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PHILADELPHIA, May 14, 2013 (GLOBE NEWSWIRE) -- Five Below, Inc. (Nasdaq:FIVE) today announced sales results for the first quarter of 2013 and raised previously communicated first quarter earnings guidance.
The Company announced that total sales for the first quarter increased 33% to $95.6 million and comparable store sales increased 4.2%.
Thomas Vellios, Co-Founder, President and CEO stated: "Our fiscal first quarter played out much as we had expected. Once the headwinds we saw in the first half of the quarter began to dissipate, we saw our traffic and sales trends strengthen as we believe customers looked to Five Below for unique, trend-right merchandise delivered at great values."
Mr. Vellios added, "We opened 14 net new stores in the first quarter, of which 6 were opened during the last 9 days of the quarter and we are on track for the planned 60 net openings in 2013."
The Company is raising its first quarter fiscal 2013 earnings outlook provided in conjunction with the release of its fourth quarter fiscal 2012 results announced on March 27, 2013:
GAAP net income is expected to be in the range of $0.8 million to $1.3 million, with a GAAP diluted income per common share range of $0.01 to $0.02 per share on approximately 53.4 million estimated diluted weighted average common shares outstanding. Excluding $0.9 million, or $0.02 per adjusted diluted share in tax-effected expenses related to the founders' transaction
(1), adjusted net income is expected to be approximately $1.7 million to $2.2 million, or $0.03 to $0.04 per diluted share based on estimated adjusted diluted weighted average common shares outstanding of approximately 54.5 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.