Shares of Five Below (NASDAQ:FIVE) soared more than 14% following its strong third-quarter results, an upward revision of its full-year outlook, and the announcement of a new CEO.
For the third quarter, the discount retailer reported adjusted earnings per share of $0.42, significantly exceeding analyst expectations of $0.17. Revenue climbed 14.6% year-over-year to $843.7 million, outperforming the Street consensus estimate of $796 million. Comparable sales saw a modest increase of 0.6% during the quarter.
The company raised its fiscal 2024 guidance, projecting adjusted EPS in the range of $4.78 to $4.96 on revenue between $3.84 billion and $3.87 billion. These figures are above Wall Street’s expectations of $4.61 EPS and $3.8 billion in revenue.
For the fourth quarter, Five Below anticipates revenue between $1.35 billion and $1.38 billion, with adjusted EPS ranging from $3.23 to $3.41, assuming a 3-5% decline in comparable sales.
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