Five Below shares fall after CEO steps down, Q2 forecasts cut

Five Below

16/07/2024 21:23

** Shares of discount store operator Five Below  FIVE.O 
down 10.1% at $91.74 in extended trading
    ** Company says Joel Anderson has stepped down from his role
as CEO; Kenneth Bull named interim CEO, effective immediately
    ** FIVE says total sales for ten-week period ended July 13,
2024 increased 9.5% versus the first ten weeks of the second
quarter ended July 8, 2023
    ** Adds company now expects sales for Q2 ending August 3 to
be in range of $820 mln to $826 mln vs previous projection of
$830 mln to $850 mln
    ** FIVE says diluted income per common share for Q2 is
expected to be in range of $0.53 to $0.56 per share, compared to
prior forecast of $0.57 to $0.69 
    ** As of last close, stock had fallen over 52% YTD

 (Reporting by Granth Vanaik in Bengaluru)
 ((Granth.Vanaik@thomsonreuters.com; Twitter: https://twitter.com/Vanaik_Granth;))