Five Below soars 13% to an all-time high after strong sales boost earnings
Shares of Five Below skyrocketed more than 13 percent to an all-time high on Friday, the day after the company reported sales that easily beat expectations, boosting its bottom line.
Five Below reported comparable sales growth of 2.7 percent for the second quarter, surpassing the 0.1 percent gain expected by Thomson Reuters.
Net sales for Five Below increased 22.7 percent, to $347.7 million, up from $283.3 million in the year-earlier period.
Five Below Gives Investors More Reasons for Optimism
Five Below (NASDAQ:FIVE) announced earnings results for the second quarter of fiscal 2018 this week, reporting strong sales growth and improving profitability.
Back in June, the company had predicted weaker results on both metrics, and so investors were happy to see the company beat its own targets.
In a conference call with Wall Street analysts, CEO Joel Anderson and his team explained the drivers behind Five Below’s outperformance, while adding context to their upgraded outlook for the rest of the year.
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