Discount store chain Five Below Inc. (NASDAQ: FIVE) reported an increase in net profit and sales for the second quarter of fiscal 2023 when its comparable store sales increased 2.7%.
Sales increased 14% year-over-year to $759 million in the second quarter. The company opened 44 new stores and ended the period with 1,407 outlets in 43 states. Comparable-store sales moved up by 2.7% during the three-month period.
Net profit advanced to $46.8 million or $0.84 per share in the second quarter from $41.3 million or $0.74 per share in the same period of 2022.
“We will continue to play offense on sourcing amazing products, capitalizing on an improved supply chain, opening a record number of new stores, and executing on the continued success of our Five Beyond store format,” said Five Below’s CEO Joel Anderson.