Discount store chain Five Below Inc. (NASDAQ: FIVE) reported higher profit for the fourth quarter of fiscal 2022 when its revenues increased by double digits.
Sales increased 13% year-over-year to $1.12 billion in the fourth quarter. The company opened 48 new stores and ended the period with 1,340 outlets in 42 states. Comparable-store sales moved up by 1.9% during the three-month period.
Net profit advanced to $171.3 million or $3.07 per share in the fourth quarter from $140.2 million or $2.49 per share in the same period of 2021.
“We plan to open a record 200 new stores, convert 400 stores to the new Five Beyond format, roll out new categories and services and enhance marketing, all while leveraging data analytics and our ve-node DC network to continue to deliver the Wow that is our customer promise,” said Five Below’s CEO Joel Anderson.
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