Five Below press release (NASDAQ:FIVE): Q2 Non-GAAP EPS of $0.54 in-line. Revenue of $830.07M (+9.4% Y/Y) beats by $7.98M. The Company opened 62 new stores and ended the quarter with 1,667 stores in 43 states. This represents an increase in stores of 18.5% from the end of the second quarter of fiscal 2023. Operating income was $41.5 million, compared to $58.6 million in the second quarter of fiscal 2023. Adjusted operating income(1) was $37.0 million. Q3 Outlook: Net sales are expected to be in the range of $780 million to $800 million vs. consensus of $790.18M based on opening approximately 85 new stores and assumes a mid-single digit decrease in comparable sales. Net loss is expected to be in the range of $2 million to $13 million. Adjusted net income(3) is expected to be in the range of $5 million to $12 million. Diluted loss per common share is expected to be in the range of $0.04 to $0.24 on approximately 55.3 million diluted weighted average shares outstanding. Adjusted diluted income per common share(3) is expected to be in the range of $0.10 to $0.22 vs. consensus of $0.16. 2024 Outlook: Net sales are expected to be in the range of $3.73 billion to $3.80 billion vs. consensus of $3.78B based on opening approximately 230 new stores and assumes an approximate 4% to 5.5% decrease in comparable sales. Net income is expected to be in the range of $220 million to $244 million. Adjusted net income(4) is expected to be in the range of $241 million to $261 million. Diluted income per common share is expected to be in the range of $3.98 to $4.41 on approximately 55.3 million diluted weighted average shares outstanding. Adjusted diluted income per common share(4) is expected to be in the range of $4.35 to $4.71 vs. consensus of $4.72. Gross capital expenditures are expected to be approximately $335 million to $345 million in fiscal 2024. Shares +11.65%.
