Why Five Below (FIVE) Shares Are Gaining Today - Five Below (NASDAQ:FIVE)

Five Below Inc FIVE reported a Q1 2023 revenue growth of 13.5% Y/Y to $726.2 million, missing the consensus of $728.0 million. Comparable sales rose 2.7% Y/Y in the quarter.
Operating income stood at $42.4 million versus $42.3 million a year ago.
EPS grew 13.6% Y/Y to $0.67, beating the consensus of $0.63.
Cash and equivalents stood at ~$423 million. The company opened 27 new stores and ended the quarter with 1,367 stores in 43 states.
Outlook: For Q2, the company expects net sales of $755 million-$765 million (versus the consensus of $767.49 million) and EPS of $0.80-$0.85 (consensus: $0.87).
FIVE expects an increase in comparable sales of 2% to 3% and expects to open around 40 new stores.
For 2023, the company revised net sales forecast to $3.50 billion-$3.57 billion (from $3.49 billion-$3.59 billion earlier vs. consensus: $3.57 billion) and EPS to $5.31-$5.71 (vs. $5.25- $5.76 previously and consensus: $5.60).
FIVE projects a 1% to 3% increase in comparable sales in 2023.
"Looking to the rest of the year, we remain focused on playing offense to drive increased market share. We now plan to open a record 200-plus new stores and complete over 400 conversions to the new Five Beyond prototype in 2023 while building a strong pipeline of new stores for 2024. With the headwinds of the pandemic moderating, combined with our continued experience and efficiency-based initiatives, we believe we are well-positioned to continue our high growth," said Joel Anderson, President and CEO.
Also Read: Five Below's Consumables Strength: A Silver Lining In Tight Consumer Spending Scenario
Price Action: FIVE shares are trading higher by 5.03% at $177.87 on the last check Friday.

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