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PHILADELPHIA, Jan. 9, 2014 (GLOBE NEWSWIRE) -- Five Below, Inc. (Nasdaq:FIVE) today updated previously communicated fourth quarter of fiscal 2013 net sales and earnings guidance based on quarter-to-date results for the period from November 3, 2013 through January 4, 2014.
The Company announced that net sales for this nine week period increased by 25.4% to $185.3 million while comparable store sales for this period decreased by 0.5%. Based on this quarter-to-date performance, the Company now expects net sales for the fourth quarter of fiscal 2013 to be in the range of $208 million to $210 million, comparable store sales to be in the range of -1.5% to -0.5% and GAAP net income to be in the range of $23.3 million to $24.3 million, with a GAAP diluted income per common share range of $0.43 to $0.45 on approximately 54.0 million estimated weighted average 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 $24.2 million to $25.2 million, or $0.44 to $0.46 per diluted share based on estimated adjusted diluted weighted average shares outstanding of approximately 54.6 million.
Thomas Vellios, Co-Founder and CEO, stated: "We did not meet our sales expectations for the holiday season as adverse weather negatively impacted traffic to our stores, which are heavily concentrated in the Northeast and Midwest regions. This was exacerbated by the shortened holiday season during which we simply did not make up the weather-driven sales shortfall, especially in those key shopping days just prior to Christmas. In addition, we see room for improvement within certain merchandise categories that underperformed against our expectations. While clearly disappointed with our holiday comparable store sales performance, we continue to be pleased with the performance of our new stores, in particular the performance of the new Texas market."