Business
Five Below, Inc. Announces Fourth Quarter and Fiscal 2020 Financial Results
Q4 Net Sales Increase of 25%; Record Q4 Comparable Sales Increase of 13.8% Q4 EPS of $2.20 PHILADELPHIA, PA, March 17, 2021 (GLOBE NEWSWIRE) -- Five Below,
About this update from Five Below, Inc.
[{"type":"text","content":"Q4 Net Sales Increase of 25%; Record Q4 Comparable Sales Increase of 13.8% Q4 EPS of $2.20 PHILADELPHIA, PA, March 17, 2021 (GLOBE NEWSWIRE) -- Five Below, Inc. (NASDAQ: FIVE) today announced financial results for the fourth quarter and full year of fiscal 2020 ended January 30, 2021. For the fourth quarter ended January 30, 2021: Net sales increased by 24.9% to $858.5 million from $687.1 million in the fourth quarter of fiscal 2019; comparable sales increased by 13.8%.The Company opened 2 new stores and ended the quarter with 1,020 stores in 38 states. This represents an increase in stores of 13.3% from the end of the fourth quarter of fiscal 2019.Operating income increased by 17.7% to $169.6 million from $144.1 million in the fourth quarter of fiscal 2019.The effective tax rate was 26.6% compared to 23.6% in the fourth quarter of fiscal 2019.Net income increased by 12.3% to $123.9 million from $110.4 million in the fourth quarter of fiscal 2019.Diluted income per common share was $2.20 compared to $1.97 in the fourth quarter of fiscal 2019. The fourth quarter of fiscal 2019 included a $0.01 benefit from share-based accounting. For the fiscal year ended January 30, 2021: Net sales increased by 6.2% to $1,962.1 million from $1,846.7 million in fiscal 2019; comparable sales decreased by 5.5%.The Company opened 120 net new stores compared to 150 new stores opened in fiscal 2019.Operating income decreased by 28.8% to $154.8 million from $217.3 million in fiscal 2019.The effective tax rate was 19.4% compared to 21.0% in fiscal 2019.Net income decreased by 29.5% to $123.4 million from $175.1 million in fiscal 2019.Diluted income per common share was $2.20 compared to $3.12 in fiscal 2019. The benefit from share-based accounting was approximately $0.08 in fiscal 2020 compared to $0.14 in fiscal 2019. Joel Anderson, President and CEO of Five Below, stated, “We closed out an unprecedented year with fourth quarter results that were even stronger than we expected, highlighted by a record fourth quarter comparable sales increase of 13.8% with broad-based strength across our worlds. I am so grateful for our outstanding teams, who executed seamlessly against our key priorities, with an unwavering commitment to health and safety, maintaining financial discipline and always placing the customer at the center of our decision-making.” Mr. Anders...