Five Below is ‘solid’ in the second quarter
PHILADELPHIA — Five Below saw solid performance across most of its categories, resulting in a comparable store sales increase of 6.6% for the second quarter ended Aug. 3 and net sales of $117.1 million, a 34.9% jump from $86.8 million in the prior-year quarter.
The company opened 18 new stores and ended the quarter with 276 stores in 19 states. This represents an increase in stores of 22% from the end of the second quarter of fiscal 2012.
Operating income was $7.2 million as compared to $4.7 million in the prior-year quarter, while net income was $4.1 million compared to $1.2 million in the prior-year quarter.
"We are extremely pleased with our top and bottom line performance in the second quarter which once again illustrates the strong fundamentals of our business,” said Thomas Vellios, co-founder, president and CEO. “We saw solid performance across most of our categories reflecting the broad appeal of the Five Below concept, merchandise and value proposition."
Through the end of the second quarter, Five Below has opened 32 of its 60 planned net new stores for 2013. The company has recently entered into Texas with four stores, which opened in Austin during the last weekend of the second quarter, and is preparing to open 11 stores in Dallas Sept. 12, representing the largest grand-opening in its history.