NEW YORK (TheStreet) -- Shares of specialty retailer Five Below Inc. (FIVE) are gaining by 7.07% to $37.58 in after-hours trading on Wednesday, following the release of the company's 2015 first quarter earnings results. For the most recent quarter the company showed a year-over-year improvement in earnings and revenue that beat analysts' expectations.
Five Below said its adjusted earnings were 8 cents per share, compared to the 7 cents per share reported for the same period last year. Analysts had forecast for earnings of 7 cents per share for the 2015 first quarter.
Net sales jumped by 22% year-over-year to $153.7 million versus the $151.3 million analysts had predicted.
"We are pleased with our first quarter results. Continued strength in new store performance drove the sales and earnings upside versus our guidance, reinforcing our excitement and confidence in the store growth potential for this brand," Five Below CEO Joel Anderson said in a statement.
"As we look ahead, our number one priority remains store growth. We are on track to open 70 stores and enter six new states in 2015, and we are also making good progress on our planned 85 openings for 2016," Anderson continued.
Five Below is a Philadelphia-based discount retail store chain that sells a variety of products including apparel, accessories, shoes, beauty products, pool floats and toys, electronics, and crafts.
Separately, TheStreet Ratings team rates FIVE BELOW INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation: