PHILADELPHIA, PA — Five Below, Inc. (NASDAQ: FIVE) announced key leadership changes and an updated financial outlook for the first quarter of fiscal 2025. Co-founder and Executive Chair Tom Vellios is set to transition into an advisory role at the end of 2025, marking the conclusion of his tenure as Executive Chair following the company’s Annual Meeting on June 12.
Mike Devine, a 12-year Board veteran, is expected to succeed Vellios as non-executive Chair, assuming his re-election by shareholders. Devine brings extensive board experience, including his role as Chair of Deckers Outdoor Corporation since 2020.
Reflecting on his career, Vellios stated, “I co-founded Five Below in 2002 with one goal – to become THE destination for pre-teens and teens by delivering trend-right, high-quality product at extreme value in a fun shopping experience. Nearly 23 years later… we’ve become an iconic, leading value retailer with over 1,800 stores and growing.” He commended the company’s leadership and expressed confidence in its next chapter under CEO Winnie Park and incoming Chair Mike Devine.
Park praised Vellios’ vision, saying, “Tom’s unwavering commitment to the customer and delivering trend-right product at extreme value are our North Star. It is our core mission, and the Five Below team is energized to deliver that mission with even greater focus and clarity.”
Devine added, “Tom has built an extraordinary company with a distinct culture and enduring brand. His continued involvement as an advisor will be a tremendous asset as we move forward in an evolving landscape.”
The company also raised its Q1 2025 guidance, projecting net sales of approximately $967 million, up from prior estimates of $905-$925 million. Comparable sales are expected to grow 6.7%, exceeding earlier projections of flat to 2%. Adjusted EPS is anticipated to land between $0.82 and $0.84, surpassing prior guidance of $0.50 to $0.61. Five Below aims to open 55 new stores during the quarter, increasing from the previous plan of 50.
With a strong first quarter outlook and a focus on long-term growth, Five Below is positioned for continued momentum in the retail sector.
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