Five Below Shares Rose 7% After Strong Revenue
Five Below Inc. shares rose 7 percent in after-hours trading after reporting strong second-quarter revenue, according to MarketWatch.
The company's earnings beat Wall Street estimates. Five Below reported net income of $29.6 million, or 53 cents a share. Last year, the company reported $28.7 million, or 52 cents a share. Revenue grew 2 percent year-over-year to $426.1 million from $417.4 million.
Analyst surveyed by Zacks Investment Research anticipated earnings of 14 cents a share and revenue of $405.8 million. Five Below did not provide guidance for the fiscal third-quarter or current year. However, the company is expecting to open an additional 110-120 new stores in 2020.
"We feel good about our positioning for the second half of the year," company Chief Executive Joel Anderson said. Five Below shares are down 8% this year.