The company has opened 102 stores during the first half of the year, a record number for the fast-growing tween and teen value retailer.
The company opened 34 stores during its second quarter, bringing its total store count to 1,121 locations in 39 states.
“We now are on track to open 170 to 175 new stores this year and end fiscal 2021 with nearly 1,200 stores, leaving us a long runway ahead to reach the 2,500-plus total store potential we believe exists in the US,” Joel Anderson, Five Below CEO, told analysts on the company’s earnings call. The retailer also expects to complete about 30 remodels in its current fiscal year, he added.
Five Below reported that its net earnings totalled $64.8M, or $1.15 a share, for the quarter ended 31 July, up from $0.53 a share in the year-ago period. Analysts had forecast earnings of $1.11 a share. Net sales increased 51.7 per cent to $646.6M last year, missing analysts’ estimates of $658M. Same-store sales rose 39.2 per cent compared to the year-ago quarter and 21 per cent compared to the second quarter of 2019.
