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

Reports sales increase of 28% to $110.7 million;

Reports GAAP diluted EPS of $0.03; adjusted EPS of $0.05

Raises full year 2013 guidance

PHILADELPHIA, Dec. 5, 2013 (GLOBE NEWSWIRE) -- Five Below, Inc. (Nasdaq:FIVE) today announced financial results for the thirteen weeks ended November 2, 2013.

For the thirteen weeks ended November 2, 2013:

  • Net sales increased by 27.9% to $110.7 million from $86.6 million in the third quarter of fiscal 2012; comparable store sales increased by 9.0%.  
  • Operating income was $3.0 million as compared to $1.8 million in the third 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 $4.5 million as compared to $3.4 million in the third quarter of fiscal 2012.  
  • The Company opened 28 net new stores and ended the quarter with 304 stores in 19 states. This represents an increase in stores of 25% from the end of the third quarter of fiscal 2012.  
  • Net interest expense was $0.3 million as compared to $0.6 million in the third quarter of fiscal 2012. The decrease in net interest expense resulted from the decrease in the outstanding balance of the Company's term loan. During the second quarter of fiscal 2013, the Company repaid $15.0 million of principal on the term loan.  
  • The effective tax rate was 37.9% compared to 43.2% in the third quarter of fiscal 2012.  
  • Net income was $1.7 million compared to $0.7 million in the third 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 $2.6 million compared to $1.6 million for the third quarter of fiscal 2012.  
  • U.S. generally accepted accounting principles, or GAAP, diluted income per common share was $0.03 compared to $0.01 per share in the third 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, compared to $0.03 in the third quarter of fiscal 2012. 

Thomas Vellios, Co-Founder and CEO, stated: "We are pleased to have delivered another solid quarter, with a 28% increase in sales and a 35% increase in adjusted operating income. Our results once again demonstrate the appeal of the Five Below value proposition; trend-right product that targets our core teen and pre-teen customer at the $1 to $5 price points."

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