Business
Five Below, Inc. Announces Second Quarter Fiscal 2023 Financial Results
Q2 Net Sales Increase of 13.5% Q2 Comparable Sales Increase of 2.7% with a 4.5% Increase in Comparable Transactions Q2 EPS Increase of 13.5% to $0.84
About this update from Five Below, Inc.
[{"type":"text","content":"Q2 Net Sales Increase of 13.5% Q2 Comparable Sales Increase of 2.7% with a 4.5% Increase in Comparable Transactions Q2 EPS Increase of 13.5% to $0.84 PHILADELPHIA, PA, Aug. 30, 2023 (GLOBE NEWSWIRE) -- Five Below, Inc. (NASDAQ: FIVE) today announced financial results for the second quarter and year to date period ended July 29, 2023. For the second quarter ended July 29, 2023: Net sales increased by 13.5% to $759.0 million from $668.9 million in the second quarter of fiscal 2022; comparable sales increased by 2.7% versus the second quarter of fiscal 2022.The Company opened 40 new stores and ended the quarter with 1,407 stores in 43 states. This represents an increase in stores of 12.4% from the end of the second quarter of fiscal 2022.Operating income was $58.6 million compared to $56.0 million in the second quarter of fiscal 2022.The effective tax rate was 25.6% compared to 26.3% in the second quarter of fiscal 2022.Net income was $46.8 million compared to $41.3 million in the second quarter of fiscal 2022.Diluted income per common share was $0.84 compared to $0.74 in the second quarter of fiscal 2022. Joel Anderson, President and CEO of Five Below, said, “We are pleased to deliver second quarter results in line with our guidance on the top and bottom line. Notably, the 2.7% comparable sales increase was driven by a 4.5% increase in comp transactions, illustrating the success of our Five Beyond conversion strategy and the appeal of our extreme value, WOW offering.\" Mr. Anderson continued, “As we look to the second half of the year, our merchants have sourced a terrific line-up of fresh, trend-right product at outstanding value for the holiday season. While we are adjusting our earnings guidance to reflect an anticipated increase in shrink reserves, our sales outlook remains unchanged. We will continue to play offense on sourcing amazing product, capitalizing on an improved supply chain, opening a record number of new stores, and executing on the continued success of our Five Beyond store format.\" For the year to date period ended July 29, 2023: Net sales increased by 13.5% to $1,485.2 million from $1,308.5 million in the year to date period of fiscal 2022; comparable sales increased by 2.7% versus the year to date period of fiscal 2022.The Company opened 67 new stores compared to 62 new stores in the year to date period of fi...