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Five Below Plans 230 Added Stores in ’24

Total includes 61 new locales added in first quarter

Published

2 weeks ago

June 7, 2024

VMSD Staff

Five Below Plans 230 Added Stores in ’24 — Photo: JHVEPhoto/iStock.com

Photo: JHVEPhoto/iStock.com

Five Below Inc. (Philadelphia) plans to open 230 new stores this year. The value retailer disclosed that number in its financial results for its first quarter ended May 4.

“Five Below remains an extreme value, high-growth retailer,” President and CEO Joel Anderson said in a news release. “We are excited to open approximately 230 new stores by the end of this year and bring Five Below to more neighborhoods, offering trend-right, WOW items at amazing value.”

For its most recent quarter, the retailer reported net sales increased to $811.9 million, an 11.8% increase from a year earlier, and a net income of $31.5 million, down from $37.5 million a year earlier. Also during the quarter, the company opened 61 new stores, leaving it with 1605 stores in 43 states.

Founded in 2002, Five Below says it offers “trend-right, high-quality products loved by tweens, teens and beyond,” with most items priced between $1 and $5.

VMSD Staff

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