: Five Below tweaks full-year forecasts, and shares rally


Shares of Five Below Inc. FIVE, -1.84% rose 5.2% after hours on Thursday after the teen-and-tween-focused discount retailer raised the low end of its full-year revenue and profit forecasts, even as management said its customers faced “multiple macro headwinds.” The chain — which sells things like toys, gear and electronics largely priced at $5 or less — said it expected full-year revenue of between $3.5 billion and $3.57 billion, helped by plans to open more than 200 new stores, with same-store sales up 1% to 3% and earnings per share of $5.31 to $5.71. That compares with a prior revenue forecast of $3.49 billion to $3.59 billion, with same-store sales up 1% to 4%, and earnings per share of $5.25 to $5.76. The chain reported first-quarter net income of $37.5 million, or 67 cents a share, compared with $32.7 million, or 59 cents a share, in the same quarter in its fiscal 2022. Revenue rose to $726.2 million, compared with $639.6 million in the prior-year quarter. Same-store sales rose 2.7%. Analysts polled by FactSet expected earnings per share of 63 cents, on revenue of $728 million and a same-store sales gain of 3.1%. Five Below also said it planned to make more than 400 store conversions this year to its Five Beyond format, which sells some items at higher prices.

This article was originally published by Marketwatch.com. Read the original article here.

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