Specialty retailer Five Below had a strong first quarter, beating Wall Street projections for earnings and same-store sales over last year. Their net income for the first quarter of 2016 was $6.8 million, up an impressive 58% from the same time period last year. Net sales rose 25% from $153.7 million to $192.7 million.
We are very pleased with our first quarter results that once again demonstrate the universal appeal of Five Below and the disciplined execution of our key initiatives,” said Joel Anderson, CEO. “Our top-line outperformance was driven by continued strength at both our new and existing stores.”
Five Below opened 21 new stores in the first quarter of 2016 giving them 458 stores in 28 states. They expect to open a total of 85 new stores this year, including 28 in the second quarter.
Net sales and net income are expected to continue to grow in the second quarter, with projected net sales in the $216 to $219 range and net income expected to reach between $8.5 and $9.2 million.
Source: Chain Store Age
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