The company delivered second-quarter results in line with its guidance on the top and bottom line and, similar to many other retailers, warned of shrink increases.
The tween and teen discounter remains committed to opening a record number of stores in 2023. It opened 40 stores across 24 states during the quarter, for a total of 1,407 stores in 43 states. Five Below is on track to open more than 200 new stores and convert 400 existing locations to its new Five Beyond format (includes a selection of items beyond the chain’s $5 price threshold) this year.
“We continue to see great opportunities in the marketplace … and our real estate teams have a strong pipeline of new stores for 2024,” President and CEO Joel Anderson said during the company’s earnings call. “We will open over 130 stores in the next four months and our first-half 2024 openings will get much closer to our historical 50-50 opening cadence.”
