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Glenn Wilkin - Thursday, March 21, 2024
Five Below Dives on Quarterly, Yearly Financials
Five Below, Inc. (NASDAQ: FIVE) today announced financial results for the fourth quarter of fiscal 2023 ended February 3, 2024.
Net sales increased by 19.1% to $1.34 billion from $1.12 billion in the fourth quarter of fiscal 2022. Excluding the impact of the 53rd week in fiscal 2023, net sales increased 14.9%; comparable sales increased by 3.1% on a 13-week basis.
Net sales in the 53rd week were $48.1 million and represented approximately $0.15 cents in diluted earnings per share. The Company opened 63 net new stores and ended the quarter with 1,544 stores in 43 states. This represents an increase in stores of 15.2% from the end of the fourth quarter of fiscal 2022.
Operating income was $268.4 million compared to $225.8 million in the fourth quarter of fiscal 2022.
CEO Joel Anderson stated, "Holiday 2023 marked a strong end to the year for sales performance as our amazing assortment of Wow product drove yet another quarter of comp transaction growth, led by the Five Beyond format stores. In fiscal 2023, we opened a record 205 new stores and ended the year with over half of our comparable stores in the Five Beyond format. The benefit of strong sales performance to our profitability was offset by higher than anticipated shrink headwinds, resulting in earnings at the low end of our guidance range."
The Philadelphia-based FIVE was below Wednesday's closing price by $24.19, or 11.6%, to $184.78.
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