Five Below shares rise 7% on earnings, revenue beat; plans to open 110 to 120 net new stores

/ / News

Five Below Inc. shares were up 7% in after-hours trading Wednesday after the discount store chain reported fiscal second-quarter revenue that beat Wall Street estimates. Five Below reported net income of $29.6 million, or 53 cents a share, compared with net income of $28.8 million, or 52 cents a share, in the year-ago quarter. Revenue inched up 2% to $426.1 million from $417.4 million a year ago. Analysts surveyed by Zacks Investment Research had expected earnings of 14 cents a share on revenue of $405.8 million. Five Below declined to give a forecast for its fiscal third quarter or its current year due to the coronavirus. The company expects to open 110 to 120 net new stores in 2020. “We feel good about our positioning for the second half of the year,” company Chief Executive Joel Anderson said in a statement about the results. Five Below shares are down 8% this year. The broader S&P 500 index has improved 11% in 2020.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.