Even as it posted first quarter sales results, Five Below, Inc. announced that it was redistributing stock and entering new markets. For the fiscal first quarter, the tween-oriented discount store chain announced that total sales increased 33% to $95.6 million as comparable store sales increased 4.2%.
Thomas Vellios, co-founder, president and CEO, commented on the results: “Our fiscal first quarter played out much as we had expected. Once the headwinds we saw in the first half of the quarter began to dissipate, we saw our traffic and sales trends strengthen as we believe customers looked to Five Below for unique, trend-right merchandise delivered at great values. We opened 14 net new stores in the first quarter, of which six were opened during the last nine days of the quarter, and we are on track for the planned 60 net openings in 2013.”
Indeed, yesterday, as the retailer filed its statement on first quarter results with the United States Securities and Exchange Commission, Five Below announced that it was openings its first store in central Illinois at White Oaks Plaza in Springfield, on May 17. The company said its move into Central Illinois follows a successful 20-store expansion in the Chicago metropolitan area, an initiative that began three years ago.
Vellios stated that Springfield is “a family-oriented community with a strong retail presence, particularly in White Oaks Plaza, which we will share with other successful retailers such as T.J. Maxx, Kohl’s and Toys R Us. Five Below’s brand-name, trend-right merchandise will add a dynamic alternative for teen and pre-teen shoppers seeking an assortment of tech, fashion, beauty, crafts and other must-have merchandise, all priced at $1 to $5.”
To promote its grand opening, Five Below’s Springfield store is giving away a free Five Below t-shirt with any purchase to the first 300 customers visiting the store on Friday, May 17 through Sunday, May 19, the grand opening weekend. Beside the t-shirt give away, one customer will win a $100 shopping spree. The store also will offer five-cent hot dogs and a number of contests and giveaways, Five Below noted.
In addition on May 17, Five Below will open new stores in Highland, IN, and Kingston, NY, as well as Mansfield and Dayton, OH.
Back on May 14, Five Below also announced that it has filed a registration statement with the SEC relating to a proposed secondary offering of 8,563,172 shares of its common stock. Selling shareholders are offering all of the stock, a group that includes certain members of Five Below’s management team and board of directors along with their affiliates, the company pointed out. Five Below indicated that it would not receive any proceeds from the sale of shares in this offering.