Five Below’s Q3 sales up 27.9%

Philadelphia -- Five Below reported that its net sales increased by 27.9% to $110.7 million, from $86.6 million in the third quarter of fiscal 2012. Same-store sales rose 9.0%.



Net income was $1.7 million compared to $0.7 million in the third quarter of fiscal 2012.



Thomas Vellios, co-founder and CEO, stated: "We are pleased to have delivered another solid quarter, with a 28% increase in sales and a 35% increase in adjusted operating income. Our results once again demonstrate the appeal of the Five Below value proposition; trend-right product that targets our core teen and pre-teen customer at the $1 to $5 price points."



The company opened 28 net new stores and ended the quarter with 304 stores in 19 states. This represents an increase in stores of 25% from the end of the third quarter of fiscal 2012.



"Our team successfully completed the new store program for 2013 with the opening of 60 net new stores, bringing our total store count to 304,” Vellios added.