Five Below opening 70 stores in 2015

Philadelphia -- Five Below Inc. on Wednesday reported better-than-expected fiscal fourth-quarter net income of $33.3 million. It also confirmed plans to open 70 stores in 2015, up from 62 in 2014.



Net sales in the quarter, ended Jan. 31, increased by 24.4% to $263.8 million from $212.0 million the year-ago period. Same-store sales increased by 3.2%. The results exceeded Wall Street expectations.



For the year, the company reported profit of $48 million. Revenue was reported as $680.2 million.



“For the full year, we grew our store base by 20% and delivered a same store sales increase of 3.4%, resulting in a full year sales increase of 27% and an adjusted EPS increase of 31%,” said CEO Joel Anderson. “We continue to see strong productivity out of our new stores as our brand, our merchandise offering and our price points continue to resonate with customers in both new and existing markets alike."



For the current quarter ending in April, Five Below said it expects revenue in the range of $150 million to $152 million, less than expected.