Why Five Below Stock Gained After-Hours

Five Below, Inc. FIVE are trading higher in Wednesday's after-hours session on the heels of the company's third-quarter earnings. Here's a look at some of the details.

What To Know: Five Below reported quarterly earnings of 26 cents per share which surpassed the analyst consensus estimate of 23 cents, a 10.34% decrease over earnings of 29 cents per share from the same period last year.

The company reported quarterly sales of $736.40 million, exceeding the analyst expectations of $725.38 million. The figure represents a 14.16% increase over sales of $645.03 million the same period last year.

Net sales rose 14.2% year-over-year, from $645.0 million to $736.4 million, and comparable sales grew by 2.5%, compared to same quarter in 2022. Also, the company opened 74 new stores during the quarter.

Five Below estimates fourth-quarter net sales to be between $1.32 billion and $1.35 billion. The company also sees full-year net sales between $3.54 billion and $3.57 billion.

Joel Anderson, President and CEO, said, "We are very pleased with our results and operational execution in the third quarter. We exceeded our guidance for sales, comparable sales and EPS, as our value offering resonated with customers and we effectively capitalized on multiple trends."

"We opened a record 74 new stores in the third quarter and are on track to open over 200 new stores for the year. We have also successfully converted over 400 stores to our new Five Beyond format, ending the third quarter with approximately 50% of our comparable store base in this format."

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FIVE Price Action: Shares of FIVE were up 1.56% at $191.00 in the after-hours session at the time of publication, according to Benzinga Pro. 

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