The retailer reported a better-than-expected third quarter during which it continued to expand its footprint as it entered two new states.
The tween and teen extreme-value retailer opened 40 new stores across 20 states in the quarter, finishing with 102 new stores opened year to date. In addition to entering new markets, Five Below opened its third Manhattan location in Times Square.
Five Below has one of the most aggressive expansion programs in specialty retail. In March, the company said it was increasing its store potential in the US from 2,500-plus to 3,500-plus locations. In contrast to many other retailers, Five Below did not see its sales soften as the third quarter wound down.
“We had a better-than-expected third quarter and are off to a good start for the fourth quarter,” CEO Joel Anderson said on the company’s earnings call. “It remains a dynamic economic environment. However, Five Below is a resilient retailer.”