Friday December 6th, 2013 - 11:57AM
For the 13 weeks ended November 2, Five Below, Inc. posted net income of $1.7 million versus $700,000 in the fiscal 2012 third quarter, with adjusted net income coming in at $2.6 million versus $1.6 million in last-year’s period. GAAP diluted income per common share was three cents, Five Below reported, compared to one cent per share in the year-earlier third quarter while adjusted diluted income per common share was five cents versus three cents in the 2012 period.
Third-quarter comparable stores advanced 9%. Net sales increased by 27.9% to $110.7 million. Operating income was $3 million versus $1.8 million in the 2012 third quarter, while adjusted operating income increased to $4.5 million as compared to $3.4 million in the 2012 period.
Earnings matched published analyst average estimates, although sales fell slightly short.
During the third quarter, Five Below opened 28 net new stores, ending the period with 304 stores in 19 states.
Thomas Vellios, Five Below co-founder and CEO, said, in comments on third quarter results, "We are pleased to have delivered another solid quarter, with a 28% increase in sales and a 35% increase in adjusted operating income. Our results once again demonstrate the appeal of the Five Below value proposition: trend-right product that targets our core teen and pre-teen customer at the $1 to $5 price points. Our team successfully completed the new store program for 2013 with the opening of 60 net new stores, bringing our total store count to 304. We are ready for the all-important fourth quarter. With our broad assortment of giftable merchandise, we look forward to delighting our customers when they shop our stores this holiday season."