Five Below, Inc. Announces Fourth Quarter and Fiscal 2024 Financial Results
Five Below (NASDAQ: FIVE) reported its Q4 and fiscal 2024 financial results, with Q4 net sales increasing 7.8% (excluding 53rd week impact) to $1.39 billion, despite a 3.0% decrease in comparable sales. The company opened 22 net new stores in Q4, ending with 1,771 stores across 44 states.
Q4 adjusted diluted EPS was $3.48, while fiscal 2024 adjusted EPS reached $5.04. For the full fiscal year 2024, net sales grew 10.4% (excluding 53rd week) to $3.88 billion, with a 2.7% decrease in comparable sales. The company opened 227 net new stores during the year and repurchased approximately 267,000 shares for $40.0 million.
Looking ahead to fiscal 2025, Five Below expects Q1 net sales between $905-925 million with flat to 2% comparable sales growth and plans to open approximately 50 new stores. Full-year fiscal 2025 guidance projects net sales of $4.21-4.33 billion, with plans to open approximately 150 new stores.
Five Below (NASDAQ: FIVE) ha riportato i risultati finanziari del quarto trimestre e dell'anno fiscale 2024, con un aumento delle vendite nette del 7,8% (escludendo l'impatto della 53ª settimana) a 1,39 miliardi di dollari, nonostante una diminuzione del 3,0% nelle vendite comparabili. L'azienda ha aperto 22 nuovi negozi netti nel quarto trimestre, chiudendo con 1.771 negozi in 44 stati.
L'EPS diluito rettificato del quarto trimestre è stato di 3,48 dollari, mentre l'EPS rettificato per l'anno fiscale 2024 ha raggiunto i 5,04 dollari. Per l'intero anno fiscale 2024, le vendite nette sono cresciute del 10,4% (escludendo la 53ª settimana) a 3,88 miliardi di dollari, con una diminuzione del 2,7% nelle vendite comparabili. L'azienda ha aperto 227 nuovi negozi netti durante l'anno e ha riacquistato circa 267.000 azioni per 40,0 milioni di dollari.
Guardando avanti all'anno fiscale 2025, Five Below prevede vendite nette nel primo trimestre tra 905 e 925 milioni di dollari, con una crescita delle vendite comparabili piatta fino al 2% e pianifica di aprire circa 50 nuovi negozi. Le previsioni per l'intero anno fiscale 2025 stimano vendite nette tra 4,21 e 4,33 miliardi di dollari, con piani per aprire circa 150 nuovi negozi.
Five Below (NASDAQ: FIVE) informó sus resultados financieros del cuarto trimestre y del año fiscal 2024, con un aumento del 7.8% en las ventas netas (excluyendo el impacto de la 53ª semana) a 1.39 mil millones de dólares, a pesar de una disminución del 3.0% en las ventas comparables. La compañía abrió 22 nuevas tiendas netas en el cuarto trimestre, terminando con 1,771 tiendas en 44 estados.
El EPS diluido ajustado del cuarto trimestre fue de 3.48 dólares, mientras que el EPS ajustado para el año fiscal 2024 alcanzó los 5.04 dólares. Para todo el año fiscal 2024, las ventas netas crecieron un 10.4% (excluyendo la 53ª semana) a 3.88 mil millones de dólares, con una disminución del 2.7% en las ventas comparables. La compañía abrió 227 nuevas tiendas netas durante el año y recompró aproximadamente 267,000 acciones por 40.0 millones de dólares.
De cara al año fiscal 2025, Five Below espera que las ventas netas del primer trimestre se sitúen entre 905 y 925 millones de dólares, con un crecimiento de ventas comparables plano hasta el 2% y planea abrir aproximadamente 50 nuevas tiendas. Las proyecciones para todo el año fiscal 2025 estiman ventas netas entre 4.21 y 4.33 mil millones de dólares, con planes para abrir aproximadamente 150 nuevas tiendas.
파이브 블로우 (NASDAQ: FIVE)는 4분기 및 2024 회계연도 재무 결과를 발표했으며, 4분기 순매출이 53주차 영향을 제외하고 7.8% 증가하여 13억 9천만 달러에 달했습니다. 이는 비교 가능한 매출이 3.0% 감소한 것에도 불구하고 이루어진 성과입니다. 이 회사는 4분기에 순 신규 매장 22개를 열어 44개 주에 걸쳐 총 1,771개의 매장을 운영하고 있습니다.
4분기 조정 희석 EPS는 3.48달러였고, 2024 회계연도 조정 EPS는 5.04달러에 도달했습니다. 2024 회계연도 전체에서 순매출은 53주차를 제외하고 10.4% 증가하여 38억 8천만 달러에 도달했으며, 비교 가능한 매출은 2.7% 감소했습니다. 이 회사는 연간 227개의 순 신규 매장을 열었고, 약 267,000주를 4천만 달러에 재매입했습니다.
2025 회계연도를 바라보며, 파이브 블로우는 1분기 순매출이 9억 5천만 달러에서 9억 2천5백만 달러 사이가 될 것으로 예상하며, 비교 가능한 매출은 평탄하거나 2% 증가할 것으로 보입니다. 또한 약 50개의 신규 매장을 열 계획입니다. 2025 회계연도 전체에 대한 가이던스는 순매출이 42억 1천만 달러에서 43억 3천만 달러 사이가 될 것으로 예상하며, 약 150개의 신규 매장을 열 계획입니다.
Five Below (NASDAQ: FIVE) a annoncé ses résultats financiers du quatrième trimestre et de l'exercice 2024, avec des ventes nettes du quatrième trimestre augmentant de 7,8 % (hors impact de la 53e semaine) pour atteindre 1,39 milliard de dollars, malgré une baisse de 3,0 % des ventes comparables. L'entreprise a ouvert 22 nouveaux magasins nets au quatrième trimestre, portant le total à 1 771 magasins dans 44 États.
Le BPA dilué ajusté du quatrième trimestre était de 3,48 dollars, tandis que le BPA ajusté pour l'exercice 2024 a atteint 5,04 dollars. Pour l'ensemble de l'exercice 2024, les ventes nettes ont augmenté de 10,4 % (hors 53e semaine) pour atteindre 3,88 milliards de dollars, avec une diminution de 2,7 % des ventes comparables. L'entreprise a ouvert 227 nouveaux magasins nets au cours de l'année et a racheté environ 267 000 actions pour 40,0 millions de dollars.
En regardant vers l'exercice 2025, Five Below s'attend à ce que les ventes nettes du premier trimestre se situent entre 905 et 925 millions de dollars, avec une croissance des ventes comparables stable à 2 % et prévoit d'ouvrir environ 50 nouveaux magasins. Les prévisions pour l'ensemble de l'exercice 2025 projettent des ventes nettes entre 4,21 et 4,33 milliards de dollars, avec des projets d'ouverture d'environ 150 nouveaux magasins.
Five Below (NASDAQ: FIVE) hat seine finanziellen Ergebnisse für das 4. Quartal und das Geschäftsjahr 2024 bekannt gegeben, wobei die Nettoumsätze im 4. Quartal um 7,8 % (ohne Berücksichtigung der 53. Woche) auf 1,39 Milliarden USD gestiegen sind, trotz eines Rückgangs von 3,0 % bei den vergleichbaren Umsätzen. Das Unternehmen eröffnete im 4. Quartal 22 netto neue Filialen und schloss mit insgesamt 1.771 Filialen in 44 Bundesstaaten.
Der bereinigte verwässerte EPS für das 4. Quartal betrug 3,48 USD, während der bereinigte EPS für das Geschäftsjahr 2024 5,04 USD erreichte. Im gesamten Geschäftsjahr 2024 wuchsen die Nettoumsätze um 10,4 % (ohne Berücksichtigung der 53. Woche) auf 3,88 Milliarden USD, wobei die vergleichbaren Umsätze um 2,7 % zurückgingen. Das Unternehmen eröffnete im Laufe des Jahres 227 netto neue Filialen und kaufte etwa 267.000 Aktien für 40,0 Millionen USD zurück.
Für das Geschäftsjahr 2025 erwartet Five Below Nettoumsätze im ersten Quartal zwischen 905 und 925 Millionen USD mit stabilen bis 2 % Wachstum bei den vergleichbaren Umsätzen und plant, etwa 50 neue Filialen zu eröffnen. Die Prognose für das gesamte Geschäftsjahr 2025 sieht Nettoumsätze zwischen 4,21 und 4,33 Milliarden USD vor, mit Plänen zur Eröffnung von etwa 150 neuen Filialen.
- 14.7% year-over-year store count growth to 1,771 locations
- Q4 net sales growth of 7.8% (excluding 53rd week)
- Fiscal 2024 net sales growth of 10.4% (excluding 53rd week)
- Aggressive store expansion with 227 net new stores opened in fiscal 2024
- Q4 comparable sales decreased 3.0%
- Fiscal 2024 comparable sales decreased 2.7%
- Q4 adjusted operating income decreased 1.5%
- Fiscal 2024 adjusted net income decreased 5.1%
- Fiscal 2024 adjusted diluted EPS decreased 4.2%
Insights
Five Below's Q4 and fiscal 2024 results present a mixed financial picture with concerning underlying metrics despite headline growth. While the company reported a 7.8% increase in Q4 net sales (excluding the 53rd week impact) and 10.4% annual sales growth to
The retailer's profitability metrics show deterioration, with Q4 operating income falling to
Store expansion remains robust with 227 net new stores opened in FY2024, representing
The FY2025 guidance indicates potential stabilization with projected flat to
Five Below's results reflect the challenging discount retail environment where expansion-driven sales growth masks declining store-level performance. The
The retailer's slowing expansion plans (150 new stores projected in 2025 vs. 227 in 2024) suggest a strategic pivot to address operational inefficiencies before continuing aggressive growth. This more measured approach appears necessary given the
New CEO Winnie Park's focus on "affordability and value" with "simplified pricing" signals a potential merchandising overhaul to address shifting consumer preferences in the value segment. The emphasis on the "core customer – the kid and the kid in all of us" indicates a possible return to fundamentals after potentially diluting the brand with higher-priced merchandise.
Q1 2025 guidance projecting flat to
Net Sales Increase of
GAAP Diluted EPS of
Adjusted Diluted EPS of
PHILADELPHIA, PA, March 19, 2025 (GLOBE NEWSWIRE) -- Five Below, Inc. (NASDAQ: FIVE) today announced financial results for the fourth quarter and full year of fiscal 2024 ended February 1, 2025. The fourth quarter and full year of fiscal 2023 ended February 3, 2024 contained one additional week ("53rd week"), which represented
For the fourth quarter ended February 1, 2025:
- Net sales increased by
4.0% to$1.39 billion from$1.34 billion in the fourth quarter of fiscal 2023 or an increase of7.8% when excluding the impact of the 53rd week in fiscal 2023; comparable sales decreased by3.0% . - The Company opened 22 net new stores and ended the quarter with 1,771 stores in 44 states. This represents an increase in stores of
14.7% from the end of the fourth quarter of fiscal 2023. - Operating income was
$246.8 million compared to$268.4 million in the fourth quarter of fiscal 2023. Adjusted operating income(1) was$253.3 million or a decrease of1.5% when excluding the impact of the 53rd week in fiscal 2023. - The effective tax rate was
25.2% compared to25.8% in the fourth quarter of fiscal 2023. - Net income was
$187.5 million compared to$202.2 million in the fourth quarter of fiscal 2023. Adjusted net income(1) was$192.4 million or a decrease of0.7% when excluding the impact of the 53rd week in fiscal 2023. - Diluted income per common share was
$3.39 compared to$3.65 in the fourth quarter of fiscal 2023. Adjusted diluted income per common share(1) was$3.48 or a decrease of0.6% when excluding the impact of the 53rd week in fiscal 2023.
(1) A reconciliation of adjusted gross profit, adjusted operating income, adjusted net income, and adjusted diluted income per common share to the most directly comparable financial measure presented in accordance with accounting principles generally accepted in the United States ("GAAP") is set forth in the schedule accompanying this release. See also “Non-GAAP Information.”
Ken Bull, COO, said “We were pleased to end the year with fourth quarter sales and EPS above our outlook. We entered the holiday period with the goal of showcasing more newness with key trend-right, value product, while also improving our operational execution and in-store experience. We were very encouraged to see early positive results from our teams’ efforts and are excited to build on this in 2025 with Winnie at the helm.”
Winnie Park, CEO, said, “It has been a busy three months at Five Below. We are executing our key strategies around product, value and store experience, and doing so with a sharpened focus on our core customer – the kid and the kid in all of us. We have a unique opportunity to deliver amazing value across a curated assortment featuring consistent newness with simplified pricing. Our focus on affordability and value is not just a strategy; it’s a promise to our customers that Five Below is a place where they can find joy and excitement at WOW prices. This is the true magic of Five Below.”
For the fiscal year ended February 1, 2025:
- Net sales increased by
8.9% to$3.88 billion from$3.56 billion in fiscal 2023 or an increase of10.4% when excluding the impact of the 53rd week in fiscal 2023; comparable sales decreased by2.7% . - The Company opened 227 net new stores compared to 204 net new stores in fiscal 2023.
- Operating income was
$323.8 million compared to$385.6 million in fiscal 2023. Adjusted operating income(2) was$356.1 million or a decrease of4.8% when excluding the impact of the 53rd week in fiscal 2023. - The effective tax rate was
25.1% compared to24.9% in fiscal 2023. - Net income was
$253.6 million compared to$301.1 million in fiscal 2023. Adjusted net income(2) was$277.8 million or a decrease of5.1% when excluding the impact of the 53rd week in fiscal 2023. - Diluted income per common share was
$4.60 compared to$5.41 in fiscal 2023. The benefit from share-based accounting was approximately$0.01 in fiscal 2024 compared to approximately$0.07 in fiscal 2023. Adjusted diluted income per common share(2) was$5.04 or a decrease of4.2% when excluding the impact of the 53rd week in fiscal 2023. - The Company repurchased approximately 267,000 shares in fiscal 2024 at a cost of approximately
$40.0 million .
(2) A reconciliation of adjusted gross profit, adjusted operating income, adjusted net income, and adjusted diluted income per common share to the most directly comparable financial measure presented in accordance with accounting principles generally accepted in the United States ("GAAP") is set forth in the schedule accompanying this release. See also “Non-GAAP Information."
First Quarter and Fiscal 2025 Outlook:
The Company expects the following results for the first quarter and full year of fiscal 2025. This guidance includes the expected impact of tariffs currently in place.
For the first quarter of Fiscal 2025:
- Net sales are expected to be in the range of
$905 million to$925 million based on opening approximately 50 new stores and assuming an approximate flat to2% increase in comparable sales. - Net income is expected to be in the range of
$25 million to$31 million . Adjusted net income(3) is expected to be in the range of$28 million to$34 million . - Diluted income per common share is expected to be in the range of
$0.44 t o$0.55 on approximately 55.3 million diluted weighted average shares outstanding. Adjusted diluted income per common share(3) is expected to be in the range of$0.50 t o$0.61 . - This outlook does not include the impact of share repurchases, if any.
(3) Adjusted net income and adjusted diluted income per common share exclude the impact of nonrecurring or non-cash items which includes retention awards, costs incurred with the strategic acquisition of certain leases and on-going execution of the inventory write-off.
For the full year of Fiscal 2025:
- Net sales are expected to be in the range of
$4.21 billion to$4.33 billion based on opening approximately 150 new stores and assuming an approximate flat to3% increase in comparable sales. - Net income is expected to be in the range of
$216 million to$250 million . Adjusted net income(4) is expected to be in the range of$227 million to$261 million . - Diluted income per common share is expected to be in the range of
$3.90 t o$4.52 on approximately 55.4 million diluted weighted average shares outstanding. Adjusted diluted income per common share(4) is expected to be in the range of$4.10 t o$4.72 . - Gross capital expenditures are expected to be approximately
$210 million to$230 million in fiscal 2025. - This outlook does not include the impact of share repurchases, if any.
(4) Adjusted net income and adjusted diluted income per common share exclude the impact of nonrecurring or non-cash items which includes retention awards, costs incurred with the strategic acquisition of certain leases and on-going execution of the inventory write-off.
Conference Call Information:
A conference call to discuss the financial results for the fourth quarter and full year of fiscal 2024 is scheduled for today, March 19, 2025, at 4:30 p.m. Eastern Time. Investors and analysts interested in participating in the call are invited to dial 412-902-6753 approximately 10 minutes prior to the start of the call.
Non-GAAP Information:
This press release includes gross profit, adjusted gross profit, adjusted operating income, adjusted net income, and adjusted diluted income per common share, each is a non-GAAP financial measure. The Company has reconciled these non-GAAP financial measures with the most directly comparable GAAP financial measures within this filing. The Company believes that these non-GAAP financial measures not only provide its management with comparable financial data for internal financial analysis but also provide meaningful supplemental information to investors. Specifically, these non-GAAP financial measures allow investors to better understand the performance of the Company's business and facilitate a meaningful evaluation of its quarterly and fiscal year 2024 diluted income per common share and actual results on a comparable basis with its quarterly and fiscal year 2023 results. In evaluating these non-GAAP financial measures, investors should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in this filing. The Company's presentation of non-GAAP financial measures should not be construed to imply that its future results will be unaffected by any such adjustments. The Company has provided this information as a means to evaluate the results of its ongoing operations. Other companies in the Company's industry may calculate these items differently than it does. Each of these measures is not a measure of performance under GAAP and should not be considered as a substitute for the most directly comparable financial measures prepared in accordance with GAAP. Non-GAAP financial measures have limitations as analytical tools, and investors should not consider them in isolation or as a substitute for analysis of the Company's results as reported under GAAP.
Forward-Looking Statements:
This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which reflect management's current views and estimates regarding the Company's industry, business strategy, goals and expectations concerning its market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources, store count potential and other financial and operating information. Investors can identify these statements by the fact that they use words such as "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "future" and similar terms and phrases. The Company cannot assure investors that future developments affecting the Company will be those that it has anticipated. Actual results may differ materially from these expectations due to risks related to disruption to the global supply chain, risks related to the Company's strategy and expansion plans, risks related to our ability to attract, retain, and integrate qualified executive talent, risks related to disruptions in our information technology systems and our ability to maintain and upgrade those systems, risks related to the inability to successfully implement our online retail operations, risks related to cyberattacks or other cyber incidents, risks related to increased usage of machine learning and other types of artificial intelligence in our business, and challenges with properly managing its use; risks related to our ability to select, obtain, distribute and market merchandise profitably, risks related to our reliance on merchandise manufactured outside of the United States, the availability of suitable new store locations and the dependence on the volume of traffic to our stores, risks related to changes in consumer preferences and economic conditions, risks related to increased operating costs, including wage rates, risks related to inflation and increasing commodity prices, risks related to potential recessions and systematic failure of the banking system in the United States or globally, risks related to extreme weather, pandemic outbreaks, global political events, war, terrorism or civil unrest (including any resulting store closures, damage, or loss of inventory), risks related to leasing, owning or building distribution centers, risks related to our ability to successfully manage inventory balance and inventory shrinkage, quality or safety concerns about the Company's merchandise, increased competition from other retailers including online retailers, risks related to the seasonality of our business, risks related to our ability to protect our brand name and other intellectual property, risks related to customers' payment methods, risks related to domestic and foreign trade restrictions including duties and tariffs affecting our domestic and foreign suppliers and increasing our costs, including, among others, the direct and indirect impact of current and potential tariffs imposed, threatened and proposed by the United States on foreign imports, risks associated with the restrictions imposed by our indebtedness on our current and future operations, the impact of changes in tax legislation and accounting standards and risks associated with leasing substantial amounts of space. For further details and a discussion of these risks and uncertainties, see the Company's periodic reports, including the annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, filed with or furnished to the Securities and Exchange Commission and available at www.sec.gov. If one or more of these risks or uncertainties materialize, or if any of the Company's assumptions prove incorrect, the Company's actual results may vary in material respects from those projected in these forward-looking statements. Any forward-looking statement made by the Company in this news release speaks only as of the date on which the Company makes it. Factors or events that could cause the Company's actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.
About Five Below:
Five Below is a leading high-growth value retailer offering trend-right, high-quality products loved by tweens, teens and beyond. We believe life is better when customers are free to "let go & have fun" in an amazing experience filled with unlimited possibilities. With most items priced between
Investor Contact:
Five Below, Inc.
Christiane Pelz
Vice President, Investor Relations
215-207-2658
InvestorRelations@fivebelow.com
| FIVE BELOW, INC. | ||||||||
| Consolidated Balance Sheets | ||||||||
| (Unaudited) | ||||||||
| (in thousands) | ||||||||
| February 1, 2025 | February 3, 2024 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 331,718 | $ | 179,749 | ||||
| Short-term investment securities | 197,073 | 280,339 | ||||||
| Inventories | 659,500 | 584,627 | ||||||
| Prepaid income taxes and tax receivable | 4,649 | 4,834 | ||||||
| Prepaid expenses and other current assets | 158,427 | 153,993 | ||||||
| Total current assets | 1,351,367 | 1,203,542 | ||||||
| Property and equipment, net | 1,261,728 | 1,134,312 | ||||||
| Operating lease assets | 1,706,542 | 1,509,416 | ||||||
| Long-term investment securities | — | 7,791 | ||||||
| Other assets | 19,937 | 16,976 | ||||||
| $ | 4,339,574 | $ | 3,872,037 | |||||
| Liabilities and Shareholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Line of credit | $ | — | $ | — | ||||
| Accounts payable | 260,343 | 256,275 | ||||||
| Income taxes payable | 51,998 | 41,772 | ||||||
| Accrued salaries and wages | 19,743 | 30,028 | ||||||
| Other accrued expenses | 149,495 | 146,887 | ||||||
| Operating lease liabilities | 274,863 | 240,964 | ||||||
| Total current liabilities | 756,442 | 715,926 | ||||||
| Other long-term liabilities | 8,210 | 6,826 | ||||||
| Deferred income taxes | 59,891 | 66,743 | ||||||
| Long-term operating lease liabilities | 1,706,704 | 1,497,586 | ||||||
| Total liabilities | 2,531,247 | 2,287,081 | ||||||
| Shareholders’ equity: | ||||||||
| Common stock | 549 | 551 | ||||||
| Additional paid-in capital | 152,471 | 182,709 | ||||||
| Retained earnings | 1,655,307 | 1,401,696 | ||||||
| Total shareholders’ equity | 1,808,327 | 1,584,956 | ||||||
| $ | 4,339,574 | $ | 3,872,037 | |||||
| FIVE BELOW, INC. | ||||||||||||||||
| Consolidated Statements of Operations | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| (in thousands, except share and per share data) | ||||||||||||||||
| Thirteen Weeks Ended | Fourteen Weeks Ended | Fifty-Two Weeks Ended | Fifty-Three Weeks Ended | |||||||||||||
| February 1, 2025 | February 3, 2024 | February 1, 2025 | February 3, 2024 | |||||||||||||
| Net sales | $ | 1,390,885 | $ | 1,337,736 | $ | 3,876,527 | $ | 3,559,369 | ||||||||
| Cost of goods sold (exclusive of items shown separately below) | 831,571 | 786,122 | 2,523,865 | 2,285,544 | ||||||||||||
| Selling, general and administrative expenses | 267,036 | 246,078 | 861,398 | 757,507 | ||||||||||||
| Depreciation and amortization | 45,514 | 37,094 | 167,447 | 130,747 | ||||||||||||
| Operating income | 246,764 | 268,442 | 323,817 | 385,571 | ||||||||||||
| Interest income and other income, net | 3,996 | 4,107 | 14,848 | 15,530 | ||||||||||||
| Income before income taxes | 250,760 | 272,549 | 338,665 | 401,101 | ||||||||||||
| Income tax expense | 63,303 | 70,350 | 85,054 | 99,995 | ||||||||||||
| Net income | $ | 187,457 | $ | 202,199 | $ | 253,611 | $ | 301,106 | ||||||||
| Basic income per common share | $ | 3.41 | $ | 3.66 | $ | 4.61 | $ | 5.43 | ||||||||
| Diluted income per common share | $ | 3.39 | $ | 3.65 | $ | 4.60 | $ | 5.41 | ||||||||
| Weighted average shares outstanding: | ||||||||||||||||
| Basic shares | 55,017,992 | 55,194,999 | 55,055,064 | 55,487,252 | ||||||||||||
| Diluted shares | 55,217,618 | 55,356,074 | 55,156,342 | 55,621,619 | ||||||||||||
| FIVE BELOW, INC. | ||||||||
| Consolidated Statements of Cash Flows | ||||||||
| (Unaudited) | ||||||||
| (in thousands) | ||||||||
| Fifty-Two Weeks Ended | Fifty-Three Weeks Ended | |||||||
| February 1, 2025 | February 3, 2024 | |||||||
| Operating activities: | ||||||||
| Net income | $ | 253,611 | $ | 301,106 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 167,447 | 130,747 | ||||||
| Share-based compensation expense | 15,589 | 17,859 | ||||||
| Deferred income tax expense | (6,852 | ) | 7,592 | |||||
| Other non-cash expenses | 1,312 | 351 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Inventories | (74,873 | ) | (56,907 | ) | ||||
| Prepaid income taxes and tax receivable | 185 | 4,064 | ||||||
| Prepaid expenses and other assets | (7,539 | ) | (26,651 | ) | ||||
| Accounts payable | 9,464 | 35,133 | ||||||
| Income taxes payable | 10,226 | 21,844 | ||||||
| Accrued salaries and wages | (10,285 | ) | 4,608 | |||||
| Operating leases | 45,891 | 51,515 | ||||||
| Other accrued expenses | 26,472 | 8,358 | ||||||
| Net cash provided by operating activities | 430,648 | 499,619 | ||||||
| Investing activities: | ||||||||
| Purchases of investment securities and other investments | (192,918 | ) | (416,649 | ) | ||||
| Sales, maturities, and redemptions of investment securities | 283,974 | 195,364 | ||||||
| Capital expenditures | (323,994 | ) | (335,050 | ) | ||||
| Net cash used in investing activities | (232,938 | ) | (556,335 | ) | ||||
| Financing activities: | ||||||||
| Net proceeds from issuance of common stock | 1,079 | 980 | ||||||
| Repurchase and retirement of common stock | (40,213 | ) | (80,541 | ) | ||||
| Proceeds from exercise of options to purchase common stock and vesting of restricted and performance-based restricted stock units | 340 | 288 | ||||||
| Common shares withheld for taxes | (6,947 | ) | (16,586 | ) | ||||
| Net cash used in financing activities | (45,741 | ) | (95,859 | ) | ||||
| Net increase (decrease) in cash and cash equivalents | 151,969 | (152,575 | ) | |||||
| Cash and cash equivalents at beginning of year | 179,749 | 332,324 | ||||||
| Cash and cash equivalents at end of year | $ | 331,718 | $ | 179,749 | ||||
| FIVE BELOW, INC. | ||||||||||||||||
| GAAP to Non-GAAP Reconciliation of Consolidated Statements of Operations | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| (in thousands, except share and per share data) | ||||||||||||||||
| Reconciliation of gross profit to adjusted gross profit | ||||||||||||||||
| Thirteen Weeks Ended | Fourteen Weeks Ended | Fifty-Two Weeks Ended | Fifty-Three Weeks Ended | |||||||||||||
| February 1, 2025 | February 3, 2024 | February 1, 2025 | February 3, 2024 | |||||||||||||
| Gross profit(5) | $ | 559,314 | $ | 551,614 | $ | 1,352,662 | $ | 1,273,825 | ||||||||
| Adjustments: | ||||||||||||||||
| Retention awards(6) | 390 | — | 987 | — | ||||||||||||
| Non-recurring inventory write-off | 40 | — | 21,248 | — | ||||||||||||
| Cost-optimization initiatives(7) | 3,500 | — | 3,879 | — | ||||||||||||
| Adjusted gross profit(8) | $ | 563,244 | $ | 551,614 | $ | 1,378,776 | $ | 1,273,825 | ||||||||
| Reconciliation of operating income, as reported, to adjusted operating income | ||||||||||||||||
| Thirteen Weeks Ended | Fourteen Weeks Ended | Fifty-Two Weeks Ended | Fifty-Three Weeks Ended | |||||||||||||
| February 1, 2025 | February 3, 2024 | February 1, 2025 | February 3, 2024 | |||||||||||||
| Operating income, as reported | $ | 246,764 | $ | 268,442 | $ | 323,817 | $ | 385,571 | ||||||||
| Adjustments: | ||||||||||||||||
| Non-recurring employment-related litigation | — | — | 1,976 | — | ||||||||||||
| Retention awards(6) | 4,996 | — | 11,574 | — | ||||||||||||
| Non-recurring stock compensation benefit | (3,126 | ) | — | (9,243 | ) | — | ||||||||||
| Non-recurring inventory write-off | 267 | — | 21,475 | — | ||||||||||||
| Cost-optimization initiatives(7) | 4,430 | — | 5,974 | — | ||||||||||||
| Non-recurring asset disposal | — | — | 513 | — | ||||||||||||
| Adjusted operating income(8) | $ | 253,330 | $ | 268,442 | $ | 356,086 | $ | 385,571 | ||||||||
| Reconciliation of net income, as reported, to adjusted net income | ||||||||||||||||
| Thirteen Weeks Ended | Fourteen Weeks Ended | Fifty-Two Weeks Ended | Fifty-Three Weeks Ended | |||||||||||||
| February 1, 2025 | February 3, 2024 | February 1, 2025 | February 3, 2024 | |||||||||||||
| Net income, as reported | $ | 187,457 | $ | 202,199 | $ | 253,611 | $ | 301,106 | ||||||||
| Adjustments: | ||||||||||||||||
| Non-recurring employment-related litigation, net of tax | — | — | 1,480 | — | ||||||||||||
| Retention awards, net of tax(6) | 3,735 | — | 8,668 | — | ||||||||||||
| Non-recurring stock compensation benefit, net of tax | (2,337 | ) | — | (6,922 | ) | — | ||||||||||
| Non-recurring inventory write-off, net of tax | 199 | — | 16,083 | — | ||||||||||||
| Cost-optimization initiatives, net of tax(7) | 3,312 | — | 4,474 | — | ||||||||||||
| Non-recurring asset disposal, net of tax | — | — | 384 | — | ||||||||||||
| Adjusted net income(8) | $ | 192,366 | $ | 202,199 | $ | 277,776 | $ | 301,106 | ||||||||
| Reconciliation of diluted income per common share, as reported, to adjusted diluted income per common share | ||||||||||||||||
| Thirteen Weeks Ended | Fourteen Weeks Ended | Fifty-Two Weeks Ended | Fifty-Three Weeks Ended | |||||||||||||
| February 1, 2025 | February 3, 2024 | February 1, 2025 | February 3, 2024 | |||||||||||||
| Diluted income per common share, as reported | $ | 3.39 | $ | 3.65 | $ | 4.60 | $ | 5.41 | ||||||||
| Adjustments: | ||||||||||||||||
| Non-recurring employment-related litigation per share | — | — | 0.03 | — | ||||||||||||
| Retention awards per share(6) | 0.07 | — | 0.16 | — | ||||||||||||
| Non-recurring stock compensation benefit per share | (0.04 | ) | — | (0.13 | ) | — | ||||||||||
| Non-recurring inventory write-off per share | — | — | 0.29 | — | ||||||||||||
| Cost-optimization initiatives per share(7) | 0.06 | — | 0.08 | — | ||||||||||||
| Non-recurring asset disposal per share | — | — | 0.01 | — | ||||||||||||
| Adjusted diluted income per common share(8) | $ | 3.48 | $ | 3.65 | $ | 5.04 | $ | 5.41 | ||||||||
| (5) Gross profit,a non-GAAP financial measure,is equal to our net sales less our cost of goods sold. | ||||||||||||||||
| (6) Retention awards relate to the on-going expense recognition of cash and equity granted to certain individuals in fiscal 2024 during the CEO transition that will be earned and have vestings through fiscal 2026. | ||||||||||||||||
| (7) Represents charges related to the cost-optimization of certain functions. | ||||||||||||||||
| (8) Components may not add to total due to rounding. | ||||||||||||||||
FAQ
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