Five Below's CEO Has Sights Set on ‘Triple-Double' Expansion

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To mark Five Below's 10th year as a public company and its 20th year in business, CEO Joel Anderson rang the closing bell at the Nasdaq MarketSite on Thursday. Anderson is bullish on company growth and the upcoming holiday shopping season in part due to economic turbulence he believes will benefit the Philadelphia-based retail brand, reports the Philadelphia Business Journal.

Five Below opened 27 new locations in the second quarter to increase its national footprint to 1,252 stores, and it plans to triple its store count to more than 3,500 by the end of the decade.

In its most recent quarter ended July 30, the company saw a 3.5% year-over-year increase in net sales to $668.9 million. Despite that uptick, the company saw net income drop 36% compared to the same period in 2021, from $64.8 million to $41.3 million. Year to date, the company has opened 62 new stores with net sales up 5.2% year over year to $1.3 billion.

The company's stock price stood at $131.48 per share when Anderson rang the closing bell on Thursday, down about 37% from $209.71 at the start of the year.

Check out's full article for how Five Below is seeking to break away from its traditional $5-and-under model with new prototype stores.

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