00:00 Speaker A
Let’s talk a little bit more about pricing because um just as we are very aware of the consumer sentiment surveys out there, we’re also very aware of what’s going on with the price of gold and silver on the one hand and diamonds um not going in the same direction on the other. So what does that mean for pricing for you guys? How much price, how much um ability do you feel you have to pass on some of those increases to your consumers, especially as you say, as you’ve been narragating, navigating the uh the tariff uncertainty at the same time.
00:38 Speaker B
Yeah, I you know, hats hats off to our team and and to our partners for a lot of great work. I mean, we’ve, you know, on the terror front, we’ve we’ve done everything from uh navigate countries of origin, pulled some production in the US. We’ve leveraged some supply chain efficiencies to really not only uh mitigate any of the the the headwinds that might come from it, but also, maybe more importantly, to preserve the value proposition for our customers. Um, we’ve got a big, broad, um, you know, set of brands in our portfolio that really cover uh the the gamut of of, you know, a lot of focus on the middle. uh, and and I think making sure that we safeguard that value is is one of the the most important things for us. As far as gold’s concerned, um, you know, we’re we’re we’re in uncharted waters. what I would say is historically and and even to date, uh, we’ve seen that customers understand the commodity value of gold and and as we pass through any commodity uh cost changes, uh, while it, while it may impact uh how we think about design or uh may impact even, you know, some unit velocity, uh, we find that customers understand that value proposition and and are are, you know, uh supportive uh, particularly as we think about how do we position ourselves relative to the competitive landscape to still uh leverage our scale and deliver value for them. Silver, uh to a lesser degree. Uh, I I think, you know, we’re seeing some renewed interest in silver in part because of uh some of the higher cost of gold and you know, I mean even as we go into this holiday, we’ve got brands like Zales that are leaning into key items. uh, you know, one karat Sterling Silver, uh lab grown tennis bracelets, sub $500. We really see that as an opportunity to help uh, you know, drive stronger value propositions for customers and and be there at key price points.