Five Below has promoted CFO and Treasurer Kenneth Bull to the role of Chief Operating Officer, where he will focus on achieving the company’s Triple Double growth goals by optimizing its talent, systems and processes. Bull also will retain the CFO title while the retailer conducts a search for a replacement.
The company’s Triple Double growth plan was announced in March 2022, when it set the goal of tripling its store count to more than 3,500 locations by the end of fiscal 2030 while at least doubling sales and growing operating margin by 14% by the end of fiscal 2025.
The company is working toward this goal by opening 400 stores during fiscal 2022 and 2023, with plans to accelerate to 550 to 600 new stores in fiscal 2024 and 2025. Five Below also will upgrade 400 existing locations to its higher-priced Five Beyond format in fiscal 2023, which will help it achieve its margin growth goals.
Bull has been with Five Below for 17 years and has held the CFO and Treasurer positions since 2012. He has helped develop a culture of discipline and overseen the transition into a publicly traded company. Prior to joining Five Below, Bull served in senior finance roles at other retailers, including Urban Outfitters.
“I joined Five Below when we operated just 27 stores,” said Bull in a statement. “As incredible as our growth has been since then, I could not be more excited about our future opportunities, assuming the role of COO and driving the initiatives that support our Triple Double growth vision. The success we have enjoyed to date is a testament to the caliber of our people and I am thankful to the entire team for building Five Below into the company it is today.”