Five Below’s first quarter net sales rose 13.5% to $726.2 million from $639.6 million a year ago. Comp sales also rose 2.7% year over year, according to a company press release. Net income for the tween and teen-focused retailer increased to $37.5 million versus $32.7 million a year ago.
“In our view, Five Below is executing well in a tough retail environment,” analysts at Telsey Advisory Group, led by Joe Feldman, said in a note. “We believe the company has a long runway of growth ahead as it progresses on its Triple-Double strategy, which aims to triple the store base to 3,500+ by 2030 (high-teens in 2023-2025), as well as double its sales and [earnings per share] relative to 2021 by the end of 2025.”
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