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Five Below Q1 operating income decreased 1.0% to $24.5 million

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Christian Fernsby |
Five Below
Five Below   The effective tax rate was 1.9% versus 15.4% in the first quarter of fiscal 2018

Five Below announced financial results for the first quarter of fiscal 2019 ended May 4, 2019.

For the first quarter ended May 4, 2019:

Net sales increased 23.1% to $364.8 million from $296.3 million in the first quarter of fiscal 2018; comparable sales increased 3.1%.

Five Below opened 39 new stores and ended the quarter with 789 stores in 36 states. This represents an increase in stores of 19.9% from the end of the first quarter of fiscal 2018.

Operating income decreased 1.0% to $24.5 million from $24.7 million in the first quarter of fiscal 2018 primarily due to unanniversaried tax reform-related investments that began in the second quarter of 2018, the start-up costs of the new Southeast distribution center and the new lease accounting standard.

The effective tax rate was 1.9% versus 15.4% in the first quarter of fiscal 2018 reflecting the benefit from share-based accounting.

Net income increased 17.7% to $25.7 million compared to $21.8 million in the first quarter of fiscal 2018.

Diluted income per common share was $0.46 compared to $0.39 in the first quarter of fiscal 2018. The benefit from share-based accounting was $0.11 in the first quarter of fiscal 2019 compared to $0.04 in the first quarter of fiscal 2018.

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