Five Below up on FY forecasts lift; names retail veteran Winnie Park CEO

Five Below

04/12/2024 23:18

(Updates)
    ** Shares of discount store operator Five Below  FIVE.O 
surge 12% to $117.75 after the bell 
    ** Co raises FY24 sales forecast to between $3.84 bln and
$3.87 bln vs its prior expectation of $3.73 bln to $3.80 bln 
    ** FIVE now expects FY adjusted profit in the range of $265
mln to $275 mln, compared with $241 mln to $261 mln earlier
    ** FIVE names former Forever 21 top boss Winnie Park as its
CEO, effective Dec. 16
    ** Park takes over from interim CEO and COO Ken Bull, who
will continue as co's operating chief
    ** Co's net sales jump 14.6% to $843.7 million in Q3,
beating estimates of $798.6 million  — LSEG
    ** Q3 adj EPS of 42 cents also handily beats estimates of 17
cents
    ** "Our solid Black Friday weekend results were an
encouraging start to the holiday season, though the highest
volume selling days lie ahead," says Bull in a statement 
    ** FIVE says it opened 82 new stores and ended the quarter
with 1,749 stores in 44 states 
    ** As of last close, stock down 50.8% YTD 

 (Reporting by Manya Saini and Juveria Tabassum in Bengaluru)
 ((Manya.Saini@thomsonreuters.com))