Five Below, an off-price retailer that has more than 1,050 stores in 39 states, reported that its net sales surged by approximately 198 percent between Q1 fiscal 2020 and Q1 fiscal 2021, according to an announcement. In addition, the retailer’s comparable sales soared by 162 percent over the same timeframe.
Five Below reported $49.6 million in net income for Q1 fiscal 2021, swinging from a $50.6 million net loss the same quarter the previous fiscal year.
All in, the retailer posted 88 cents in diluted income per common share, in contrast to a 91-cent diluted loss per common share during the same quarter last fiscal year.
“We saw broad-based strength across our worlds, as we offered customers the extreme value, trend-right products in an amazing shopping experience they expect from Five Below,” Five Below President and CEO Joel Anderson said in the announcement. “We continued to invest in our growth, opening a record 68 new stores across various states, including Utah, our 39th state.”
The company wrapped up the quarter with 1,087 brick-and-mortar locations ins 39 states.
Five Below anticipates net sales to be between $640 million and $660 million for Q2 fiscal 2021 based on the opening of about 30 new locations. The company also anticipates net income to be between $56.9 million and $63.7 million for the time period. It expects diluted income per common share to be between $1.01 and $1.13 on about 56.4 million diluted weighted average shares outstanding.
“With the inherent flexibility of our eight worlds, unique merchandising approach and focus on innovation, we believe we remain in a position of strength to continue growing Five Below and driving sustainable, long-term value for all stakeholders,” Anderson said in the announcement.
The news comes as the TJX Companies reported $10.1 billion in net sales for Q1 fiscal 2022, signifying a 129 percent rise from Q1 fiscal 2021. TJX reported $534 million in net income for Q1, in addition to diluted earnings per share (EPS) of 44 cents. It also reported that “open-only comp-store sales” increased 16 percent from Q1 fiscal 2020.