Joel Anderson: Yes. Good question, John. And what I would say to you on that and honestly, for everyone on the call, we’re still Five Below. And more than ever this year, we really focused on that. $1, $2 price points and really try to screen value in the stores. And at the same time, strategically, we are very excited about Five Below and what that allows us to do to not only be your stocking stuff or headquarters during holiday, but also be the main gift, and we’ve landed on a great platform, obviously called Five Below. But what you’re going to see us continue to emphasize and build upon is the bifurcation of the two. And it is not our intent in non-Five Beyond stores to grow that assortment. You will not see that assortment grow in the non-Five Beyond stores.
we may still carry a 8-foot section in the front. But whether you’re talking about Five Below or Five beyond, the consistent message that the merchants will deliver is value. I think that’s more important than the actual price. And you’re right, John, we have more $25 items than we did last year. For now, I think that’s the high end of where we’ll go. And we’ve got too many opportunities to have to go any higher than that right now, but you’ll see that continue to expand in the Five Beyond stores. And Michael and the team will do what they do. We’ll start as we said at the Investor Day, we’re moving away from items on the shelf to a store within a store and you’ll start to see worlds emerge, you’ll start to see categories emerge. And I’m talking about Five Beyond for the second here, John.
But hopefully, that gives you some sense of the difference between Five Below and Five Beyond, and yet at the same time, it’s about delivering value. Thanks, John.
Operator: And our next question will come from Scot Ciccarelli with Truist.
Scot Ciccarelli: I have a question on store growth. I think it’s again going to be a bit lower than kind of previously anticipated. So I guess the questions are, are there still headwinds to the opening cadence we should be thoughtful about, especially as we look towards the ’23 unit growth opportunity?
Joel Anderson: Yes. It’s a good question, John. I mean clearly, coming into ’22 here, the headwinds persisted over — coming out of the pandemic. Even the ratio of stores first half to second half is skewed much later to the second half year in ’22. And of course, that rolls over a little bit into ’23. But Look, we’re still on track for the long-term Triple-Double goals. I think we said 1,000 stores over 4 years. If you take the slow start in ’22 here, hey, does that you end up missing that by 5% or something. It’s still directionally 1,000 stores, and that’s only because of the start here to ’22. We are gaining momentum going into ’23 and expect that to continue to grow. But I think the majority of the headwinds are behind us.
And I hate to say it, Scott, I think for the first time in 3 years, we’re going to see some retail displacement coming out of the holidays. That will be a good thing for us as we pick up more sites as we expand our growth. But that hopefully gives you some outlook on it. Thanks, Scott.
Operator: And our next question will come from Brian Nagel with Oppenheimer.
Brian Nagel: Congrats on this quarter. So my question mentioned — you mentioned in your prepared comments, the opportunistic purchases. So the question I have is maybe just elaborate further on that. Is this something — you’ve always — you’ve done this in the past. This is a bigger effort now just given some of dislocations. And the product that you’re buying opportunistically, is it more of what the same in Five Below? Or do you have products that could be unique this year?
Joel Anderson: Yes. I think that why it was important to get that included, Brian, in my prepared remarks is that, honestly, for the last couple of years, there hasn’t been a lot of closeout opportunities, onetime opportunistic buys. And I think it’s important to note, though, it’s still relatively low single digits of our overall purchases. But you walk in our stores, you’ll see a big selection of Funko. Our 12-inch marble action figures, Uno, things like that are a combination of really great brands and licenses and then incredible value that we brought to the stores. So I think it’s look, it’s something that’s been in our DNA for quite some time, but I needed to remind everybody that’s kind of back in our playbook, and it hasn’t been there for the last couple of years.
Operator: And our next question will come from Paul Lejuez with Citi.
