Five Below says its same-store sales rose 4.1% during the holiday season, prompting the company to boost its guidance for the fourth quarter.
The company announced that net sales for the nine-week period ended Jan. 2 increased by 24% to $286.1 million from $230.7 million in the comparable nine-week period of fiscal 2014, while same-store sales for this period increased by 4.1% over the comparable period in fiscal 2014.
“We are very pleased with our strong performance across both new and existing stores during the all-important holiday season, which illustrates the broad appeal and value proposition of Five Below," saidJoel Anderson, CEO. "Our merchandising initiatives resulted in a fresh and compelling assortment to which customers responded favorably. In addition, our exciting and more cohesive marketing campaigns improved brand awareness and helped Five Below stay top of mind for customers during the holiday season.”
Five Below joins a number of companies in reporting sales for the holiday period. While Five Below had some growth, Macy's and Gap reported weak results.
Anderson added: “Given our holiday performance, we are raising our net sales outlook for the fourth quarter to a range of $323 million to $326 million and are narrowing our earnings per share guidance range to 75 cents to 76 cents. We look forward to discussing our fiscal 2015 results in more detail, along with our outlook for fiscal 2016, on our fourth quarter earnings call in March.”