Discount store chain Five Below Inc. (NASDAQ: FIVE) reported higher earnings and sales for the final three months of fiscal 2020, benefiting from the shopping boom as people continued to stock up on essential items during the shutdown. The results also exceeded the market’s prediction.
Fourth-quarter net sales increased 25% year-over-year to $858.5 million, supported by a 13.8% growth in comparable-store sales. Consequently, net profit rose to $123.9 million or $2.20 per share from $110.4 million or $1.97 per share in the fourth quarter of 2019. Analysts had forecast a slower growth.
Shares of Five Below climbed to a record high this week, after gaining steadily for more than a year. The stock closed Wednesday’s trading higher and gained further during the extended session following the quarterly report.
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