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Five Below Store Openings are Slow but Moving Forward

Discount retailer Five Below’s store expansion slowed a bit this year, but the retailer still expects to be just about on target to debut 1,000 brick-and-mortar sites in the next four years.

“We are gaining momentum going into ’23,” Joel Anderson, president and CEO of the Philadelphia-based chain, said Wednesday during a conference call with analysts. The call followed the release of Five Below’s third-quarter earnings for the period that ended Oct. 29.

The chain reported that net sales increased by 6.2% to $645 million during the quarter compared with $607.6 million in sales in the third quarter of the 2021 fiscal year. Comparable sales decreased 2.7% compared with the third quarter of 2021. 

*Article courtesy of Costar

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