So it’s tough to get a read on it, and then we just described it as inconsistent and choppy. But what we’re pretty confident about is even in this choppy environment, we continue to take market share.
Regarding the backlog, your second question, we still have more work to do, like I mentioned in the previous question, there’s a lot of work left to do to deliver to our customers. The backlog remains sizable. And for us, some of the challenges are getting it in the right location and in the right composition so we can complete a multiline order for a customer. So, we — again, we think it’s going to take us through Q4 and in the first half to really normalize that level of activity.
Operator: Your next question comes from the line of Cristina Fernández with Telsey Advisory Group.
Cristina Fernández: I wanted to ask also on demand, but a different way. It seems like performance by brand is diverging. I assume that’s the same on the demand level. Any insights you have into customer age or income that you see changes in how the different cohorts are responding to your products?
Laura Alber: Sure. Thanks, Cristina, for the question. So you can clearly see, even by looking at the net comps, how strong Pottery Barn was. They’ve really been outperforming. The rest of the brands are kind of in a similar range. But remember, you got to look at more than just one year. So when you look at West Elm on a three-year, it’s really, really strong and not as far off as you might think. So, in terms of what we see in the demos, it’s really — I’m careful not to draw any big conclusions from it because the data is very sensitive. It looks like the only thing we can see is lower income being more affected. We don’t see necessarily an age issue. We just see lower income being more hurt than higher income, which is consistent with what you’d probably expect out there.
The good news is, in total, our core customer is pretty affluent. And we also know that a lot of this is just uncertainty because there’s really nothing that’s happened. They still have a lot of home appreciation, and we have more savings than they did before the pandemic. And so, depending on what happens with the macro, this could be short. But if the macro gets worse and wage loss happens, and the Fed continues to do what they are tasked to do, which is to stop growth, it could impact those customers more than it even has already. And so, that’s the reason we’ve been hesitant to give guidance out into ’24. It’s not that we’re not confident in our business, it’s that it’s really hard to tell what’s going to happen in the macro. If that was even just going to be as it is today, we would predict it.
