Five Below Inc (NASDAQ:FIVE) reported second-quarter FY23 sales growth of 13.5% year-on-year to $759 million, beating the analyst consensus of $758.59 million.
Comparable sales increased 2.7% compared to last year.
The gross profit rose by 15.7% Y/Y to $264.5 million with a margin of 34.8%.
The operating margin was 7.7%, and operating income for the quarter rose 4.6% to $58.6 million.
The company held $334.5 million in cash and equivalents as of July 29, 2023.
EPS of $0.84 beat the analyst consensus of $0.83.
The company opened 40 new stores and ended the quarter with 1,407 stores in 43 states, representing a 12.4% Y/Y increase.
Outlook: Five Below sees Q3 sales of $715 million – $730 million versus the consensus of $737.8 million and EPS of $0.17 – $0.25, below the consensus of $0.40.
The company continues to expect FY23 sales of $3.5 billion – $3.57 billion versus the Street view of $3.56 billion. It lowered its FY23 EPS outlook from $5.31 – $5.71 to $5.27 – $5.55, below the consensus of $5.58.
Price Action: FIVE shares traded lower by 5.27% at $173.31 premarket Thursday.
