Business
Five Below, Inc. Announces Third Quarter Fiscal 2021 Financial Results
Net Sales increased 27% to $608 million; Comparable Sales increased 14.8% Operating Income increased 75% to $42 million versus Q3 2020 EPS increased 19% to
About this update from Five Below, Inc.
[{"type":"text","content":"Net Sales increased 27% to $608 million; Comparable Sales increased 14.8% Operating Income increased 75% to $42 million versus Q3 2020 EPS increased 19% to $0.43 versus Q3 2020 PHILADELPHIA, PA, Dec. 01, 2021 (GLOBE NEWSWIRE) -- Five Below, Inc. (NASDAQ: FIVE) today announced financial results for the third quarter and for the year to date period ended October 30, 2021. For the third quarter ended October 30, 2021: Net sales increased by 27.5% to $607.6 million from $476.6 million in the third quarter of fiscal 2020; comparable sales increased by 14.8% versus the third quarter of fiscal 2020.The Company opened 52 new stores and ended the quarter with 1,173 stores in 40 states. This represents an increase in stores of 15.2% from the end of the third quarter of fiscal 2020.Operating income was $42.4 million compared to $24.2 million in the third quarter of fiscal 2020.Interest expense and other, net was $10.6 million compared to $0.7 million in the third quarter of fiscal 2020. The increase was primarily due to the write-down of an equity investment.The effective tax rate was 24.0% compared to 13.4% in the third quarter of fiscal 2020.Net income was $24.2 million compared to $20.4 million in the third quarter of fiscal 2020.Diluted income per common share was $0.43 compared to $0.36 in the third quarter of fiscal 2020. Joel Anderson, President and CEO of Five Below, stated, “We delivered record-setting third quarter performance on top of a record third quarter last year. These results reflect the phenomenal execution by our teams in a challenging supply chain environment. They also demonstrate the inherent flexibility of our model as we successfully capitalized on key trends that strengthened during the quarter, which brought new and existing customers to Five Below. We opened 52 new stores across 24 states, including entering our 40th state, New Mexico. With the additional 17 new stores that opened in the fourth quarter, we have completed our 171 new openings for the year.” Mr. Anderson continued, “We are very pleased with our strong start to the holiday season. The teams are working diligently across our key strategic priorities of product, experience and supply chain to give our customers an amazing Five Below shopping experience for the holidays. We believe we are well positioned to continue to delight customers with our extre...