PHILADELPHIA, PA — Five Below, Inc. (NASDAQ: FIVE) announced its financial results for the third quarter and year-to-date period ending November 2, 2024, highlighting steady growth in store openings and strategic progress. The company also shared news of Winnie Park’s appointment as its new Chief Executive Officer, effective December 16, 2024.
For the third quarter, Five Below reported a net sales increase of 14.6%, reaching $843.7 million compared to $736.4 million in the same period last year. The company achieved a comparable sales growth of 0.6% and opened a record 82 new stores during the quarter, bringing its total store count to 1,749 across 44 states—a year-over-year store growth of 18.1%.
Operating performance included an operating loss of $0.6 million, compared to operating income of $16.1 million in the prior year’s third quarter. Adjusted operating income was higher at $27.6 million. Net income landed at $1.7 million, down from $14.6 million a year earlier, with adjusted net income totaling $23.3 million. Diluted earnings per share were $0.03, with adjusted earnings per share of $0.42.
For the year-to-date period, net sales rose by 11.9% to $2.49 billion. The company opened 205 new stores, a marked increase from last year’s 141 new locations. Operating income stood at $77.1 million, while adjusted operating income reached $102.8 million. Net income totaled $66.2 million, and adjusted net income was $85.5 million. Adjusted diluted earnings per share were $1.55 for the period.
Ken Bull, Interim CEO and current Chief Operating Officer, expressed optimism about the company’s progress. “We are pleased to report third quarter results that exceeded our outlook,” said Bull. “We delivered stronger performance across a broader range of merchandise and opened a record number of stores, all while improving operations. Our teams remain focused on product, value, and the store experience.”
Looking ahead, Five Below expects net sales for the fourth quarter to range between $1.35 billion and $1.38 billion and full-year net sales between $3.84 billion and $3.87 billion. The company forecasts adjusted diluted earnings per share of $3.23 to $3.41 for the fourth quarter and $4.78 to $4.96 for the full fiscal year.
Additionally, the company announced Winnie Park as its new CEO. Ms. Park, who will take the role on December 16, has over 30 years of experience in retail leadership, including previous roles as CEO of Forever 21 and Paper Source. She will work closely with Ken Bull and co-founder Thomas Vellios, who remains Executive Chairman.
“Winnie is a passionate retail visionary with a deep understanding of customers and trends,” noted Vellios. “Her leadership experience and focus on organizational culture make her uniquely suited to drive Five Below’s next phase of growth.”
Under her leadership, Five Below plans to continue its rapid expansion and further enhance its value-focused shopping experience, targeting teens and pre-teens with an array of affordable, on-trend products.
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