Five Below shares were popping in late trading Wednesday, after the discounter said that earnings doubled from a year ago in its fiscal third-quarter earnings report, and offered an upbeat assessment of the holiday shopping season.
Five Below (ticker: FIVE) said it earned 36 cents a share, compared with 18 cents in the year-ago period, on revenue that rose 26.3%, to $476.6 million. Analysts were looking for EPS of 20 cents on revenue of $445.2 million. Same-store sales jumped 12.8%, easily ahead of the 5.4% gain consensus estimates called for.
The retailer opened 36 new stores in the quarter, putting its total locations at more than 1,000 across 38 states, up 13.9% from the third quarter of 2019.
Five Below didn’t provide guidance, citing the Covid-19 crisis, but said that it would end the year with 120 additional stores, for a total of 1,020.
Five Below was up 4.1%, to $162.41, after hours, after closing lower in regular trading.
The shares have gained 22% this year as the chain’s value-focus resonates with consumers facing high unemployment and economic uncertainty stemming from the pandemic. The company also got a boost from its June earnings report, and gained after its most recent results in September.
While Five Below has dealt with Covid-related store closures, the most recent results show that its customers are still eager to shop: Net income doubled to $20.4 million while operating profit grew 91%.
Management said that it was rolling out same-day delivery for 300 of its stores and that the holiday shopping season is “off to an early and strong start,” despite Covid.
Write to Teresa Rivas at teresa.rivas@barrons.com
"five" - Google News
December 03, 2020 at 05:31AM
https://ift.tt/33F5NTr
Five Below Stock Climbs as Earnings Double - Barron's
"five" - Google News
https://ift.tt/2YnPDf8
https://ift.tt/2SxXq6o
No comments:
Post a Comment