Five Below, Inc. has announced a significant change in its leadership, with Kenneth Bull appointed as the interim President and Chief Executive Officer (CEO), effective immediately. Joel Anderson has stepped down from his roles as President and CEO, and from the board of directors. Thomas Vellios, the co-founder, non-executive chairman, and former CEO, will assume the role of interim executive chairman to support Mr. Bull and the executive leadership team during the transition.
The company also provided its quarter-to-date sales results and updated guidance for the second quarter of fiscal 2024. Total sales for the 10-week period ended July 13, 2024, increased by 9.5% compared to the first 10 weeks of the second quarter in 2023. However, comparable sales decreased by 5.0% in the same period. As a result, the company now expects sales for the fiscal second quarter ending August 3, 2024, to be in the range of $820 million to $826 million, assuming an approximate 6% to 7% decrease in comparable sales. Diluted income per common share is expected to be in the range of $0.53 to $0.56.
This represents a mixed performance, with strong growth in total sales but a decrease in comparable sales. The company plans to announce its second quarter results and discuss its third quarter and full-year outlook when it reports second quarter earnings. Following these announcements, the company's shares moved -24.3%, and are now trading at a price of $77.3. If you want to know more, read the company's complete 8-K report here.
