Five Below, Inc. announced its financial results for the third quarter ended November 2, 2024, reporting net sales of $843.7 million, a 14.6% increase year-over-year. Comparable sales rose by 0.6%, and the company opened a record 82 new stores during the period, with new store performance surpassing expectations.
The company's adjusted diluted earnings per common share for Q3 2024 reached $0.42, exceeding its previous outlook. Management noted stronger performance across a broader range of merchandise categories and improved operational execution, attributing positive results to initiatives focused on newness and value.
Concurrently, Five Below announced the appointment of Winnie Park as its new Chief Executive Officer, effective December 16, 2024. Ms. Park, previously CEO of Forever 21, brings extensive experience in customer-centric strategies, merchandising, and brand building. Ken Bull will continue as Chief Operating Officer, and co-founder Tom Vellios will remain Executive Chairman.
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