Five Below, Inc. FIVE remains committed to enhancing customer experience through several initiatives. Progressing along such lines, the company recently extended its partnership with Instacart to bring expedited same-day delivery to more of its outlets. Management lately announced that it will expand the Instacart delivery to more than 700 new stores of the company. Hence, this delivery service is now available at the company’s 1,100 outlets.
Well, this strategic expansion is built on the company’s successful initial partnership with Instacart, the major online grocery platform in North America. Markedly, Five Below unveiled its new partnership with Instacart last December. This collaboration aided the retailer’s offer of same-day delivery and curbside pickup across select stores in Baltimore, Buffalo, Chicago, Cleveland, Detroit and parts of Florida, California and Texas.
Encouragingly, the expansion of this partnership enables customers avail of the retailer’s outstanding assortment of essentials for summers and other items, such as pool floats, outdoor games, cell phone cases among others, through delivery services. They can also shop pet products, apparel, beauty and wellness items and more via the Instacart delivery.
The coronavirus pandemic changed customers’ tastes, preferences, shopping patterns and lot more to a great degree. Accordingly, companies are constantly emphasizing on delivery services to make customer shopping experience seamless. Well, the latest deal expansion is likely to generate higher sales and in turn, drive Five Below’s profits.
What’s More?
We note that Five Below is focused on providing trend-right products, improving supply chain, strengthening digital capabilities and delivering better WOW products. Its commitment toward enriching merchandise assortment, reinforcing digital footprint and achieving efficient cost structure is commendable. The company is consistently digitizing vendor transactions, implementing core merchandizing platform, and applying cloud-based data and analytics to analyze demand, and accordingly, manage inventory.
In addition, the company rolled out curbside pickup and looks to accelerate the buy online, pick up in-store business model. Its e-commerce business continues to grow at a faster pace, registering double-digit growth year over year in first-quarter fiscal 2021. Moreover, to make shopping more convenient, it is expanding its self-checkout capabilities.
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Buoyed by such tailwinds, Five Below reported stellar first-quarter fiscal 2021 results. We note that both the top and the bottom line not only beat the Zacks Consensus Estimate but also grew year over year. Impressively, both metrics outpaced the respective pre-pandemic levels. All the aforesaid strengths aided this currently Zacks Rank #2 (Buy) company’s shares to have increased 20.1% in the past six months, outperforming the industry’s 4.8% gain.
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