Business
Five Below, Inc. Announces Second Quarter Fiscal 2024 Financial Results
Q2 Net Sales Increase of 9.4% to $830.1 million Q2 GAAP Diluted EPS of $0.60, Q2 Adjusted Diluted EPS of $0.54 Updates Full Year 2024 Guidance PHILADELPHIA,
About this update from Five Below, Inc.
[{"type":"text","content":"Q2 Net Sales Increase of 9.4% to $830.1 million Q2 GAAP Diluted EPS of $0.60, Q2 Adjusted Diluted EPS of $0.54 Updates Full Year 2024 Guidance PHILADELPHIA, PA, Aug. 28, 2024 (GLOBE NEWSWIRE) -- Five Below, Inc. (NASDAQ: FIVE) today announced financial results for the second quarter and year to date period ended August 3, 2024. For the second quarter ended August 3, 2024: Net sales increased by 9.4% to $830.1 million from $759.0 million in the second quarter of fiscal 2023; comparable sales decreased by 5.7%.The Company opened 62 new stores and ended the quarter with 1,667 stores in 43 states. This represents an increase in stores of 18.5% from the end of the second quarter of fiscal 2023.Operating income was $41.5 million compared to $58.6 million in the second quarter of fiscal 2023. Adjusted operating income(1) was $37.0 million.The effective tax rate was 25.9% compared to 25.6% in the second quarter of fiscal 2023.Net income was $33.0 million compared to $46.8 million in the second quarter of fiscal 2023. Adjusted net income(1) was $29.7 million.Diluted income per common share was $0.60 compared to $0.84 in the second quarter of fiscal 2023. Adjusted diluted income per common share(1) was $0.54.The Company repurchased approximately 85,000 shares in the second quarter of fiscal 2024 at a cost of approximately $10.0 million. (1) A reconciliation of adjusted operating income, adjusted net income, and adjusted diluted income per common share to the most directly comparable financial measure presented in accordance with accounting principles generally accepted in the United States (\"GAAP\") is set forth in the schedule accompanying this release. See also “Non-GAAP Information.” Ken Bull, Interim CEO, President and COO of Five Below, said, “Our second quarter results fell short of what we know this business is capable of delivering. Our response to the macro pressures of the last few years and the evolving consumer environment has required even greater execution, compelling and differentiated assortments and focus on the customer.\" Mr. Bull continued, \"The good news is we believe the issues are fixable. We are refocused on delivering an edited assortment that leads with value and newness to wow our core pre-teen and teen customer, maximizing each of our worlds and offering a fun store experience that reflects our brand. We rema...