Business
Five Below, Inc. Announces Fourth Quarter and Fiscal 2022 Financial Results
Q4 Net Sales Increase of 13%; Q4 Comparable Sales Increase of 1.9% Q4 EPS Increase of 23% to $3.07 PHILADELPHIA, March 15, 2023 (GLOBE NEWSWIRE) -- Five
About this update from Five Below, Inc.
[{"type":"text","content":"Q4 Net Sales Increase of 13%; Q4 Comparable Sales Increase of 1.9% Q4 EPS Increase of 23% to $3.07 PHILADELPHIA, March 15, 2023 (GLOBE NEWSWIRE) -- Five Below, Inc. (NASDAQ: FIVE) today announced financial results for the fourth quarter and full year of fiscal 2022 ended January 28, 2023 and outlook for fiscal 2023. For the fourth quarter ended January 28, 2023: Net sales increased by 12.7% to $1,122.8 million from $996.3 million in the fourth quarter of fiscal 2021; comparable sales increased by 1.9% versus the fourth quarter of fiscal 2021.The Company opened 48 new stores and ended the quarter with 1,340 stores in 42 states. This represents an increase in stores of 12.6% from the end of the fourth quarter of fiscal 2021.Operating income was $225.8 million compared to $187.6 million in the fourth quarter of fiscal 2021.The effective tax rate was 24.8% compared to 25.1% in the fourth quarter of fiscal 2021.Net income was $171.3 million compared to $140.2 million in the fourth quarter of fiscal 2021.Diluted income per common share was $3.07 compared to $2.49 in the fourth quarter of fiscal 2021. The fourth quarter of fiscal 2022 included a $0.01 benefit from shared-based accounting. Joel Anderson, President and CEO of Five Below, stated, “We are pleased to close out fiscal 2022 with fourth quarter results that demonstrate the relevancy, resiliency and flexibility of our model. Our Wow offering and Save the Holidays marketing campaign were particularly effective as customers contended with inflation and sought value. We are very proud of how our organization navigated the challenges of 2022 while simultaneously making progress on key initiatives that underpin our Triple-Double goals.” Mr. Anderson continued, “In 2023, we will build on this progress. We begin the year with a healthy inventory position and a strong, debt-free balance sheet that enable us to continue to play offense, further elevate the customer experience and execute on our multi-year growth opportunity. We plan to open a record 200 new stores, convert 400 stores to the new Five Beyond format, roll out new categories and services and enhance marketing, all while leveraging data analytics and our five-node DC network to continue to deliver the Wow that is our customer promise.” For the fiscal year ended January 28, 2023: Net sales increased by 8.0% to $3,076.3 millio...