(Five Below) Shares of Five Below fell 7% on Thursday premarket after posting sales of $639.6 million in the first quarter of 2022.
The sales were an increase from $597.8 million in the prior year but missed estimates of $653.3 million. The comparable sales fell by 3.6% from the prior year.
Five Below reported a net income of $32.7 million or $0.59 per diluted share, a decrease from $49.6 million or $0.88 per share in the prior year. The earnings topped estimates of $0.58.
Five Below said it repurchased 447,132 shares in the quarter for an approximate value of $40.0 million.
The company projects revenue of between $675 million to $695 million in the second quarter. The revenue missed estimates of $729.2 million. FY22 sales are expected between $3.04 billion to $3.12 billion, lower than previous guidance of between $3.16 billion to $3.26 billion
On net earnings, Five Below expects EPS in the range of $0.74 to $0.86 in the second quarter. The per-share earnings are below estimates of $1.21.
FY22 earnings are expected at between $4.85 to $5.24, below prior guidance of between $5.19 to $5.70.
FIVE:NASDAQ is down -7.75%.
