Five Below today has more than 1,500 stores in 43 states
Five Below (FB) is opening soon in a 9,000-square-foot space in McMinnville’s Northgate Shopping Center. The location once housed the Outdoor Shop and Nationwide. The opening comes on the heels of a recent expansion to the Upper Cumberland with a Sparta store at the West Towne Plaza Shopping Center.
“We believe life is better when customers are free to “let go & have fun” in an amazing experience filled with unlimited possibilities,” said Five Below in a release. “With most items priced between $1 and $5 and some extreme value items priced beyond $5 in our incredible Five Beyond shop, Five Below makes it easy to say yes.”
FB today has more than 1,500 stores in 43 states.
“It has been a busy three months at Five Below. We are executing our key strategies around product, value, and store experience, and doing so with a sharpened focus on our core customer – the kid and the kid in all of us. We have a unique opportunity to deliver amazing value across a curated assortment featuring consistent newness with simplified pricing. Our focus on affordability and value is not just a strategy; it’s a promise to our customers that Five Below is a place where they can find joy and excitement at WOW prices. This is the true magic of Five Below,” said Winnie Park, CEO.
As the company aggressively expands, FB has announced its financial results for its fourth quarter and full-year fiscal results that ended Feb. 2, 2024.
Highlights included:
- Net sales increased by 4% to $1.39 billion from $1.34 billion in the fourth quarter of fiscal 2023 or an increase of 7.8% when excluding the impact of the 53rd week in fiscal 2023; comparable sales decreased by 3%.
- The Company opened 22 net new stores and ended the quarter with 1,771 stores in 44 states. This represents an increase in stores of 14.7% from the end of the fourth quarter of fiscal 2023.
- Operating income was $246.8 million compared to $268.4 million in the fourth quarter of fiscal 2023. Adjusted operating income was $253.3 million or a decrease of 1.5% when excluding the impact of the 53rd week in fiscal 2023.
- The effective tax rate was 25.2% compared to 25.8% in the fourth quarter of fiscal 2023.
- Net income was $187.5 million compared to $202.2 million in the fourth quarter of fiscal 2023. Adjusted net income(1) was $192.4 million or a decrease of 0.7% when excluding the impact of the 53rd week in fiscal 2023.
- Diluted income per common share was $3.39 compared to $3.65 in the fourth quarter of fiscal 2023. Adjusted diluted income per common share(1) was $3.48 or a decrease of 0.6% when excluding the impact of the 53rd week in fiscal 2023.
According to the company, it expects net sales to be “in the range of $905 million to $925 million based on opening approximately 50 new stores and assuming an approximate flat to 2% increase in comparable sales.”
For more information visit www.fivebelow.com or find FB on Instagram, TikTok, X and Facebook @FiveBelow. This is an ongoing story. Check back for details.
Photo courtesy of Five Below.
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