2023-06-01 16:14:41 ET
Five Below ( NASDAQ: FIVE ) moved higher in after-hours trading on Thursday after posting a mixed Q1 earnings report.
Comparable sales were up 2.7% for the quarter to fall short of the consensus estimate of +3.3%.
Operating income was reported at $42.4M vs. $42.3M a year ago.
The retailer ended the quarter with inventory of $534.4M vs. $527.7M at the end of Q1 and $504.2M a year ago.
Five Below ( FIVE ) opened 27 new stores and ended the quarter with 1,367 stores in 43 states (+12% year-over-year).
CEO outlook: "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."
Looking ahead, Five Below ( FIVE ) expects Q2 EPS of $0.80 to $0.85 vs. $0.88 consensus and full-year EPS of $5.31 to $5.71 vs. $5.61c consensus.
Shares of Five Below ( FIVE ) gained 5.33% in after-hours trading to help pare its recent loss. The discounter has traded lower in recent sessions following cautious upgrades from Dollar Tree ( DLTR ) and Dollar General ( DG ).
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Five Below gains after better-than-feared Q1 results