For the 13 weeks ended May 3, Five Below, Inc. posted net income attributable to shareholders of $3.1 million, or six cents per share, versus $1.5 million, or three cents per share, in the first quarter of fiscal 2013. Adjusted net income for the quarter, which excludes the impact of the founders’ transaction in both periods was $3.6 million versus $2.5 million for the fiscal 2013 period. Along with financial results, the company has announced that, tomorrow, it will open its first stores in Houston, entering the market with eight locations.
First quarter net sales increased by 31.8% to $126 million from the year-ago period and comparable store sales increased by 6.2%, the company noted.
Operating income reached $5.3 million from $3.2 million in the first quarter of fiscal 2013, the company maintained, and adjusted operating income, which excludes the impact of the founders’ transaction in the two quarters, increased to $6.1 million from $4.7 million in last year’s period.
Co-founder and CEO Thomas Vellios said in announcing the financial results, “We are pleased with our first quarter sales performance as our compelling offering of high-quality, trend-right merchandise drove a solid customer response, particularly in the weeks leading up to Easter. In addition to our comparable store sales increase that came in ahead of our guidance, our new stores continue to demonstrate consistently strong performance across both new and existing markets. This sales performance resulted in the strong increase in earnings per share even as we continue to make the investments in talent, systems and infrastructure that we believe are so critical to our future success.”