“Look, bottom line, we don’t expect the fundamentals of our business to decelerate.”

In context

“rms of trade policy and we feel very confident with our ability to manage through whatever is to come in the future. Michael Lasser: Thank you very much. Ted Decker: Thank you. Operator: Our next question comes from the line of Simeon Gutman with Morgan Stanley. Please proceed with your question. Simeon Gutman: Hi, good morning everyone. First, a short-term question on Q3 to Q4. You mentioned Q3 exceeded expectations ex-the hurricanes. There was weather and you mentioned that weather helped as well. And, thinking about the movement to Q4, it looks like it’s a decel on stacks and obviously the absolute number. So, is the assumption that weather is less helpful? Is there some conservatism or any other things that change into the fourth quarter? Richard McPhail: Thanks, Simeon. It’s Richard. Look, bottom line, we don’t expect the fundamentals of our business to decelerate. We’re just being cautious about extrapolating Q3 results that saw significant benefit from weather. And also just as a reminder, the guide is for approximately negative 2.5% comp sales. Simeon Gutman: Okay, fair enough. Then second on the macro, this is trying to get a sense of how you’re thinking and I know a lot of it this call was helpful in that regard. The weight that you’re thinking about in terms of tappable equity, which we’ve talked about recently versus something like housing turnover, both are impacted by rates. But could this tappable equity idea become like a lock-in effect at some point? When does that kick in? Can it kick in even with rates being higher? Richard McPhail: Yes. The question is often posed to us, hey with housing turnover there’s obviously more spend and if yo”