And just to remind everybody, and I said it in my prepared remarks, I mean, we have over 130 stores coming out here in the next four months. And I also shared with you we expect our new store opening cadence next year to get back closer to 50-50. So there’s a lot of growth happening in the next 10 months or so here. I don’t know, Ken, anything you’d add on that?
Kenneth Bull: Yes. Just — I mean, Brian, you heard Joel mentioned in the prepared remarks, still feel extremely confident around the Triple-Double vision with really kind of the drivers there being the unit growth the comp opportunity and the profit profile, which assumes leverage. So in line with what Joel said.
Joel Anderson: But too early to be giving specific callouts for next year.
Kenneth Bull: Right.
Joel Anderson: Thanks Brian.
Brian Nagel: Appreciate. Thanks.
Operator: Our next question comes from Chuck Grom with Gordon Haskett. Please go ahead.
Chuck Grom: Hey. Thanks. Good afternoon, everybody. Just wondering if you guys could speak to the cadence of the comp throughout the quarter. And then if we take the midpoint of your 3Q comp guide, it does it does imply a pretty big uptick on the four-year stack relative to the second quarter, but consistent with the first quarter. So, I guess my question is, can you remind us if there’s any unusual compares over the past couple of years that drove that and/or the factors that support the implied acceleration in the comp?
Joel Anderson: Yes. Hey Chuck. I think the way we look at it is, look at your four-year average store growth. Look at your four-year CAGR.
Kenneth Bull: Yes.
Joel Anderson: And I think if you compare our first half four-year CAGR, it’s in the mid-high-teens.
Kenneth Bull: High-teen, Yes.
Joel Anderson: Aren’t that right, Kristy?
Kristy Chipman: Yes, high teens.
Joel Anderson: And then what’s implied for the back half of the year is almost identical, it’s within 10 or 20 basis points. I think, Chuck, that’s a better way to look at it in terms of the comp. And then for within the Q2 cadence, it was relatively in line all three months. It’s consistent.
Kenneth Bull: And also, Chuck, just to add to that, our guide for Q3 is pretty much in line with what we had expected early on. If you recall, I think we spoke about this on the fourth quarter call when we gave guidance for the year. In terms of what the cadence would be of — if you look at kind of a multiyear geo stack performance, the year is really laying out by quarter as we had expected early in the year.
Chuck Grom: Okay, great. That’s it.
Joel Anderson: Thanks Chuck. Next?
Operator: The next question comes from Matthew Boss with JPMorgan. Please go ahead.
Joel Anderson: Matt? Matt?
Operator: Hello, Matthew. Is your line muted?
Matthew Boss: Hey, sorry about that.
Joel Anderson: Matt, I was going to make up the question for you, but you go ahead, Matt.
Matthew Boss: So, Joel, a couple of things. Maybe could you elaborate on category trends that you saw across maybe more discretionary relative to consumables? Any call outs by income cohorts, I know you touched on the third quarter, but anything specific to August to call out? And then maybe just elaborate on the terrific lineup of product that you cited into holiday, and just your flexibility to chase demand in the second half?
Joel Anderson: Yes. Look, Matt, a lot of questions all on product a little bit. The category trends, first quarter or second quarter, not much change. It continues to skew towards our version of consumables which comes in the form of candy and HBA and the like. So that was pretty consistent from Q1 to Q2. The interesting change that we did call out there was just the emergence of licenses, Mario Brothers and Barbie, while not a huge impact on the quarter, it’s just nice to see licenses reemerge. We haven’t really seen licenses of anything meaningful since there really hasn’t been movies for a few years here. So, that’s really good to see. Cohorts, nothing to call out. We continue to really see strength across all the cohorts, but no trade down per se that would call out.
And then, hey, we’re really pleased with back-to-school and I’m not ready to talk about holiday just for competitive reasons, but we got a great lineup for product. And if anything, I would say our whole store becomes a store of needs in the fourth quarter rather than a store want. So excited about fourth quarter and what’s coming this way, Matt.
Matthew Boss: Great. Best of luck.
Joel Anderson: Hey, thank you. You bet.
Operator: The next question comes from John Heinbockel with Guggenheim Securities. Please go ahead.
John Heinbockel: All right. Two quick questions, right? So, for Joel, I know you’re not ready to talk about holiday, but when I think about, right, the reset of tech and then putting Five Beyond in a bit early in trade down, how would you assess your positioning for the fourth quarter, right? It would seem to be better than it’s been in a couple of years. And then for Ken, where do you think the biggest opportunity is on inventory? Because I don’t think you’ve had a big problem on out of stock, right? So, is it that? Or is it just more inventory turnover?
Joel Anderson: Yes. Let me just start and turn it over to Ken. Look, I think the biggest change, John, and great call out on the tech reset, but the biggest difference for us is the magnitude of Five Beyond stores we’re going to have this year versus last year. I mean, it’s approaching close to half our comp stores. And we learned a lot from last year on how the Five Beyond part performed and that’s given our merchants a full year to prepare for that. And so I think that’s a big running head start this year that we didn’t have last year, already would matured licenses and then there’s a few other things coming. But we’re in a much better situation than prior years. And then, certainly can about inventory, and that’s also in a much better shape than last year.
Kenneth Bull: Much better position, John. And thanks for the compliment on the in-stocks. But internally, we feel we can still do better there. Within stocks, you mentioned turns. I mean, it’s all about buying better at the end of the day, making sure we’ve got the right inventory in the right location at the right time. And we feel there’s still opportunity there for us. The ability Joel spoke about the trends that are out there. We want to make sure we have the ability to continue to place or buy those trends and put them in front of the customers appropriately. So, there’s still opportunity out there. And it’s going to come from process. It’s going to come from technology. We’re also incorporating data and analytics. So, we still have a ways to go, to see improvements there.
John Heinbockel: Okay. Thank you.
Joel Anderson: Thanks John. You bet.
Kenneth Bull: Thanks John.
Operator: Our next question comes from Simeon Gutman with Morgan Stanley. Please go ahead.
Simeon Gutman: Hi. Good afternoon. Joel, I should restate my name in case, I get a Simon this time.
Joel Anderson: Hey, Simeon. How are you?
