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TheStreet Open House

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

Stock quotes in this article: FIVE

Reports sales increase of 35% to $117.1 million;

Reports GAAP diluted EPS of $0.07; adjusted EPS of $0.11

Raises full year 2013 guidance

PHILADELPHIA, Sept. 9, 2013 (GLOBE NEWSWIRE) -- Five Below, Inc. (Nasdaq:FIVE) today announced financial results for the thirteen weeks ended August 3, 2013.

For the thirteen weeks ended August 3, 2013:

  • Net sales increased by 34.9% to $117.1 million from $86.8 million in the second quarter of fiscal 2012; comparable store sales increased by 6.6%.  
  • Operating income was $7.2 million as compared to $4.7 million in the second quarter of fiscal 2012. Adjusted operating income, which excludes the impact of the founders' transaction in both periods and the fees incurred related to the Company's secondary public offering in the second quarter of fiscal 2013 (see GAAP/Non-GAAP reconciliation table), increased to $9.7 million as compared to $6.2 million in the second quarter of fiscal 2012.  
  • The Company opened 18 new stores and ended the quarter with 276 stores in 19 states. This represents an increase in stores of 22% from the end of the second quarter of fiscal 2012.   
  • Net interest expense was $0.4 million as compared to $1.3 million in the second quarter of fiscal 2012. The decrease in net interest expense resulted from the decrease in the outstanding balance of the Company's term loan since the second quarter of fiscal 2012. The Company entered into a $100.0 million term loan during the second quarter of fiscal 2012, of which $65.3 million was repaid during the second quarter of fiscal 2012 subsequent to the completion of the Company's initial public offering ("IPO") on July 24, 2012. During the second quarter of fiscal 2013, the Company repaid an additional $15.0 million of principal on the term loan.  
  • Loss on debt extinguishment was $0.3 million as compared to $1.6 million in the second quarter of fiscal 2012. During the second quarter of fiscal 2013 and 2012, the loss on debt extinguishment related to the write-off of deferred financing costs in connection with the $15.0 million and $65.3 million partial repayments of the Company's term loan, respectively.  
  • The effective tax rate was 37.7% compared to 40.3% in the second quarter of fiscal 2012.  
  • Net income was $4.1 million compared to $1.2 million in the second quarter of fiscal 2012. Adjusted net income, which excludes the impact of the founders' transaction in both periods and the fees incurred related to the Company's secondary public offering in the second quarter of fiscal 2013 (see GAAP/Non-GAAP reconciliation table), was $6.1 million compared to $2.2 million for the second quarter of fiscal 2012.  
  • U.S. generally accepted accounting principles, or GAAP, diluted income per common share was $0.07 compared to a loss of $3.41 per share in the second 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 $0.11, compared to $0.04 in the second quarter of fiscal 2012.

Thomas Vellios, Co-Founder, President and CEO, stated: "We are extremely pleased with our top and bottom line performance in the second quarter which once again illustrates the strong fundamentals of our business. We saw solid performance across most of our categories reflecting the broad appeal of the Five Below concept, merchandise and value proposition."

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