For the first quarter ended May 4, Five Below, Inc. posted GAAP net income of $1.6 million versus a net loss of $1.2 million in the fiscal 2012 period, and adjusted net income of $2.5 million versus $2.6 million year over year. GAAP diluted income per common share was three cents compared to a loss of 32 cents per share in the fiscal 2012 first quarter, while adjusted diluted income per common share came in at five cents in both the fiscal 2013 and 2012 period, it announced.
Earnings per share beat a published analyst consensus estimate by a penny.
First quarter net sales increased by 33.1% to $95.6 million from the fiscal 2012 period as comparable store sales increased by 4.2%, the company reported. It also reported that operating income was $3.2 million as compared to an operating loss of $2 million in the first quarter of fiscal 2012. Adjusted operating income increased to $4.7 million versus $4.3 million in the first quarter of fiscal 2012.
In the latest completed quarter, Five Below opened 14 net new stores and ended the period with 258 units in 18 states, a 30% advance in number of locations from the end of the 2012 first quarter.
Thomas Vellios, Five Below co-founder, president and CEO, said, in comments on financial results, that headwinds facing consumers abated in mid-quarter, and, as a result, the retailer saw traffic and sales patterns strengthen as the period progressed.
He added, “Our new store opening plans for 2013 got off to a good start with 14 net new stores opened in the first quarter, and we are on track for the planned 60 net openings this year. More than half of our new store openings will come in the back half of the year as we cluster the 15 planned openings in the Dallas and Austin metropolitan areas in Texas, which is a new market for us. And finally, we are pleased to announce that our new Olive Branch distribution center, just outside of Memphis, TN, is now fully operational and began shipping to stores in May.”