Five Below Announced Robust Q4 Financial Results

On Wednesday, Five Below reported its fourth-quarter financial results for the fiscal year 2022, which ended January 28, 2023. Its stock price increased by 0.17% to $198.17 per share on March 15. However, it is anticipated to lower by -2.66% to $192.89 apiece in the upcoming session.

The company’s earnings per share went up to $3.07, narrowly beating the analysts’ $3.06 forecast. It is better than the previous $0.29 data. Likewise, the revenue of Five Below improved to $1.12 billion, topping the $1.11 billion estimates. As a result, it is higher than the prior $607.60 million figures.

Its operating income reached $225.80 million, versus the $187.60 million in the fourth quarter of the fiscal year 2021. Moreover, the effective tax rate hit 24.80%, bigger in number compared to the 25.10% previously. In addition, the net income of Five Below accelerated to $171.30 million, better than the past $140.20 reading.

According to the President and CEO of Five Below, Joel Anderson, they delivered quarter results that show relevancy, resiliency, and flexibility. Their Save the Holidays marketing campaign was effective while consumers faced inflation. Also, he added that they are planning to open 200 new stores, convert 400 stores into the new Five Below style, and enhance marketing. The firm started the year with a fantastic inventory and debt-free balance sheet.

Kenneth Bull of Five Below Appointed as New COO

CFO and Treasurer Kenneth Bull of Five Below has been promoted to Chief Operating Officer. His position focuses on achieving the company’s Triple Double growth goals. Bull will retain the CFO title as the retailer looks for a replacement.

Its growth plan was set to triple the count of stores to more than 3,500 locations by the end of FY 2023. Also, it was made to double sales and grow operating margins by 14.00% at the end of fiscal 2025.

Furthermore, Bull worked with Five Below for 17 years, holding his CFO and Treasurer positions since 2012. He contributed to maintaining discipline and supervised the shift into a publicly traded company.