Five Below reported first-quarter net sales of $1.29 billion on Wednesday, up 32.5% from a year earlier, as comparable sales rose 22.7%. The company also raised its full-year guidance, but Five Below stock fell after the close as executives flagged caution over the consumer outlook.
Against analyst expectations of $1.74 per share, the company delivered adjusted diluted earnings of $2.22 per share, according to Benzinga. Quarterly revenue of $1.29 billion came in ahead of the $1.22 billion consensus, per Benzinga.
Five Below ended the quarter with 1,970 stores across 46 states after opening 49 net new locations during the period, the company said.
Full-year net sales guidance was bumped up to $5.40 billion to $5.48 billion from the prior outlook of $5.2 billion to $5.3 billion, according to Benzinga, while the adjusted diluted earnings per share target moved to $8.65 to $9.05, compared with the earlier range of $7.74 to $8.25.
Despite the strong results and raised guidance, Five Below stock fell more than 6% in after-hours trading, according to Benzinga. Executives signaled that the first quarter's strong performance was partly fueled by higher tax refunds that may not persist.
