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Five Below, Inc. Announces First Quarter Fiscal 2013 Financial Results

Stocks in this article: FIVE

Reports Sales Increase of 33% to $95.6 Million

Reports GAAP Diluted EPS of $0.03; Adjusted EPS of $0.05

Raises Full Year 2013 Guidance

PHILADELPHIA, June 12, 2013 (GLOBE NEWSWIRE) -- Five Below, Inc. (Nasdaq:FIVE) today announced financial results for the thirteen weeks ended May 4, 2013.

For the thirteen weeks ended May 4, 2013:

  • Net sales increased by 33.1% to $95.6 million from $71.8 million in the first quarter of fiscal 2012; comparable store sales increased by 4.2%.
  • Operating income was $3.2 million as compared to an operating loss of $2.0 million in the first quarter of fiscal 2012. Adjusted operating income, which excludes the impact of the founders' transaction in both periods (see GAAP/Non-GAAP reconciliation table), increased to $4.7 million as compared to $4.3 million in the first quarter of fiscal 2012.
  • The Company opened 14 net new stores and ended the quarter with 258 stores in 18 states, an increase in stores of 30% from the end of the first quarter of fiscal 2012.
  • Net interest expense increased to $511 thousand from net interest income of $37 thousand in the first quarter of fiscal 2012. 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 was repaid subsequent to the completion of the Company's initial public offering ("IPO") on July 24, 2012. In May 2013, subsequent to the thirteen weeks ended May 4, 2013, $15.0 million of principal on the Term Loan Facility was repaid.
  • Net income was $1.6 million compared to a net loss of $1.2 million in the first quarter of fiscal 2012. Adjusted net income, which excludes the impact of the founders' transaction in both periods (see GAAP/Non-GAAP reconciliation table), was $2.5 million compared to $2.6 million for the first quarter of fiscal 2012.
  • U.S. generally accepted accounting principles, or GAAP, diluted income per common share was $0.03 compared to a loss of $0.32 per share in the first quarter of fiscal 2012. 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 $0.05 in both the first quarter of fiscal 2013 and 2012.

Thomas Vellios, Co-Founder, President and CEO, stated: "The first quarter played out largely as we had expected and we are pleased to have delivered results that came in ahead of our original guidance. As we said a few weeks ago, once the headwinds facing consumers abated mid-quarter, we saw a strengthening in our traffic and sales patterns as our trend-right merchandise at extremely compelling prices resonated with our customers."

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