PHILADELPHIA, PA — Five Below, Inc. (NASDAQ: FIVE) recently announced financial results for the first quarter ended April 29, 2023.
For the first quarter ended April 29, 2023:
- Net sales increased by 13.5% to $726.2 million from $639.6 million in the first quarter of fiscal 2022; comparable sales increased by 2.7% versus the first quarter of fiscal 2022.
- The Company opened 27 new stores and ended the quarter with 1,367 stores in 43 states. This represents an increase in stores of 11.6% from the end of the first quarter of fiscal 2022.
- Operating income was $42.4 million compared to $42.3 million in the first quarter of fiscal 2022.
- The effective tax rate was 18.6% compared to 22.3% in the first quarter of fiscal 2022.
- Net income was $37.5 million compared to $32.7 million in the first quarter of fiscal 2022.
- Diluted income per common share was $0.67 compared to $0.59 in the first quarter of fiscal 2022. The benefit from share-based accounting was approximately $0.06 in the first quarter of fiscal 2023 compared to approximately $0.03 in the first quarter of fiscal 2022.
Joel Anderson, President and CEO of Five Below, said, “We are pleased with our first quarter results that were in line with our outlook highlighted by a 3.9% comp transaction increase. While our customers face multiple macro headwinds, we continue to be there for them, flexing our offering to bring them the Wow products they need and want. Our broad-based sales performance and transaction trends demonstrate that we are gaining trips and customers through our amazing value, trend-right products and Five Beyond prototype.”
Mr. Anderson continued, “Looking to the rest of the year, we remain focused on playing offense to drive increased market share. We now plan to open a record 200-plus new stores and complete over 400 conversions to the new Five Beyond prototype in 2023 while building a strong pipeline of new stores for 2024. With the headwinds of the pandemic moderating, combined with our continued experience and efficiency-based initiatives, we believe we are well-positioned to continue our high growth.”
Second Quarter and Fiscal 2023 Outlook:
The Company expects the following results for the second quarter and full year fiscal 2023:
For the second quarter of Fiscal 2023:
- Net sales are expected to be in the range of $755 million to $765 million based on opening approximately 40 new stores and assuming an approximate 2% to 3% increase in comparable sales.
- Net income is expected to be in the range of $44 million to $48 million.
- Diluted income per common share is expected to be in the range of $0.80 to $0.85 on approximately 55.9 million diluted weighted average shares outstanding.
For the full year of Fiscal 2023:
- Net sales are expected to be in the range of $3.50 billion to $3.57 billion based on opening over 200 new stores and assuming an approximate 1% to 3% increase in comparable sales.
- Net income is expected to be in the range of $297 million to $319 million.
- Diluted income per common share is expected to be in the range of $5.31 to $5.71 on approximately 55.9 million diluted weighted average shares outstanding.
- The 53rd week is expected to contribute approximately $40 million in sales and approximately $0.08 in diluted income per common share.
- Gross capital expenditures are expected to be approximately $335 million in fiscal 2023.
For more information, visit www.fivebelow.com.
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