Five Below rallies 5% after quarterly beat, above-consensus guidance
Shares of Five Below Inc. rallied more than 5% in the extended session Wednesday after the discount retailer beat Wall Street expectations for its fiscal third quarter and said it continues to be "on the offense" to sell its wares. Five Below earned $16.1 million, or 29 cents a share, in the quarter, compared with $24.2 million, or 43 cents a share, in the year-ago period. Sales rose 6.2% to $645 million, the company said. Same-store sales fell 2.7% compared with the third quarter of fiscal 2021. Analysts polled by FactSet expected Five Below to earn 15 cents a share on sales of $614 million. The company's performance "was driven by ticket and transaction metrics that improved throughout the quarter" as well as "disciplined expense management" and other factors, Chief Executive Joel Anderson said in a statement. "We are continuing to play offense, and the progress we made across product, experience and supply chain will all drive our holiday execution." Five Below guided for full fiscal 2022 revenue between $3.038 billion and $3.063 billion, based on opening about 150 new stores and assuming a 2% to 3% drop in comparable sales, it said. It guided for per-share earnings between $4.55 and $4.71 for the year. The guidance is above FactSet consensus for EPS of $4.41 on sales of $3 billion. Shares of Five Below ended the regular trading day up 2.5%.
-Claudia Assis
(END) Dow Jones Newswires
November 30, 2022 16:38 ET (21:38 GMT)
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