Five Below, Inc. Announces Second Quarter Fiscal 2024 Financial Results
Five Below (NASDAQ: FIVE) reported Q2 fiscal 2024 results with net sales increasing 9.4% to $830.1 million. However, comparable sales decreased by 5.7%. The company opened 62 new stores, ending the quarter with 1,667 stores across 43 states. Q2 GAAP diluted EPS was $0.60, while adjusted diluted EPS was $0.54. Five Below updated its full-year 2024 guidance, expecting net sales between $3.73 billion and $3.80 billion. The company plans to open approximately 230 new stores this year but is moderating store growth to 150-180 stores in 2025 to focus on initiatives and improve execution. Five Below's management acknowledged challenges but expressed confidence in the business model and ability to improve results.
Five Below (NASDAQ: FIVE) ha riportato i risultati del secondo trimestre dell'anno fiscale 2024, con vendite nette in aumento del 9,4% a 830,1 milioni di dollari. Tuttavia, le vendite comparabili sono diminuite del 5,7%. L'azienda ha aperto 62 nuovi negozi, chiudendo il trimestre con 1.667 negozi in 43 stati. L'utile per azione diluito GAAP per il secondo trimestre è stato di $0.60, mentre l'utile per azione diluito rettificato è stato di $0.54. Five Below ha aggiornato le previsioni per l'intero anno 2024, aspettandosi vendite nette comprese tra $3.73 miliardi e $3.80 miliardi. L'azienda prevede di aprire circa 230 nuovi negozi quest'anno, ma sta moderando la crescita dei negozi a 150-180 negozi nel 2025 per concentrarsi su iniziative e migliorare l'esecuzione. La direzione di Five Below ha riconosciuto le sfide ma ha espresso fiducia nel modello di business e nella capacità di migliorare i risultati.
Five Below (NASDAQ: FIVE) reportó los resultados del segundo trimestre del año fiscal 2024, con ventas netas que aumentaron un 9.4% a 830.1 millones de dólares. Sin embargo, las ventas comparables disminuyeron en un 5.7%. La empresa abrió 62 nuevas tiendas, cerrando el trimestre con 1,667 tiendas en 43 estados. El EPS diluido GAAP del segundo trimestre fue de $0.60, mientras que el EPS diluido ajustado fue de $0.54. Five Below actualizó su guía para el año completo 2024, esperando ventas netas entre $3.73 mil millones y $3.80 mil millones. La empresa planea abrir aproximadamente 230 nuevas tiendas este año, pero está moderando el crecimiento de las tiendas a 150-180 tiendas en 2025 para enfocarse en iniciativas y mejorar la ejecución. La dirección de Five Below reconoció los desafíos, pero expresó confianza en el modelo de negocio y en la capacidad de mejorar los resultados.
Five Below (NASDAQ: FIVE)는 2024 회계년 2분기 실적을 보고하며 순매출이 9.4% 증가하여 8억 3천 1백만 달러에 이르렀습니다. 그러나 점포 매출은 5.7% 감소했습니다. 이 회사는 62개의 새로운 매장을 열어 43개주에 걸쳐 1,667개의 매장으로 분기 마감을 했습니다. 2분기 GAAP 희석 EPS는 $0.60였고, 조정된 희석 EPS는 $0.54였습니다. Five Below는 2024년 전체 연간 가이드를 업데이트하여 순매출이 37억 3천만 달러에서 38억 달러 사이가 될 것으로 예상하고 있습니다. 이 회사는 올해 약 230개의 새로운 매장을 열 계획이지만, 2025년에는 150-180개 매장으로 매장 성장을 조정하여 이니셔티브에 집중하고 실행을 개선할 예정입니다. Five Below 경영진은 도전 과제를 인정했지만, 비즈니스 모델과 결과 개선 능력에 대한 확신을 나타냈습니다.
Five Below (NASDAQ: FIVE) a annoncé les résultats du deuxième trimestre de l'exercice 2024, avec des ventes nettes en hausse de 9,4 % à 830,1 millions de dollars. Toutefois, les ventes comparables ont diminué de 5,7 %. L'entreprise a ouvert 62 nouveaux magasins, terminant le trimestre avec 1 667 magasins dans 43 États. Le BPA dilué GAAP du deuxième trimestre était de 0,60 $, tandis que le BPA dilué ajusté était de 0,54 $. Five Below a mis à jour ses orientations pour l'année complète 2024, s'attendant à des ventes nettes entre 3,73 milliards et 3,80 milliards de dollars. L'entreprise prévoit d'ouvrir environ 230 nouveaux magasins cette année, mais modère la croissance des magasins à 150-180 magasins en 2025 pour se concentrer sur des initiatives et améliorer l'exécution. La direction de Five Below a reconnu les défis mais a exprimé sa confiance dans le modèle commercial et sa capacité à améliorer les résultats.
Five Below (NASDAQ: FIVE) hat die Ergebnisse des 2. Quartals des Geschäftsjahres 2024 bekannt gegeben, wobei der Nettoumsatz um 9,4% auf 830,1 Millionen Dollar gestiegen ist. Die vergleichbaren Umsätze sind jedoch um 5,7% zurückgegangen. Das Unternehmen hat 62 neue Filialen eröffnet und schloss das Quartal mit 1.667 Filialen in 43 Bundesstaaten ab. Der verwässerte GAAP EPS für das 2. Quartal betrug $0,60, während der bereinigte verwässerte EPS $0,54 betrug. Five Below hat seine Prognose für das Gesamtjahr 2024 aktualisiert und erwartet einen Nettoumsatz zwischen 3,73 Milliarden und 3,80 Milliarden Dollar. Das Unternehmen plant, in diesem Jahr etwa 230 neue Filialen zu eröffnen, moderiert jedoch das Filialwachstum auf 150-180 Filialen im Jahr 2025, um sich auf Initiativen zu konzentrieren und die Umsetzung zu verbessern. Das Management von Five Below erkannte die Herausforderungen an, zeigte jedoch Vertrauen in das Geschäftsmodell und die Fähigkeit, die Ergebnisse zu verbessern.
- Net sales increased by 9.4% to $830.1 million in Q2
- Opened 62 new stores, expanding to 1,667 locations across 43 states
- 18.5% increase in store count compared to Q2 fiscal 2023
- Full-year net sales guidance of $3.73 billion to $3.80 billion
- Comparable sales decreased by 5.7% in Q2
- Operating income decreased to $41.5 million from $58.6 million in Q2 fiscal 2023
- Net income declined to $33.0 million from $46.8 million in Q2 fiscal 2023
- Diluted EPS decreased to $0.60 from $0.84 in Q2 fiscal 2023
- Moderating store growth plans for 2025 to 150-180 stores, down from 230 in 2024
Insights
Five Below's Q2 results paint a mixed picture. While net sales increased by
Profitability is under pressure, with operating income declining to
The company's decision to moderate store growth to 150-180 stores in 2025 is prudent, allowing for a focus on improving existing store performance and addressing execution issues. However, this could impact future growth expectations.
Five Below's performance reflects broader challenges in the retail sector, particularly for value-oriented stores. The
The decision to slow down store expansion is a strategic move to address execution issues and improve the core business. This shift from rapid expansion to operational efficiency is important but may impact short-term growth expectations. The focus on maximizing each of their worlds and offering a fun store experience aligns with successful strategies in the retail sector, but execution will be key.
The company's confidence in its long-term store growth opportunity remains, but the immediate focus on improving results is necessary to regain momentum in a challenging retail landscape.
Five Below's Q2 results and updated guidance reflect shifting consumer behavior and macroeconomic pressures. The company's core pre-teen and teen demographic may be particularly sensitive to economic uncertainties, impacting discretionary spending. The
The company's acknowledgment of macro pressures and an evolving consumer environment indicates broader market challenges. Five Below's strategy to focus on value and newness is important in this context, as consumers become more price-conscious and seek compelling reasons to shop.
The moderation in store growth plans for 2025 suggests a realistic approach to market conditions. This allows the company to concentrate on improving existing store performance and adapting to changing consumer needs. However, it may also signal concerns about market saturation or the sustainability of the current expansion rate in the face of economic headwinds.
Q2 Net Sales Increase of
Q2 GAAP Diluted EPS of
Updates Full Year 2024 Guidance
PHILADELPHIA, PA, Aug. 28, 2024 (GLOBE NEWSWIRE) -- Five Below, Inc. (NASDAQ: FIVE) today announced financial results for the second quarter and year to date period ended August 3, 2024.
For the second quarter ended August 3, 2024:
- Net sales increased by
9.4% to$830.1 million from$759.0 million in the second quarter of fiscal 2023; comparable sales decreased by5.7% . - The Company opened 62 new stores and ended the quarter with 1,667 stores in 43 states. This represents an increase in stores of
18.5% from the end of the second quarter of fiscal 2023. - Operating income was
$41.5 million compared to$58.6 million in the second quarter of fiscal 2023. Adjusted operating income(1) was$37.0 million . - The effective tax rate was
25.9% compared to25.6% in the second quarter of fiscal 2023. - Net income was
$33.0 million compared to$46.8 million in the second quarter of fiscal 2023. Adjusted net income(1) was$29.7 million . - Diluted income per common share was
$0.60 compared to$0.84 in the second quarter of fiscal 2023. Adjusted diluted income per common share(1) was$0.54 . - The Company repurchased approximately 85,000 shares in the second quarter of fiscal 2024 at a cost of approximately
$10.0 million .
(1) A reconciliation of 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, Interim CEO, President and COO of Five Below, said, “Our second quarter results fell short of what we know this business is capable of delivering. Our response to the macro pressures of the last few years and the evolving consumer environment has required even greater execution, compelling and differentiated assortments and focus on the customer."
Mr. Bull continued, "The good news is we believe the issues are fixable. We are refocused on delivering an edited assortment that leads with value and newness to wow our core pre-teen and teen customer, maximizing each of our worlds and offering a fun store experience that reflects our brand. We remain confident in our long-term store growth opportunity, however we are moderating store growth to 150 to 180 stores in 2025. This will allow us to focus on our initiatives and improve store level execution. I am confident in the core appeal of Five Below, the underlying strength of our business model, the talent of the teams across the company, and our ability to reinforce our destination appeal and improve our results.”
For the year to date period ended August 3, 2024:
- Net sales increased by
10.6% to$1.64 billion from$1.49 billion in the year to date period of fiscal 2023; comparable sales decreased by4.1% . - The Company opened 123 new stores compared to 67 new stores in the year to date period of fiscal 2023.
- Operating income was
$77.7 million compared to$101.0 million in the year to date period of fiscal 2023. Adjusted operating income(2) was$75.2 million . - The effective tax rate was
24.8% compared to22.6% in the year to date period of fiscal 2023. - Net income was
$64.5 million compared to$84.3 million in the year to date period of fiscal 2023. Adjusted net income(2) was$62.6 million . - Diluted income per common share was
$1.17 compared to$1.51 in the year to date period of fiscal 2023. The benefit from share-based accounting was approximately$0.01 in the year to date period of fiscal 2024 compared to approximately$0.06 in the year to date period of fiscal 2023. Adjusted diluted income per common share(2) was$1.13 . - The Company repurchased approximately 267,000 shares in the year to date period of fiscal 2024 at a cost of approximately
$40.0 million
(2) A reconciliation of 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."
Third Quarter and Fiscal 2024 Outlook:
The Company expects the following results for the third quarter and full year fiscal 2024:
For the third quarter of Fiscal 2024:
- Net sales are expected to be in the range of
$780 million to$800 million based on opening approximately 85 new stores and assumes a mid-single digit decrease in comparable sales. - Net loss is expected to be in the range of
$2 million to$13 million . Adjusted net income(3) is expected to be in the range of$5 million to$12 million . - Diluted loss per common share is expected to be in the range of
$0.04 t o$0.24 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$0.10 t o$0.22 .
(3) Adjusted net income and adjusted diluted income per common share exclude the impact of nonrecurring or non-cash items which includes asset disposals, retention awards, and costs associated with cost-optimization initiatives, net of income tax impacts.
For the full year of Fiscal 2024:
- Net sales are expected to be in the range of
$3.73 billion to$3.80 billion based on opening approximately 230 new stores and assumes an approximate4% to5.5% decrease in comparable sales. - Net income is expected to be in the range of
$220 million to$244 million . Adjusted net income(4) is expected to be in the range of$241 million to$261 million . - Diluted income per common share is expected to be in the range of
$3.98 t o$4.41 on approximately 55.3 million diluted weighted average shares outstanding. Adjusted diluted income per common share(4) is expected to be in the range of$4.35 t o$4.71 . - Gross capital expenditures are expected to be approximately
$335 million to$345 million in fiscal 2024.
(4) Adjusted net income and adjusted diluted income per common share exclude the impact of nonrecurring or non-cash items which includes asset disposals, retention awards, stock compensation benefits, costs associated with cost-optimization initiatives, and a settlement of employment-related litigation, net of income tax impacts.
Conference Call Information:
A conference call to discuss the financial results for the second quarter of fiscal 2024 is scheduled for today, August 28, 2024, at 4:30 p.m. Eastern Time. A live audio webcast of the conference call will be available online at investor.fivebelow.com, where a replay will be available shortly after the conclusion of the call. 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 adjusted operating income, adjusted net income, and adjusted diluted income per common share, each 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 our management transition, to disruption to the global supply chain, risks related to the Company's strategy and expansion plans, 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 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 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) | ||||||||
| August 3, 2024 | February 3, 2024 | July 29, 2023 | ||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 209,039 | $ | 179,749 | $ | 334,544 | ||
| Short-term investment securities | 118,680 | 280,339 | 101,813 | |||||
| Inventories | 639,881 | 584,627 | 543,621 | |||||
| Prepaid income taxes and tax receivable | 14,140 | 4,834 | 10,524 | |||||
| Prepaid expenses and other current assets | 136,899 | 153,993 | 121,424 | |||||
| Total current assets | 1,118,639 | 1,203,542 | 1,111,926 | |||||
| Property and equipment, net | 1,246,880 | 1,134,312 | 1,013,686 | |||||
| Operating lease assets | 1,627,483 | 1,509,416 | 1,407,474 | |||||
| Long-term investment securities | — | 7,791 | — | |||||
| Other assets | 20,142 | 16,976 | 16,322 | |||||
| $ | 4,013,144 | $ | 3,872,037 | $ | 3,549,408 | |||
| Liabilities and Shareholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Line of credit | $ | — | $ | — | $ | — | ||
| Accounts payable | 255,965 | 256,275 | 249,093 | |||||
| Income taxes payable | — | 41,772 | — | |||||
| Accrued salaries and wages | 12,574 | 30,028 | 26,279 | |||||
| Other accrued expenses | 164,226 | 146,887 | 162,919 | |||||
| Operating lease liabilities | 252,440 | 240,964 | 211,177 | |||||
| Total current liabilities | 685,205 | 715,926 | 649,468 | |||||
| Other long-term liabilities | 8,662 | 6,826 | 4,925 | |||||
| Long-term operating lease liabilities | 1,642,055 | 1,497,586 | 1,394,698 | |||||
| Deferred income taxes | 69,481 | 66,743 | 60,171 | |||||
| Total liabilities | 2,405,403 | 2,287,081 | 2,109,262 | |||||
| Shareholders’ equity: | ||||||||
| Common stock | 549 | 551 | 556 | |||||
| Additional paid-in capital | 141,029 | 182,709 | 254,687 | |||||
| Retained earnings | 1,466,163 | 1,401,696 | 1,184,903 | |||||
| Total shareholders’ equity | 1,607,741 | 1,584,956 | 1,440,146 | |||||
| $ | 4,013,144 | $ | 3,872,037 | $ | 3,549,408 | |||
| FIVE BELOW, INC. Consolidated Statements of Operations (Unaudited) (in thousands, except share and per share data) | |||||||||||
| Thirteen Weeks Ended | Twenty-Six Weeks Ended | ||||||||||
| August 3, 2024 | July 29, 2023 | August 3, 2024 | July 29, 2023 | ||||||||
| Net sales | $ | 830,069 | $ | 758,981 | $ | 1,641,932 | $ | 1,485,228 | |||
| Cost of goods sold (exclusive of items shown separately below) | 558,283 | 494,402 | 1,106,626 | 985,845 | |||||||
| Selling, general and administrative expenses | 188,809 | 175,103 | 378,995 | 338,309 | |||||||
| Depreciation and amortization | 41,468 | 30,882 | 78,652 | 60,068 | |||||||
| Operating income | 41,509 | 58,594 | 77,659 | 101,006 | |||||||
| Interest income and other income | 3,054 | 4,342 | 8,044 | 7,989 | |||||||
| Income before income taxes | 44,563 | 62,936 | 85,703 | 108,995 | |||||||
| Income tax expense | 11,563 | 16,101 | 21,236 | 24,682 | |||||||
| Net income | $ | 33,000 | $ | 46,835 | $ | 64,467 | $ | 84,313 | |||
| Basic income per common share | $ | 0.60 | $ | 0.84 | $ | 1.17 | $ | 1.51 | |||
| Diluted income per common share | $ | 0.60 | $ | 0.84 | $ | 1.17 | $ | 1.51 | |||
| Weighted average shares outstanding: | |||||||||||
| Basic shares | 55,027,663 | 55,675,357 | 55,097,840 | 55,662,930 | |||||||
| Diluted shares | 55,042,588 | 55,801,507 | 55,148,893 | 55,789,323 | |||||||
| FIVE BELOW, INC. Consolidated Statements of Cash Flows (Unaudited) (in thousands) | |||||||
| Twenty-Six Weeks Ended | |||||||
| August 3, 2024 | July 29, 2023 | ||||||
| Operating activities: | |||||||
| Net income | $ | 64,467 | $ | 84,313 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation and amortization | 78,652 | 60,068 | |||||
| Share-based compensation expense | 4,728 | 9,605 | |||||
| Deferred income tax expense | 2,738 | 1,021 | |||||
| Other non-cash expenses | 196 | 72 | |||||
| Changes in operating assets and liabilities: | |||||||
| Inventories | (55,254 | ) | (15,901 | ) | |||
| Prepaid income taxes and tax receivable | (9,306 | ) | (1,626 | ) | |||
| Prepaid expenses and other assets | 13,856 | 6,644 | |||||
| Accounts payable | 887 | 17,674 | |||||
| Income taxes payable | (41,772 | ) | (19,928 | ) | |||
| Accrued salaries and wages | (17,454 | ) | 859 | ||||
| Operating leases | 37,878 | 20,782 | |||||
| Other accrued expenses | 18,078 | 5,685 | |||||
| Net cash provided by operating activities | 97,694 | 169,268 | |||||
| Investing activities: | |||||||
| Purchases of investment securities and other investments | (4,508 | ) | (128,950 | ) | |||
| Sales, maturities, and redemptions of investment securities | 173,958 | 93,982 | |||||
| Capital expenditures | (191,472 | ) | (116,423 | ) | |||
| Net cash used in investing activities | (22,022 | ) | (151,391 | ) | |||
| Financing activities: | |||||||
| Net proceeds from issuance of common stock | 600 | 440 | |||||
| Repurchase and retirement of common stock | (40,226 | ) | — | ||||
| Proceeds from exercise of options to purchase common stock and vesting of restricted and performance-based restricted stock units | 1 | 54 | |||||
| Common shares withheld for taxes | (6,757 | ) | (16,151 | ) | |||
| Net cash used in financing activities | (46,382 | ) | (15,657 | ) | |||
| Net increase in cash and cash equivalents | 29,290 | 2,220 | |||||
| Cash and cash equivalents at beginning of period | 179,749 | 332,324 | |||||
| Cash and cash equivalents at end of period | $ | 209,039 | $ | 334,544 | |||
| FIVE BELOW, INC. GAAP to Non-GAAP Reconciliation of Consolidated Statements of Operations (Unaudited) (in thousands, except share and per share data) | |||||||||||||
| Reconciliation of operating income, as reported, to adjusted operating income | |||||||||||||
| Thirteen Weeks Ended | Twenty-Six Weeks Ended | ||||||||||||
| August 3, 2024 | July 29, 2023 | August 3, 2024 | July 29, 2023 | ||||||||||
| Operating income, as reported | $ | 41,509 | $ | 58,594 | $ | 77,659 | $ | 101,006 | |||||
| Adjustments: | |||||||||||||
| Non-recurring employment-related litigation | — | — | 1,976 | — | |||||||||
| Retention awards(5) | 1,647 | — | 1,647 | — | |||||||||
| Non-recurring stock compensation benefit | (6,116 | ) | — | (6,116 | ) | — | |||||||
| Adjusted operating income(6) | $ | 37,040 | $ | 58,594 | $ | 75,166 | $ | 101,006 | |||||
Reconciliation of net income, as reported, to adjusted net income
| Thirteen Weeks Ended | Twenty-Six Weeks Ended | ||||||||||||
| August 3, 2024 | July 29, 2023 | August 3, 2024 | July 29, 2023 | ||||||||||
| Net income, as reported | $ | 33,000 | $ | 46,835 | $ | 64,467 | $ | 84,313 | |||||
| Adjustments: | |||||||||||||
| Non-recurring employment-related litigation, net of tax | — | — | 1,486 | — | |||||||||
| Retention awards, net of tax(5) | 1,220 | — | 1,239 | — | |||||||||
| Non-recurring stock compensation benefit, net of tax | (4,532 | ) | — | (4,599 | ) | — | |||||||
| Adjusted net income(6) | $ | 29,688 | $ | 46,835 | $ | 62,592 | $ | 84,313 | |||||
Reconciliation of diluted income per common share, as reported, to adjusted diluted income per common share
| Thirteen Weeks Ended | Twenty-Six Weeks Ended | ||||||||||||
| August 3, 2024 | July 29, 2023 | August 3, 2024 | July 29, 2023 | ||||||||||
| Diluted income per common share, as reported | $ | 0.60 | $ | 0.84 | $ | 1.17 | $ | 1.51 | |||||
| Adjustments: | |||||||||||||
| Non-recurring employment-related litigation per share | — | — | 0.03 | — | |||||||||
| Retention awards per share(5) | 0.02 | — | 0.02 | — | |||||||||
| Non-recurring stock compensation benefit per share | (0.08 | ) | — | (0.08 | ) | — | |||||||
| Adjusted diluted income per common share(6) | $ | 0.54 | $ | 0.84 | $ | 1.13 | $ | 1.51 | |||||
(5) 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.
(6) Components may not add to total due to rounding.
FAQ
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