By Sabela Ojea
Discount retailer Five Below has raised its sales outlook for the year after exceeding sales expectations in its fiscal third quarter. The company now projects sales for the year ending in January 2024 to be between $3.54 billion and $3.57 billion, driven by the opening of over 200 new stores. This is an increase from the previous guidance of $3.5 billion to $3.57 billion, announced in August.
Furthermore, Five Below anticipates a net profit of $300 million to $310 million, or $5.40 to $5.56 per share, for the year. This updated forecast is higher than the previously estimated net profit of $295 million to $311 million, or $5.27 to $5.55 per share.
According to Chief Executive Joel Anderson, the company is confident in its ability to perform well during the upcoming holiday season and achieve its goals for the year.
Looking ahead to the fiscal fourth quarter, Five Below expects sales in the range of $1.32 billion to $1.35 billion. This forecast aligns with analysts' expectations of approximately $1.34 billion, as reported by FactSet.
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