Business
Five Below, Inc. Announces Third Quarter Fiscal 2023 Financial Results
Q3 Net Sales Increase of 14.2% Q3 Comparable Sales Increase of 2.5% with a 3.1% Increase in Comparable Transactions Raises Midpoint of Fiscal 2023 Guidance
About this update from Five Below, Inc.
[{"type":"text","content":"Q3 Net Sales Increase of 14.2% Q3 Comparable Sales Increase of 2.5% with a 3.1% Increase in Comparable Transactions Raises Midpoint of Fiscal 2023 Guidance PHILADELPHIA, PA , Nov. 29, 2023 (GLOBE NEWSWIRE) -- Five Below, Inc. (NASDAQ: FIVE) today announced financial results for the third quarter and year to date period ended October 28, 2023. For the third quarter ended October 28, 2023: Net sales increased by 14.2% to $736.4 million from $645.0 million in the third quarter of fiscal 2022; comparable sales increased by 2.5% versus the third quarter of fiscal 2022.The Company opened 74 new stores and ended the quarter with 1,481 stores in 43 states. This represents an increase in stores of 14.6% from the end of the third quarter of fiscal 2022.Operating income was $16.1 million compared to $20.9 million in the third quarter of fiscal 2022.The effective tax rate was 25.4% compared to 24.6% in the third quarter of fiscal 2022.Net income was $14.6 million compared to $16.1 million in the third quarter of fiscal 2022.Diluted income per common share was $0.26 compared to $0.29 in the third quarter of fiscal 2022.The Company repurchased approximately 500,000 shares in the third quarter of fiscal 2023 at a cost of approximately $80.0 million. Joel Anderson, President and CEO of Five Below, said, \"We are very pleased with our results and operational execution in the third quarter. We exceeded our guidance for sales, comparable sales and EPS, as our value offering resonated with customers and we effectively capitalized on multiple trends. We opened a record 74 new stores in the third quarter and are on track to open over 200 new stores for the year. We have also successfully converted over 400 stores to our new Five Beyond format, ending the third quarter with approximately 50% of our comparable store base in this format.\" Mr. Anderson continued, \"We entered the all-important holiday quarter ready to Wow our customers with an outstanding assortment of gifts and stocking stuffers at incredible value. We are well-positioned to execute this holiday season and deliver on our goals for the year.\" For the year to date period ended October 28, 2023: Net sales increased by 13.7% to $2.22 billion from $1.95 billion in the year to date period of fiscal 2022; comparable sales increased by 2.6% versus the year to date period of fiscal 2022.The Co...