From GlobeNewswire.: 2024-06-05 16:01:00

Five Below, Inc. reported a Q1 net sales increase of 11.8% to $811.9 million. GAAP diluted EPS was $0.57, adjusted diluted EPS was $0.60. The company opened 61 new stores, ending the quarter with 1,605 stores across 43 states. Operating income was $36.2 million, and adjusted net income was $33.0 million. The effective tax rate was 23.5%. Five Below expects net sales for Q2 to range between $830 million to $850 million, and net income to be between $32 million to $38 million.

Five Below is a high growth retailer that reported positive results despite a 2.3% decline in comparable sales. The company remains optimistic about future growth and plans to open approximately 230 new stores by the end of the year. Excluding one-time legal expenses, Five Below expects adjusted net income for Fiscal 2024 to be in the range of $277 million to $299 million, with diluted income per common share between $5.00 to $5.40.

A conference call to discuss financial results is scheduled for June 5, 2024, at 4:30 p.m. Eastern Time. Investors can participate by calling 412-902-6753. Adjusted operating income, net income, and diluted income per common share are non-GAAP financial measures. Five Below believes these measures provide meaningful supplemental information to investors. The company’s forward-looking statements reflect management’s current views and estimates on future operations, expansions, and financial performance.



Read more at GlobeNewswire.:: Five Below, Inc. Announces First Quarter Fiscal 2024