Same-Store Sales at Five Below ‘Tracking’ 8% Higher at Reopened Locations
Five Below began reopening stores April 21 and now has about 90% of its 920 locations back in business in 36 states, said CEO Joel Anderson on a fiscal Q1 call Tuesday. The retailer sells kids-targeted headphones and tech accessories,…
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most priced for under $5. It began closing stores days after the World Health Organization declared COVID-19 a global pandemic on March 11. Same-store sales at the reopened locations are “tracking” about 8% higher for Q2 ending early August, he said. The company is “very encouraged by the strong early performance” but worries the momentum won’t last, he said. “Significant stimulus dollars began to hit bank accounts in mid-April, and there's likely some level of pent-up demand that is also being reflected in our current performance.” With all stores closed for most of the second half of Q1 ended May 2, total sales were down 45%, said Anderson. Same-store sales were down 52%. E-commerce sales were four times higher than in the 2019 quarter, but “this level of growth has moderated as stores have reopened,” he said. The stock closed 9.4% higher Wednesday at $113.67.