Five Below Inc (NASDAQ:FIVE) reported better-than-expected results for its third quarter on Wednesday.
Net sales decreased by 4.8% to $1,103.6 million from $1,159.6 million in the year to date period of fiscal 2019; comparable sales decreased by 16.9%.
The company opened 118 net new stores compared to 144 new stores in the year to date period of fiscal 2019.
Operating loss increased by 120.2% to $14.8 million from an operating income of $73.2 million in the year to date period of fiscal 2019. The effective tax rate was a benefit of 96.4% versus an expense of 16.1% in the year to date period of fiscal 2019.
Net loss increased by 100.9% to $0.6 million from a net income of $64.7 million in the year to date period of fiscal 2019.
Diluted loss per common share was $0.01 compared to a diluted income per common share of $1.15 in the year to date period of fiscal 2019. The benefit from share-based accounting was approximately $0.08 in the year to date period of fiscal 2020 compared to $0.13 in the year-to-date period of fiscal 2019.
CEO Joel Anderson said, "Our third quarter results surpassed our expectations as customers responded very positively to our extreme value, trend-right offering. Our teams did a great job keeping the stores clean and safe, and our merchants pivoted quickly to ensure we met customer demand for products relevant in this COVID-impacted environment."
FIVE shares popped $6.94, or 4.5%, to $163.01.
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