Five Below Posts Q1 Earnings Beat

Five Below Inc FIVE reported a first-quarter earnings beat after Wednesday's closing bell.

Adjusted earnings came in at 35 cents per share, beating estimates by a penny. Sales came in at $364.8 million, beating estimates by $850,000. The company also raised FY2019 earnings guidance.

“We kicked off the year with a solid first quarter," said Joel Anderson, President and CEO. "Both sales and earnings were at the high end of our guidance ranges, and new stores continued to exceed expectations and drive our growth. Of the 39 new stores we opened, 12 were in the top 25 Spring grand openings of all time, which is impressive given how strong the last few years of store classes have been. We also continued to see broad-based strength across our merchandise worlds.”

Highlights

• Net sales increased by 23.1 percent
• 39 new stores opened
• Comps were up 1.3 percent

Five Below's stock closed Wednesday session at $123.05 per share.