So we’ve contemplated everything that we think we need to contemplate to deal with anything that we need to deal with as we close out the spring/summer season and get deeper into fall as the third quarter moves on.
Ed Thomas: Yes. We’ll be — just to add to that, we’ll be in pretty good shape in terms of the quantity of inventory that we have in shorts and swim. And so on and so forth because it helps that most of the country has been 100 degrees the last two weeks. But those negative trends in the seasonal categories really continued into August, which we anticipated early on when we made adjustments to inventory flow wherever we could.
Operator: The next question comes from Jeff Van Sinderen with B. Riley. Please go ahead.
Jeff Van Sinderen: And let me say congratulations on the improving trend. Maybe you can circle back to the CMO situation. Just wondering how much of the holiday assortment is actually going to be owned, so to speak, by the new CMO.
Ed Thomas: I don’t know how to put a percentage to it, Jeff. But honestly, there’s a lot of things that she felt good about that was on order that we’ve already taken action. And making adjustments really I would say diving in deeper into some of the brands that are stronger for us than what we had on order. That would be 1 area that I would say we think it’s going to be — there are some trends that we were on, but again, adjusting the forecast going forward to maybe doing heavier receipts, in areas where we think are going to be — where she thinks that we’re going to be stronger.
Jeff Van Sinderen: And then I just wanted to circle back to inventory for a second. If we assume kind of the midpoint of your Q3 guidance, where do you think that we would see inventory per foot be roughly at the end of Q3?
Michael Henry: I think per foot, it will be down to some extent. As always, we do everything we can to try to manage inventory as tightly to the sales trends as possible. Q2 sales were down 5%. Our unit inventory per square foot was down 3%, so pretty close there. and we’re going to aim to keep that relationship as tight as we can.
Jeff Van Sinderen: And then just as far as the lease decisions, how far are we through those decisions for this year? And then I guess, what are you seeing on renewals?
Ed Thomas: We’re done for this year pretty much unless we see something unusual, it’s opportunistic. We have a pretty significant pipeline that we’ve been working on and when we decide to accelerate the number of stores as part of our expansion, we’re going to be in really good shape to be able to turn that — flip that switch pretty quickly. As far as renewals go, we’re — so far, so good. The economics have been where — we’re happy with the economics we’re seeing renewals — and we’ll continue to really scrutinize every lease renewal to make sure that the economics are what we think is going to happen in the future.
Operator: This concludes the question-and-answer session. I would like to turn the conference back over to Ed Thomas for any closing remarks.
Ed Thomas: Thank you all for joining us on the call today. We look forward to sharing our third quarter results with you at the end of November. Have a great evening.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect your lines.
