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Discount store chain Five Below Inc. (NASDAQ: FIVE ) reported higher profits for the fourth quarter of fiscal 2022 as revenues doubled.
Sales increased 13% year over year to $1.12 billion in the fourth quarter. The company opened 48 new stores and ended the period with 1,340 stores in 42 countries. Same-store sales rose 1.9% in the three months.
Net income rose to $171.3 million or $3.07 per share in the fourth quarter from $140.2 million or $2.49 per share in the same period in 2021.
Read management/analyst commentary on monthly results
“We plan to open a record 200 new stores, convert 400 stores to the new Five Beyond format, launch new categories and services and improve marketing, all while using data analytics and our DC ve-node network to continue delivering the Wow that is our customer promise,” said Five Below CEO Joel Anderson.
Previous Performance
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