Five Below shares are moving lower in extended trading Wednesday on the heels of the company's first-quarter financial results.

Five Below shares are moving lower in extended trading Wednesday on the heels of the company's first-quarter financial results.

"And we think a piece of that pain that they are feeling wasn't felt in the first quarter purely because of tax proceeds."

Five Below stock fell more than 10% early Thursday morning. Other retail stocks like Walmart and Dollar General also fell after earnings.

The discount retailer raised its full-year sales and profit guidance but cautioned that tax refund tailwinds masked underlying consumer stress