Retailer Five Below Plans to Open Up to 180 Stores in 2021
19 Feb, 2021
The value retail chain Five Below plans to open 170 to 180 brick-and-mortar stores across the country during the next nine months, reports the publication Chain Store Age. The company currently operates some 1,051 locations nationwide.
For the 2020 holiday period, Five Below’s net sales jumped 21.1% to $722.3 million from $596.6 million the previous year. Comparable sales from other retailers showed an increase of 10.1%.
“We are very pleased with our holiday sales performance, which surpassed our expectations,” said Joel Anderson, CEO, Five Below. “These strong results illustrate the broad appeal of our Wow offering at amazing values as well as the inherent flexibility of our model and merchandise offering.”
The holiday mix included Five Below’s extreme-value products along with its expanded offering (select items priced above the chain’s signature $5.00 cutoff), all of which resonated with customers, Anderson said.
For the fourth-quarter, Five Below provided guidance for sales of $835 million to $840 million, comp sales growth of 11% and earnings per share of $2.08 to $2.12. The FactSet consensus is for sales of $825.2 million, comp sales growth of 8% and EPS of $2.04.
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