Five Below Inc (NYSE:FIVE) is trading higher Friday morning after the company announced better-than-expected financial results.
Five Below reported first-quarter earnings of 88 cents per share, which beat the estimate of 65 cents per share. The company reported quarterly revenue of $597.8 million, which beat the estimate of $551.14 million.
Said CEO Joel Anderson, “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. We continued to invest in our growth, opening a record 68 new stores across various states, including Utah, our 39th state.”
Telsey Advisory Group analyst Joseph Feldman maintained Five Below with an Outperform rating and raised the price target from $230 to $240.
RBC Capital analyst Scot Ciccarelli maintained Five Below with an Outperform rating and raised the price target from $225 to $234.
Anderson concluded “We are excited to continue growing and innovating across our key strategic initiatives of product, experience and supply chain. We are on track to open 170 to 180 new stores this year and offer our unique Five Below experience to more new customers.
“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.”
FIVE shares gained $10.84, or 6.1%, to $188.71.