Five Below Q2 profit doubles as sales increase; opening 38 stores in third quarter

Philadelphia – Five Below Inc.’s profit more than doubled to $8.3 million in the second quarter of fiscal 2014, from $4.1 million in the same period last year. Its results beat expectations. The chain issued a third-quarter earnings estimate slightly below Wall Street views, while increasing its full-year sales and earnings guidance.



Revenue in the quarter increased 30% to $152.5 million. Same-store sales increased by 3.2%.



"We delivered a strong quarter of 30% sales growth and a 37% increase in adjusted net income, stated Thomas Vellios, co-founder and CEO. “As we head into the back half of the year and the important fourth quarter, we believe that we are well positioned from a merchandising, marketing and distribution standpoint. Our merchant and product development teams have done great work and we believe that customers are going to really like what they see at Five Below stores this holiday season."



Five Below plans to open 38 new stores in the third quarter of the fiscal year, and a total of 62 new stores during fiscal 2014.