Joel Anderson: Yes. You know what we have not had any problems with crew availability and getting stores open. A reminder for everybody, we’re really good at hiring 15 and 16-year olds. That’s something a lot of retailers don’t do. Not 15 and 16, 16 and 17 year olds. And so we have store for kids. We hire kids and everybody loves their first job. And we’re a great place for a first job. So, really no problem there, we kick off hiring here in about another three, four weeks and don’t expect any issues.
Daniel Silverstein: Thank you.
Joel Anderson: All right. Thank you. You’re welcome.
Operator: Next question comes from Anthony Chukumba with Loop Capital Markets. Please go ahead.
Anthony Chukumba: Thank you so much for taking my question. I didn’t think I’d be able to get it in with all the two and three-part questions that everyone else was asking. I guess my question just real quickly on Barbie, just is your — would you — I mean, I’ve seen the Barbie in your stores. Are you sort of happy with your assortment? Would you — in other words, is it enough? Would you want to get more? Were you chasing it? Just how do you feel about your Barbie assortment? Thank you.
Joel Anderson: Yes. Hi. Thanks, Anthony. I think it’s enough. We are chasing it. The stuff that’s sold faster than we thought and we’ve got more coming in. But we don’t see it as something that’s going to grow like Frozen did from seven to 11 to 13 feet or something like that. But in certain stores, we definitely are chasing and it’s been somewhat short. But overall, we’re pretty pleased with it. Thanks Anthony. Appreciate the one-part question.
Operator: Next question comes from Krisztina Katai with Deutsche Bank. Please go ahead.
Krisztina Katai: Hi. Good afternoon. Thanks for squeezing us. I just had just a question on store growth and given the acceleration that you’re talking to. So, maybe two-parts, can you just talk about your overall ability to get these open on time, if we should think about there’s any risk, maybe that some can get pushed later into quarters or early into next year? And then two, could you just talk about what the process looks like now that availability of labor is getting better? Or you’re finding incremental real estate locations from closures? Just how best to think about that getting closer to that 50-50 cadence next year.
Joel Anderson: Yes. Look, answering that second part of the — first, the biggest thing that changed, unfortunately, I hate to say this, there was a bunch of bankruptcies. And there hasn’t been many store bankruptcies in the 2021, 2022 time period and it really accelerated here in back end of 2022 into 2023. So, that’s really what helped on filling the pipeline back up so we’re back on time. And then in terms of opening on time, really, we’re not seeing the supply chain problems that we had and landlords are back to building. We’ve got a bigger team. We’re building — and it’s pretty much flowing. Look, we have a store here and there that will get pushed back for a month or six weeks, but then we’ll have another store pull up. So, it’s more like we’re seeing an even amount of pull-ups as we on are push-backs. Thank you.
Krisztina Katai: Thank you.
Joel Anderson: We got to keep going there. This might be our last call, yes.
Operator: Yes. The last question comes from Phillip Blee with William Blair. Please go ahead.
Phillip Blee: Great. Thank you, guys. I was just hoping you could provide a little bit more color on the transaction growth you saw during the quarter? How much was driven by Five Beyond versus non-converted locations? And then any color on growth attributable to new versus existing customers on the expanding value appeal? Thank you.
Joel Anderson: Yes, I don’t know if I — I don’t know, Kristy, do you have those numbers on the conversions?
Kenneth Bull: For the converted?
Joel Anderson: I mean–
Kenneth Bull: Look, transactions were positive in both, right?
Joel Anderson: Yes.
Kenneth Bull: And so we’re — Philip, we’re positive in both converted stores and non-converted stores. And I think you talked about the growth. I mean, we’re seeing actual growth in new customers and improvements in our retained customers, too.
Joel Anderson: Yes. So, look, it’s obviously higher in the converted stores. And honestly, that’s a good thing. I mean I just — that was our strategy. That’s what we wanted to see. And we got over 600 of them now and to see it continue like that just bodes well for the rest of them as we convert them next year and the year after.
Phillip Blee: Okay, great. Thanks.
Joel Anderson: Yes. Thank you, Philip. Hey, thanks, everybody, for jumping on. A lot of questions certainly about shrink, but more importantly, what we are opening a record set of number of new stores. We’re increasing our productivity in our stores. We’re growing our brand awareness. The marketing is really starting to work. We’re transforming the inventory. The focus Ken’s going to put on that. It’s going to create efficiencies. And we’re going to make Five Below a great place to work for the associates. We hope to see you. We hope you enjoy the rest of the summer, and don’t forget to get out and visit a Five Below store. Thanks for joining us, and I’ll see you after Thanksgiving on our third quarter call. Have a great night, everybody.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
