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TheStreet Open House

Five Below, Inc. Announces First Quarter Fiscal 2014 Financial Results

Reports sales increase of 32% to $126 million

Reports GAAP diluted EPS of $0.06; adjusted EPS of $0.07

Updates full year fiscal 2014 guidance

PHILADELPHIA, PA, June 4, 2014 (GLOBE NEWSWIRE) -- Five Below, Inc. (Nasdaq:FIVE) today announced financial results for the thirteen weeks ended May 3, 2014.

For the thirteen weeks ended May 3, 2014:

  • Net sales increased by 31.8% to $126.0 million from $95.6 million in the first quarter of fiscal 2013; comparable store sales increased by 6.2%.
  • Operating income increased to $5.3 million from $3.2 million in the first quarter of fiscal 2013. Adjusted operating income, which excludes the impact of the founders' transaction in both periods (see GAAP/Non-GAAP reconciliation table), increased to $6.1 million from $4.7 million in the first quarter of fiscal 2013.
  • The Company opened 19 new stores and ended the quarter with 323 stores in 20 states. This represents an increase in stores of 25% from the end of the first quarter of fiscal 2013.
  • U.S. generally accepted accounting principles, or GAAP, net income was $3.1 million compared to $1.6 million in the first quarter of fiscal 2013. Adjusted net income, which excludes the impact of the founders' transaction in both periods (see GAAP/Non-GAAP reconciliation table), was $3.6 million compared to $2.5 million for the first quarter of fiscal 2013.
  • GAAP diluted income per common share was $0.06 compared to $0.03 in the first quarter of fiscal 2013. 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 $0.07 per share compared to $0.05 per share in the first quarter of fiscal 2013.

Thomas Vellios, Co-Founder and CEO, stated: "We are pleased with our first quarter sales performance as our compelling offering of high-quality, trend-right merchandise drove a solid customer response, particularly in the weeks leading up to Easter. In addition to our comparable store sales increase that came in ahead of our guidance, our new stores continue to demonstrate consistently strong performance across both new and existing markets. This sales performance resulted in the strong increase in earnings per share even as we continue to make the investments in talent, systems, and infrastructure that we believe are so critical to our future success."

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