Five Below reports Holiday Period sales up 13.4% at $596.6M, SSS down 2.6%
Five Below announced net sales results for the quarter-to-date period from November 3, 2019 through January 4, 2020 . The company announced that net sales for the Holiday Period increased by 13.4% to $596.6 million from $526.1 million in the comparable nine-week period from November 4, 2018 to January 5, 2019. Comparable sales for the Holiday Period decreased by 2.6%. CEO Joel Anderson states: "While our comparable sales during key holiday selling periods were positive, they were not strong enough to overcome the headwind of six fewer shopping days between Thanksgiving and Christmas, and overall sales did not meet our expectations. Despite the sales shortfall, strong inventory management and disciplined cost control has us on track to end the quarter with gross margin in line with our expectations and to deliver earnings per share near the low end of our previous guidance range. Looking ahead, we are pleased to announce 180 planned new stores for 2020. As we continue to innovate, we will incorporate a Ten Below zone in the majority of these new stores as well as our remodels. We are also excited to announce the acquisition of a robust e-commerce platform, fulfillment operation and certain other assets of Hollar.com, which will expand our digital capabilities."