Net sales

Increase in net sales of Five Below

five belowan off-price retailer with more than 1,050 stores in 39 states, said its net sales jumped about 198% from the first quarter of fiscal 2020 to the first quarter of fiscal 2021, according to a announcement. Additionally, the retailer’s comparable sales soared 162% over the same period.

Five Below reported net income of $49.6 million for the first quarter of fiscal 2021, down from a net loss of $50.6 million in the same quarter last year.

In total, the retailer posted a diluted profit per common share of 88 cents, compared to a diluted loss of 91 cents per common share in the same quarter last year.

“We have seen widespread strength in our worlds as we have offered customers the extreme value, trend-leading products in the amazing shopping experience they have come to expect from Five Below,” said the President. and CEO of Five Below. Joel Anderson says in the ad. “We continued to invest in our growth, opening a record 68 new stores in various states, including Utah, our 39th state.”

The company ended the quarter with 1,087 physical locations in 39 states.

Five Below expects net sales to be between $640 million and $660 million for the second quarter of fiscal 2021, based on the opening of approximately 30 new locations. The company also expects net income to be between $56.9 million and $63.7 million for the period. He expects diluted earnings per common share to be between $1.01 and $1.13 on approximately 56.4 million diluted weighted average shares outstanding.

“With the flexibility inherent in our eight worlds, our unique merchandising approach, and our focus on innovation, we believe we remain in a strong position to continue to grow Five Below and drive lasting value and long term for all stakeholders,” Anderson said in the announcement. .

The news comes as TJX Companies reported $10.1 billion in net sales for the first quarter of fiscal 2022, a 129% increase from the first quarter of fiscal 2021. TJX reported net income of $534 million for the first quarter, in addition to diluted earnings per share (EPS) of 44 cents. It also reported that “open-only comp store sales” increased 16% from the first quarter of fiscal 2020.

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