Five Below (FIVE) stock is down sharply in Thursday's session after the discount retailer disclosed lower-than-anticipated fiscal first-quarter results and slashed its full-year outlook.
In the 13 weeks ended May 4, Five Below's net sales increased 11.8% year-over-year to $811.9 million, driven by the opening of 61 new stores. However, same-store sales decreased 2.3%. FIVE also said its earnings per share (EPS) fell 10.4% to 60 cents from the year-ago period.
