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Five Below Inc declined 4.5% to $174.88 after the deep discount retailer forecasted weak third quarter results.

The retailer estimated third quarter revenue to fall between $715 million and $730 million and earnings per share between 17 cents and 25 cents, sharply lower than estimates set by some analysts.

Revenue in the second quarter increased 13.5% to $758.9 million from $668.9 million, reflecting comparable sales increase of 2.7% and comparable transactions advanced 4.5%.

Net income advanced to $48.6 million from $41.3 million and diluted earnings per share rose to 84 cents from 74 cents a year ago.

In the quarter, the company opened 43 new stores and ended the quarter with 1,407 stores, representing 12.4% increase in store count from a year ago.

The discount retailer forecasted full-year revenue in the range of $3.50 billion to $3.57 billion based on opening over 200 new stores and assuming an approximate 1% to 3% increase in comparable sales.

Net income is expected to be in the range of $295 million to $311 million and diluted income per common share in the range of $5.27 to $5.55 on approximately 55.9 million outstanding shares.

31 Aug, 2023

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