Five Below (Philadelphia) announced plans to open 85 new stores in 2016, increasing its store count to 522 by year’s end. Last year, the retailer opened 71 new stores.
The announcement comes as the retailer experienced its 10th consecutive year of positive comparable-sales growth. For fiscal year 2015, the retailer experienced an increase in sales of 22.3 percent, at $832 million. Its profits also jumped 20.1 percent to $57.7 million, up from $48 million last year.
The improvement is attributed to well-selected merchandise assortment, effective marketing campaigns and the addition of an East Coast distribution center, reports Chain Store Age.
By continuing this trend of growing same-store sales and increasing its store count this year, the retailer expects annual sales to surpass $1 billion this year.