Five Below (F) - Get Report shares gained ground in after-hours trading after the regional retailer's first-quarter estimates were boosted by new store openings and topped analysts' expectations.

The regional retailer reported net income of $25.7 million, or 46 cents per diluted share, on sales of $364.7 million.

Analysts surveyed by FactSet had expected the company to report net income of $19.4 million, or 35 cents a share, on sales of $364.2 million.

The stock rose more than 1% to $124.50 in after-hours trading. That was after the company closed down 2.79% to $123.05.

Five Below opened 39 new stores during the quarter, ending with 789, the company said in a press release announcing the results.

The company forecast net sales for the second quarter of $417 million to $422 million including the opening of approximately 40 new stores. Net income in the period is forecast to be between $26.9 million and $28.6 million. Diluted income is expected to be in the range of 48 cents a share to 51 cents a share.

Analysts sureveyd by FactSet are forecasting net income of $27.5 million on sales of $421.2 million in the period.

The company said the forecast assumes tariffs of 25% on a variety of goods it imports.

Five Below Inc. is a component of the Action Alerts Plus portfolio. Please click here now to find out more about how you can profit from Jim Cramer and the AAP team's investing ideas.