• Skip to main content

DistilINFO Retail

Daily News from Retail Industry.

  • Publications
    • Home
    • DistilINFO HealthPlan
    • DistilINFO HospitalIT
    • DistilINFO IT
    • DistilINFO Retail
    • DistilINFO POPHealth
    • DistilINFO Ageing
    • DistilINFO Life Sciences
    • DistilINFO GovHealth
    • DistilINFO EHS
    • DistilINFO HealthIndia
    • Subscribe
    • Contact Us
    • Newsletters

Five Below Q2 Tops Street; Plans 110 to 120 New Stores, 45 Remodels

Share:

September 7, 2020

Five Below isn’t letting the pandemic get in the way of its store expansion.

The value teen and tween chain is one of the few retailers that has not pulled in the reins on new store growth. It opened a record 63 new stores during the second quarter — compared to 44 in the same period last year — for a total of 982 stores in 38 states. Most of the new locations featured the retailer’s new prototype, which includes self-checkout, an expanded snack area and a section of items priced above $5 (called “Five Beyond.)

Five Below expects to open 110 to 120 net new stores in 2020. In addition, it plans to remodel approximately 45 stores and add self-checkout capabilities to more than 100 additional existing stores

“With nearly 1,000 stores today, we have a long runway of growth with a nationwide potential of over 2,500 stores,” CEO Joel Anderson told analysts on the chain’s earnings call.

Want to publish your own articles on DistilINFO Publications?

Send us an email, we will get in touch with you.

Five Below reported net income of $29.6 million, or $0.53 a share, for the quarter ended Aug. 1, compared with net income of $28.8 million, or $0.52 a share, in the year-ago period. Analysts had forecast earnings of $0.14 a share.

Revenue edged up 2.1% to $426.1 million, beating the $405.8 million analysts had expected.

“I am proud of the execution of the entire Five Below team and the results we delivered against a challenging backdrop,” stated Anderson. “We swiftly responded to new and changing operating conditions – safely reopening our chain while opening 63 new stores across 24 states, accelerating our digital strategy, and ensuring the relevance of our merchandise assortment and marketing messages to reflect the current environment, including a focus on essential items.”

Anderson noted that the third quarter is off to a strong start and the company is focused on the all-important holiday season. On the earnings call, he told analysts that this year’s holiday calendar should work in the company’s favor in helping to spread out the holiday traffic and shopping.

“This year, there are two more shopping days between Thanksgiving and Christmas,” Anderson said on the earnings call. “And Christmas is on a Friday, providing a full week post-Super Saturday for last-minute holiday shopping.”

Source: Chain Storeage

Coffee with DistilINFO's Morning Updates...

Sign up for DistilINFO e-Newsletters.

Just a little bit more about you...
PROCEED
Choose Lists
BACK

Related Stories

  • Target Looks For Help From Mobile Developers With Newly Announced “Retail … – TechCrunchTarget Looks For Help From Mobile Developers With Newly Announced “Retail … – TechCrunch
  • February 08, 2014-BestBuy’s Canadian arm to cut 950 jobsFebruary 08, 2014-BestBuy’s Canadian arm to cut 950 jobs
  • Kroger Is Making Big Moves In E-CommerceKroger Is Making Big Moves In E-Commerce
  • Walmart reduces HQ staff by 450Walmart reduces HQ staff by 450
  • Staples Names Interim CEO Goodman to Position on Permanent BasisStaples Names Interim CEO Goodman to Position on Permanent Basis
  • eBay Debunks Rumours: E-Retailing Site Will NOT Accept Crypto as PaymenteBay Debunks Rumours: E-Retailing Site Will NOT Accept Crypto as Payment
  • Increasing trips and growing baskets at WalmartIncreasing trips and growing baskets at Walmart
  • Walmart expands e-grocery in eight citiesWalmart expands e-grocery in eight cities

Trending This Week

Sorry. No data so far.

About Us

DistilINFO is media company that publishes Industry news, views and Interviews. We distil the information for you – saving time and keeping you up to date on your interest areas.

More About Us

Follow Us


Useful Links

  • Subscribe
  • Contact
  • Advertise
  • Privacy Policy
  • Terms of Service
  • Feedback

All Publications

  • DistilINFO HealthPlan Advisory
  • DistilINFO HospitalIT Advisory
  • DistilINFO IT Advisory
  • DistilINFO Retail Advisory
  • DistilINFO POPHealth Advisory
  • DistilINFO Ageing Advisory
  • DistilINFO Life Sciences Advisory
  • DistilINFO GovHealth Advisory
  • DistilINFO EHS Advisory
  • DistilINFO HealthIndia Advisory

© DistilINFO Publications