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Five Below, Inc. Announces Fourth Quarter And Fiscal 2012 Financial Results

Stocks in this article: FIVE

Fourth quarter sales increase of 38.0% to $173.6 million Fourth quarter GAAP diluted EPS of $0.35; adjusted EPS of $0.39

PHILADELPHIA, March 27, 2013 (GLOBE NEWSWIRE) -- Five Below, Inc. (Nasdaq:FIVE) today announced financial results for the fourteen weeks and fifty-three weeks ended February 2, 2013.

For the fourteen weeks ended February 2, 2013:

  • Net sales increased by 38.0% to $173.6 million from $125.8 million in the fourth quarter of fiscal 2011; comparable store sales increased by 4.4% on a thirteen week basis.
  • Operating income increased to $33.0 million from $20.1 million in the fourth quarter of fiscal 2011. Adjusted operating income, which excludes the impact of the founders' transaction in both periods and costs associated with the Company's secondary public offering in the fourth quarter of fiscal 2012 (see GAAP/Non-GAAP reconciliation table), increased to $35.6 million from $26.4 million in the fourth quarter of fiscal 2011.
  • The Company opened 1 new store and ended the quarter with 244 stores in 18 states, an increase of 27% from the end of fiscal 2011.
  • Net interest expense (income) increased to $0.5 million from $(24,000) in the fourth 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 $65.5 million has been repaid subsequent to the completion of the Company's initial public offering ("IPO") on July 24, 2012.
  • Net income was $19.2 million compared to $12.4 million in the fourth quarter of fiscal 2011. Adjusted net income, which excludes the impact of the founders' transaction in both periods and costs associated with the secondary public offering in the fourth quarter of 2012 (see GAAP/Non-GAAP reconciliation table), was $21.4 million compared to $16.1 million for the fourth quarter of fiscal 2011.
  • U.S. generally accepted accounting principles, or GAAP, diluted income per common share was $0.35 compared to $0.17 in the fourth quarter of fiscal 2011 and includes GAAP adjustments for income attributable to participating securities in fiscal 2012 and fiscal 2011 and GAAP adjustments for the potential impact of the Company's Series A 8% Convertible Preferred Stock cumulative dividends in fiscal 2011. 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 $0.39 per share compared to $0.31 per share in the fourth quarter of fiscal 2011.

Thomas Vellios, Co-Founder, President and CEO, stated: "We are extremely pleased with our fourth quarter and full-year results which demonstrate that our dynamic, trend-right merchandise offering, differentiated shopping experience and value price-points continue to resonate with both new and existing customers alike. The strong holiday quarter capped a year in which we delivered 41% sales growth and 50% adjusted operating income growth. Our new stores continue to illustrate the universal appeal, consistency and strength of our model with the above-plan performance of our 2012 class driven by openings in new markets like Atlanta, St. Louis and outstate Michigan, as well as existing markets where we are expanding our presence. In addition, our comparable stores delivered a strong 7% sales increase for the year on a 52 week basis. I am extremely proud of the entire Five Below team and their contributions that drove our 2012 performance." 

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