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Five Below(FIVE) - 2025 Q1 - Quarterly Results
FIVEFive Below(FIVE)2024-06-05 20:15

Financial Performance - Q1 net sales increased by 11.8% to 811.9millioncomparedto811.9 million compared to 726.2 million in Q1 fiscal 2023; comparable sales decreased by 2.3%[5] - Operating income was 36.2million,downfrom36.2 million, down from 42.4 million in Q1 fiscal 2023; adjusted operating income would have been 38.2millionexcludinga38.2 million excluding a 2.0 million non-recurring expense[5] - Net income for Q1 was 31.5million,comparedto31.5 million, compared to 37.5 million in Q1 fiscal 2023; adjusted net income would have been 33.0millionexcludingthenon−recurringexpense[5]−DilutedEPSwas33.0 million excluding the non-recurring expense[5] - Diluted EPS was 0.57, down from 0.67inQ1fiscal2023;adjusteddilutedEPSwouldhavebeen0.67 in Q1 fiscal 2023; adjusted diluted EPS would have been 0.60 excluding the non-recurring expense[5] - Operating income decreased to 36,150,000,down14.536,150,000, down 14.5% from 42,412,000 in the prior year[19] - Net income for the period was 31,467,000,adeclineof16.031,467,000, a decline of 16.0% from 37,478,000 year-over-year[19] - Basic and diluted income per common share both decreased to 0.57,downfrom0.57, down from 0.67 in the same quarter last year[19] Future Projections - For Q2 fiscal 2024, net sales are expected to be in the range of 830millionto830 million to 850 million, with a mid-single digit decrease in comparable sales anticipated[6] - Full year fiscal 2024 net sales are projected to be between 3.79billionand3.79 billion and 3.87 billion, assuming a 3% to 5% decrease in comparable sales[12] - Full year fiscal 2024 net income is expected to range from 275millionto275 million to 297 million; adjusted net income is projected to be between 277millionand277 million and 299 million[12] Capital Expenditures and Investments - Gross capital expenditures for fiscal 2024 are expected to be approximately 345millionto345 million to 355 million[12] - Net cash used in investing activities totaled 73,078,000,comparedto73,078,000, compared to 66,487,000 in the same period last year[21] - The company repurchased and retired common stock amounting to 30,151,000duringthequarter[21]CashFlowandLiquidity−Netcashprovidedbyoperatingactivitieswas30,151,000 during the quarter[21] Cash Flow and Liquidity - Net cash provided by operating activities was 26,439,000, significantly lower than 85,291,000intheprioryear[21]−Cashandcashequivalentsattheendoftheperiodwere85,291,000 in the prior year[21] - Cash and cash equivalents at the end of the period were 96,308,000, down from 335,286,000attheendofthesamequarterin2023[21]−Thecompanyexperiencedanetdecreaseincashandcashequivalentsof335,286,000 at the end of the same quarter in 2023[21] - The company experienced a net decrease in cash and cash equivalents of 83,441,000 during the quarter[21] Inventory Management - Inventories increased by 45,354,000,comparedtoadecreaseof45,354,000, compared to a decrease of 6,669,000 in the prior year[21] Taxation - The effective tax rate for Q1 was 23.5%, compared to 18.6% in Q1 fiscal 2023[5]