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Five Below, Inc. Announces Second Quarter Fiscal 2012 Financial Results

Stocks in this article: FIVE

  • Net sales increase of 40%; comparable store sales increase of 8.6%
  • GAAP operating income increase of 28%; adjusted operating income increase of 61%

PHILADELPHIA, Sept. 10, 2012 (GLOBE NEWSWIRE) -- Five Below, Inc. (Nasdaq:FIVE) today announced financial results for the thirteen weeks and twenty-six weeks ended July 28, 2012.

For the thirteen weeks ended July 28, 2012:

  • Net sales increased by 40% to $86.8 million from $62.0 million in the second quarter of fiscal 2011; comparable store sales increased by 8.6%.  
  • Operating income increased to $4.7 million from $3.7 million in the second quarter of fiscal 2011. Adjusted for the impact of the founders' transaction in both periods (see GAAP/Non-GAAP reconciliation table), operating income increased 61% to $6.2 million from $3.9 million in the second quarter of fiscal 2011.  
  • The Company opened 27 new stores and ended the quarter with 226 stores in 18 states, an increase of 35% from the end of the second quarter of fiscal 2011.   
  • Net interest expense increased to $1.3 million from $5,000 in the second quarter of fiscal 2011. The increase in net interest expense resulted from a $100 million term loan entered into in the second quarter of fiscal 2012, of which $65.3 million was repaid subsequent to the completion of the Company's initial public offering ("IPO") on July 24, 2012.    
  • Loss on debt extinguishment was $1.6 million for the second quarter of fiscal 2012 and was the result of a write-off of deferred financing costs in connection with the partial repayment of the Company's term loan.  
  • Net income was $1.2 million compared to $2.2 million in the second quarter of fiscal 2011. Adjusted net income, which excludes the impact of the founders' transaction in both periods (see GAAP/Non-GAAP reconciliation table), was $2.2 million compared to $2.3 million for the second quarter of fiscal 2011.  
  • U.S. generally accepted accounting principles, or GAAP, diluted loss per common share was $(3.41) compared to $(0.10) in the second quarter of fiscal 2011 and includes dividends paid to preferred and unvested restricted shareholders and GAAP adjustments for the potential impact of the Company's Series A 8% Convertible Preferred Stock cumulative dividends. Adjusted diluted income per common share, which is adjusted net income on an adjusted diluted weighted average common shares outstanding basis (see GAAP/Non-GAAP reconciliation table), was $0.04 compared to $0.04 in the second quarter of fiscal 2011.

Thomas Vellios, Co-Founder, President and CEO, stated: "We are pleased to have delivered net sales, comparable store sales, and operating income growth for the second quarter that reflects the strength of our dynamic business model. Our unique concept that delivers trend-right merchandise to our core teen and pre-teen customer in an engaging store environment and at the $1 to $5 value price points resonates with our customers and continues to drive our success. With a current base of 226 stores, we believe we have a considerable runway for store growth ahead of us and we are focused on delivering against that opportunity while maintaining our profitability and return goals."

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