Discount retailer Five Below plans to open more than 200 stores in 2023, the most in the company's history. The company also says it plans to convert more than 400 stores to its new "Five Beyond" format, which includes an in-store section featuring higher priced items, reports Chain Store Age.
In March, Five Below said it was increasing its store potential in the U.S. from about 2,500 stores to more than 3,500 locations. In a recent press release, the company cited “momentum” entering its fiscal year 2023. The company said its holiday sales rose 11.2% to $1.003.7 billion from $902.3 million in the comparable year-ago period. Comparable sales increased by 0.9%.
“We are pleased with our holiday performance, with results in the upper end of our fourth quarter sales guidance range,” said president and CEO Joel Anderson. “We believe our diverse eight worlds and WOW merchandise offering along with increased and more targeted marketing effectively highlighted the tremendous value for our customers."
The Five Beyond concept, which is currently in about 250 store locations, is a result of the chain's "Ten Below" pilot program, which featured a section of merchandise priced above the retailer's signature $5 price threshold.
Headquartered in Philadelphia, Five Below has over 1,300 stores in 42 states.