Discount store chain Five Below Inc. (NASDAQ: FIVE) reported higher profit and net sales for the final three months of fiscal 2021. Fourth-quarter earnings exceeded the market’s prediction, while sales missed the estimates.
Net sales increased 16.1% year-over-year to $996.3 million in the fourth quarter, supported by a 3.4% growth in comparable-store sales, but the top-line fell short of expectations.
Net profit rose to $140.2 million or $2.49 per share from $123.9 million or $2.20 per share in the fourth quarter of 2020. Analysts had forecast a slower growth.
Shares of Five Below have declined 23% since the beginning of the year. The stock opened Wednesday’s session lower and continued to lose in the early trading hours.
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