"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 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

Demand for viral ‘squishy’ products also helped the discount retailer’s strong first quarter