Business
Five Below, Inc. Announces Third Quarter Fiscal 2024 Financial Results
Q3 Net Sales Increase of 14.6% to $843.7 million; Comparable Sales Increase of 0.6% Q3 GAAP Diluted EPS of $0.03, Q3 Adjusted Diluted EPS of $0.42 Increases
About this update from Five Below, Inc.
[{"type":"text","content":"Q3 Net Sales Increase of 14.6% to $843.7 million; Comparable Sales Increase of 0.6% Q3 GAAP Diluted EPS of $0.03, Q3 Adjusted Diluted EPS of $0.42 Increases Full Year 2024 Guidance PHILADELPHIA, PA, Dec. 04, 2024 (GLOBE NEWSWIRE) -- Five Below, Inc. (NASDAQ: FIVE) today announced financial results for the third quarter and year to date period ended November 2, 2024. For the third quarter ended November 2, 2024: Net sales increased by 14.6% to $843.7 million from $736.4 million in the third quarter of fiscal 2023; comparable sales increased by 0.6%.The Company opened 82 new stores and ended the quarter with 1,749 stores in 44 states. This represents an increase in stores of 18.1% from the end of the third quarter of fiscal 2023.Operating loss was $0.6 million compared to operating income of $16.1 million in the third quarter of fiscal 2023. Adjusted operating income(1) was $27.6 million.The effective tax rate was 23.4% compared to 25.4% in the third quarter of fiscal 2023.Net income was $1.7 million compared to $14.6 million in the third quarter of fiscal 2023. Adjusted net income(1) was $23.3 million.Diluted income per common share was $0.03 compared to $0.26 in the third quarter of fiscal 2023. Adjusted diluted income per common share(1) was $0.42. (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 and COO of Five Below said, “We are pleased to report third quarter results that exceeded our outlook. We delivered stronger performance across a broader group of our merchandise worlds compared to the second quarter and improved our operational execution. We were encouraged to see the positive results from the initiatives we undertook to add newness and deliver value in key categories. We opened a record 82 new stores during this period with new store performance also surpassing our expectations. Our merchant and operational teams across the organization are focused on our key priorities of product, value and store experience, and I want to thank them for their efforts in delivering these results.\" Mr. Bull c...