Ken Bull: Yes, Michael, that varies depending on the type of conversion that’s taking place depending on the age of the store. If it’s a more recent store, it can be pretty low actually — down below $100,000. If it’s a full versus an older vintage type store, it will cost pretty much the same as it would for building a new store.
Joel Anderson: But the overwhelming majority of those are going to be less than $100,000, right? It’s not — that’s about where we’re thinking about it. Thanks, Michael.
Operator: Our next question will come from Krisztina Katai with Deutsche Bank.
Krisztina Katai: Congratz on a really good quarter. I was just wondering thinking about share of wallet. You did mention in your prepared remarks that you’re working to leverage data for more effective messaging. You also invested in marketing more heavily in the back half of the quarter. So can you maybe talk about the customer response that you saw? Because it does seem like it could be a pretty meaningful opportunity looking ahead, especially to drive brand awareness.
Joel Anderson: Yes. Thanks, Krisztina. And that’s really why we invested in tokenization. And starting with November here is our first month where we have year-over-year statistics on — at the customer level, we used to really only have it at the DMA level. But I would tell you — so we’ll have that data going forward, which will answer your question specifically. I think as I look backwards, I really have to use transactions as a proxy for traffic. And we saw transactions improve throughout the second half of the third quarter. And that is a really good sign that says our marketing is working, customers are looking for value and then what we’ll be able to start to give all of you as we look at fourth quarter here and beyond is start to see what the mix of our customer is specifically who’s coming in after we advertise.
So I just need a little bit more time so we can get off of kind of the old way we’ve done it. But short of having a loyalty or a credit card, our tokenization work which started November last year, that which then therefore means this is the first year I’ve got year-over-year trends. We’ll have that starting in ’23 for you. Thanks, Krisztina. Go ahead, operator. Go ahead.
Operator: I’m going to say this just concludes the question-and-answer session. I’d like to turn the conference back over to Joel Anderson for closing remarks.
Joel Anderson: Yes. Thanks, operator. Sorry for jumping on top of you there. Hey, thanks, everyone, for joining us today. And just a reminder for everyone, as always, I think — and we tried to communicate it today, our purpose here at Five Below is to deliver exceptional value and wow for our customers and value is even more important this holiday than ever. We are extremely confident that we have sourced a terrific selection for this fourth quarter of value products that will wow our customer. We are the go-to destination for stocking stuffers and gifts. And we also believe in value and giving back to our communities. And right now, we are currently with Toys for Tots. This is something we’ve done over 10 years now. And I encourage all of you to visit our stores and help make a donation and a difference for Toys for Tots.
Look, in conclusion, I want to thank all of our teams here at Five Below for their continued hard work and making this a great company and brand. We look forward to speaking with all of you after the holidays. Have a great day, and Happy past Thanksgiving. Thank you.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect your lines at this time.
