Five Below, the value retailer targeting the tween and teen markets, plans to open more than 200 stores during its fiscal year 2023, which ends in January 2024, and convert more than 400 stores to its higher-priced Five Beyond format. The ambitious store opening plans are in line with the retailer’s March 2022 announcement that it intends to open approximately 1,000 stores by its fiscal year 2025.
This brick-and-mortar expansion comes on the heels of a strong holiday season: net sales from Oct. 30, 2022 through Jan. 7, 2023 rose to just over $1 billion, 11.2% higher than the same period the previous year, and comp store sales rose 0.9%.
“We are pleased with our holiday performance, with results in the upper end of our fourth quarter sales guidance range,” said Joel Anderson, President and CEO of Five Below in a statement. “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. Given this holiday performance, we now expect to finish the fourth quarter and full year near the high end of our previously provided guidance ranges.”
Five Below’s Q4 guidance had forecasted net sales ranging from $1.085 million to $1.110 million and comp sales ranging from a 1% decrease to a 1% increase. The retailer’s Q4 and FY 2022 will end on Jan. 28, 2023.