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Five Below reports Q3 beat, offers in-line guidance; Still a Top Pick at BofA
Five Below reports Q3 beat, offers in-line guidance; Still a Top Pick at BofA By Investing.com
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AuthorDavit KirakosyanStock Markets
Published Nov 29, 2023 04:42PM ET
Updated Nov 30, 2023 07:05AM ET
© Reuters. Five Below reports Q3 beat, provides guidance
(Updated – November 30, 2023 7:02 AM EST)
Five Below (NASDAQ:FIVE) reported its Q3 results, with EPS of $0.26 coming in better than the consensus estimate of $0.23. Shares were mostly flat in pre-market Thursday trade.
Revenue grew 14.2% year-over-year to $736.4 million, beating the consensus estimate of $727.6M. Comparable sales rose by 2.5% year-over-year.
“We opened a record 74 new stores in the third quarter and are on track to open over 200 new stores for the year. We have also successfully converted over 400 stores to our new Five Beyond format, ending the third quarter with approximately 50% of our comparable store base in this format,” said CEO Joel Anderson.
For Q4/24, the company expects EPS in the range of $3.64-$3.80, compared to the consensus of $3.70, and revenue in the range of $1.32-$1.355 billion, compared to the consensus of $1.34B.
For the full year, EPS is seen at $5.40-$5.56, compared to the consensus estimate of $5.45, and revenue in the range of $3.54-$3.57B, compared to the consensus estimate of $3.55B.
Bank of America analysts lifted the price target by $3 to $233 per share on FIVE stock, which remains a Top Pick for Q4 and the holiday season.
“We reiterate our Buy rating as we continue to believe in FIVE’s long-term growth potential,” the analysts said.
“We believe that FIVE saw a strong Black Friday weekend and will see an acceleration in the weeks leading up to Christmas.”
Five Below reports Q3 beat, offers in-line guidance; Still a Top Pick at BofA
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