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Five Below Updates Fourth Quarter Guidance Based On Quarter-to-Date Results

Expected Q412 net sales of $169 million to $172 million vs. prior guidance of $167 million to $170 million

Expected GAAP EPS of $0.34-$0.36, unchanged vs. prior guidance

Adjusted EPS of $0.36 - $0.38 vs. prior guidance of $0.35 - $0.37

PHILADELPHIA, Jan. 15, 2013 (GLOBE NEWSWIRE) -- Five Below, Inc. (Nasdaq:FIVE) today updated previously communicated fourth quarter sales and earnings guidance based on quarter-to-date results for the period from October 28, 2012 through January 12, 2013.

The Company announced that total sales for this eleven week period increased 34% to $158.5 million while comparable store sales for this period increased 4.2%.

Thomas Vellios, Co-Founder, President and CEO, stated: "Though our sales results for the quarter-to-date time period were impacted by the effects of Hurricane Sandy in the month of November, we saw improved trends in December and January and believe that customers responded favorably to our compelling merchandise offering and value price points during the key holiday selling season."

Mr. Vellios added, "We are pleased with the overall performance of our fiscal 2012 class of stores. Additionally, fiscal 2013, for which we have planned 60 new stores, will be off to an exciting start with our initial entry into the Texas market, including the Dallas and Austin metropolitan areas."

Outlook

The Company is updating its fourth quarter fiscal 2012 outlook provided in conjunction with the release of its third quarter fiscal 2012 results announced on November 29, 2012:

For the fourth quarter of fiscal 2012, net sales are expected to be in the range of $169 million to $172 million based on opening one new store and an expected 4% increase in comparable store sales. This compares to prior guidance for net sales in the range of $167 million to $170 million. GAAP net income is still expected to be in the range of $18 million to $19 million, with a GAAP diluted income per common share range of $0.34 to $0.36 on approximately 53 million estimated diluted weighted average common shares outstanding. GAAP net income and EPS guidance include an estimated $0.9 million in expenses related to the pending secondary public offering announced today and $0.9 million in tax-effected expenses related to the founders' transaction. (1) Excluding the anticipated offering expenses and the expenses related to the founders' transaction, which together represent $0.03 per adjusted diluted share, net income is expected to be approximately $20 million to $21 million, or $0.36 to $0.38 per diluted share based on estimated adjusted diluted weighted average common shares outstanding of approximately 54.4 million. This compares to prior guidance for adjusted net income in the range of $19 million to $20 million, or $0.35 to $0.37 per diluted share based on estimated adjusted diluted weighted average common shares outstanding of approximately 54.4 million.

(1)   Founders' transaction relates to the amortization of expense for options granted to the Company's founders in Fiscal 2010 and their modification in March 2012, which cancelled the Fiscal 2010 option award to purchase 2,020,620 shares of common stock and granted an equal number of restricted shares that vest through March 2014.

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