Discount store chain Five Below Inc. (NASDAQ: FIVE) reported lower profit for the second quarter of fiscal 2022, despite an increase in sales. Both numbers missed analysts’ estimates.
Net sales increased 3.5% year-over-year to $668.9 million in the second quarter but fell short of expectations. Comparable-store sales decreased 5.8% during the three-month period.
Net profit declined to $41.3 million or $0.74 per share in the July quarter from $64.8 million or $1.15 per share in the second quarter of 2021. Analysts had forecast a slower decrease.
Read management/analysts’ comments on quarterly results
Shares of Five Below closed Wednesday’s session lower, extending the recent downturn. They dropped further in after-hours trading following the earnings announcement.