Five Below, Inc. Announces Second Quarter Fiscal 2022 Financial Results

About this update from Five Below, Inc.

[{"type":"text","content":"PHILADELPHIA, PA, Aug. 31, 2022 (GLOBE NEWSWIRE) -- Five Below, Inc. (NASDAQ: FIVE) today announced financial results for the second quarter and for the year to date period ended July 30, 2022. For the second quarter ended July 30, 2022: Net sales increased by 3.5% to $668.9 million from $646.6 million in the second quarter of fiscal 2021; comparable sales decreased by 5.8% versus the second quarter of fiscal 2021.The Company opened 27 new stores and ended the quarter with 1,252 stores in 40 states. This represents an increase in stores of 11.7% from the end of the second quarter of fiscal 2021.Operating income was $56.0 million compared to $86.2 million in the second quarter of fiscal 2021.The effective tax rate was 26.3% compared to 23.8% in the second quarter of fiscal 2021.Net income was $41.3 million compared to $64.8 million in the second quarter of fiscal 2021.Diluted income per common share was $0.74 compared to $1.15 in the second quarter of fiscal 2021. The second quarter of fiscal 2021 included a $0.01 benefit from share-based accounting. Joel Anderson, President and CEO of Five Below, stated, “We delivered earnings per share within our guidance range despite lower than expected sales, which we believe were largely driven by the impact of accelerated inflation on our customers’ purchasing behavior during the quarter. We have revised our guidance for the year to reflect our year-to-date performance and updated second half outlook.” Mr. Anderson added, “We remain focused on our long-term opportunities and Triple-Double goals, including opening 1,000 new stores over the next several years and converting the majority of our chain to the Five Beyond concept. New stores remain our growth driver and we are excited to open approximately 160 new stores this year while preparing to open a record 200-plus stores next year. We will continue to provide our customers an amazing shopping experience with fresh, new WOW products at extreme value, which we believe becomes even more important during the holidays.” For the year to date period ended July 30, 2022: Net sales increased by 5.2% to $1,308.5 million from $1,244.4 million in the year to date period of fiscal 2021; comparable sales decreased by 4.8% versus the year to date period of fiscal 2021.The Company opened 62 new stores compared to 101 net new stores in the year to date p...

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