Maksim Rakhlenko: Great, thanks a lot. And congrats on a solid quarter. So your active customer counts continue to grow at a pretty impressive rate. I think you’re at 6.8 million now. Can you just provide some color on customer behavior, whether there’s a way to stratify them by spend or what segment of them has shopped in the past year? And then how should we think about growing loyalty members versus small declines in traffic?
JimConroy: So on the first piece, our average customer shops with us approximately twice a year. One of the things that’s been very encouraging is, as we’ve grown our customer count and expanded the definition of the Boot Barn brand to bring in customers from other retailers, and in many cases, mainstream retailers, those new customers are also shopping with us twice a year and have proven to be repeat or to use a different expression sort of sticky customers, which is great. They continue to shop. They continue to shop the same frequency sort of legacy shoppers, and their spending per trip and per basket is continuing to be in line with legacy customers, which is at — and all of that triangulates back to our average unit store volume remaining at $4.2 million up from $2.7 million.
I know you know these numbers, Max. In terms of reconciling the additional customers and transactions being down, if you look at it over a long period of time, customer account’s up dramatically and average transaction’s per store up meaningfully. If you look at it over a shorter period of time, we continue to add customers in total because we’re adding new stores, even if our average transactions per store on an average basis comes down slightly. So that’s how you can reconcile the math. But bigger picture, we’re just thrilled that we’ve been able to grow the customer database, invite so many new customers into a Boot Barn store and hold on to them. And I think as we get past some of these 55% LY comparisons, we’ll settle back into sort of more normalized growth.
But I’ve been in retail for a long time. And just the mere fact that we grew 55-plus percent and haven’t given it all back is just — makes us incredibly pleased.
Maksim Rakhlenko: That’s very helpful, Jim. And then what do you attribute all the strength in exclusive brand penetration growth to this year? Is it some of the omnichannel initiatives? I think the new stores in the East have a little bit higher mix. Or is there anything else to call out? And then just how are you thinking about longer term, whether it could be a little bit higher than the historic algo that you’ve spoken to?
JimConroy: Sure. A portion of it is maybe compositioning higher in new stores in the East. But I think just arithmetically, that would only give you a slight growth. I think the bigger piece is maybe two different things. The first, last year, we — our business was so strong that we were outstripping many of our third-party branded partners’ ability to show us. And the single vendor, if you will, vendor that was able to ship within full was our exclusive brands. And I think that really introduced the six legacy brands and then the four additional brands to customers that perhaps had never tried them before. And now that they’ve tried Cody James, Cheyenne or Idyllwind or Moonshine, maybe long-term lifetime customers. So I think there that free trial that we had last year when we were in stock in many of our branded partners were working their butts off to try to get us in stock, but we’re falling a little bit short.
