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TheStreet Open House

Five Below, Inc. Announces Fourth Quarter And Fiscal 2013 Financial Results

Fourth quarter sales increase of 22.1% to $212.0 million

Fourth quarter GAAP diluted EPS of $0.45; adjusted EPS of $0.47

PHILADELPHIA, March 25, 2014 (GLOBE NEWSWIRE) -- Five Below, Inc. (Nasdaq:FIVE) today announced financial results for the thirteen weeks and fifty-two weeks ended February 1, 2014.

For the thirteen weeks ended February 1, 2014:

  • Net sales increased by 22.1% to $212.0 million from $173.6 million in the fourth quarter of fiscal 2012, which consisted of fourteen weeks; comparable store sales increased by 0.3% on a thirteen week basis.
  • Operating income increased to $40.3 million from $33.0 million in the fourth quarter of fiscal 2012. Adjusted operating income, which excludes the impact of the founders' transaction in both periods and costs associated with the Company's secondary public offering in the fourth quarter of fiscal 2012 (see GAAP/Non-GAAP reconciliation table), increased to $41.9 million from $35.6 million in the fourth quarter of fiscal 2012.
  • The Company ended the quarter with 304 stores in 19 states, an increase of 25% from the end of the fourth quarter of fiscal 2012.
  • Net interest expense decreased to $0.3 million from $0.5 million in the fourth 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.
  • Net income was $24.8 million compared to $19.2 million in the fourth quarter of fiscal 2012. Adjusted net income, which excludes the impact of the founders' transaction in both periods and costs associated with the secondary public offering in the fourth quarter of 2012 (see GAAP/Non-GAAP reconciliation table), was $25.8 million compared to $21.4 million for the fourth quarter of fiscal 2012.
  • U.S. generally accepted accounting principles, or GAAP, diluted income per common share was $0.45 compared to $0.35 in the fourth quarter of fiscal 2012. Adjusted diluted income per common share, which is adjusted net income on an adjusted diluted weighted average shares outstanding basis (see GAAP/Non-GAAP reconciliation table), was $0.47 per share compared to $0.39 per share in the fourth quarter of fiscal 2012.

Thomas Vellios, Co-Founder, and CEO, stated: "Despite the adverse weather impact during the most important shopping weeks of the year, we are pleased to have ended the fourth quarter with improving trends. Our first quarter of fiscal 2014 is underway and our stores are set for spring. We believe we are well positioned to continue to deliver excitement to our customers with the high quality, trend-right product and the exceptional values they expect from us."

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