Five Below Q1 surpassing expectations, record new store openings, on track to open 170-180 additional new stores

Five Below, Inc. (NASDAQ: FIVE) today announced financial results for the first quarter ended May 1, 2021. Given the lack of comparability to the first quarter of 2020, when the Company temporarily closed all of its stores due to COVID-19, results are also compared to the first quarter of 2019. Joel Anderson, President and CEO of Five Below, stated, “Our first quarter results kicked off a great start to fiscal 2021, surpassing our expectations. We continued to invest in our growth, opening a record 68 new stores across various states.” For the first quarter ended May 1, 2021:

• Net sales increased by 197.6% to $597.8 million from $200.9 million in the first quarter of fiscal 2020 and by 63.9% from $364.8 million in the first quarter of fiscal 2019; comparable sales increased by 162.0% versus the first quarter of fiscal 2020. For the comparable subset of stores that were open in both the first quarter of fiscal 2019 and the first quarter of fiscal 2021, sales increased 23%.
• The Company opened 67 net new stores and ended the quarter with 1,087 stores in 39 states. This represents an increase in stores of 18.2% from the end of the first quarter of fiscal 2020.
• Net income was $49.6 million compared to a net loss of $50.6 million in the first quarter of fiscal 2020. Net income increased by 93.3% from $25.7 million in the first quarter of fiscal 2019.

Mr. Anderson continued, “We are excited to continue growing and innovating across our key strategic initiatives of product, experience and supply chain. We are on track to open 170 to 180 new stores this year and offer our unique Five Below experience to more new customers. With the inherent flexibility of our eight worlds, unique merchandising approach and focus on innovation, we believe we remain in a position of strength to continue growing Five Below and driving sustainable, long-term value for all stakeholders.” Source: Five Below, Inc. IR 2021-06-03 Photo Credit: Five Below, Inc. About Five Below:  Five Below is a leading high-growth value retailer offering trend-right, high-quality products loved by tweens, teens and beyond. We know life is way better when you’re free to “let go & have fun” in an amazing experience filled with unlimited possibilities. With most items priced $1-$5, and some extreme value items priced beyond $5, we make it easy to say YES! to the newest, coolest stuff across 8 awesome Five Below worlds: Style, Room, Sports, Tech, Create, Party, Candy and Now. Founded in 2002 and headquartered in Philadelphia, Pennsylvania, Five Below today has over 1,050 stores in 39 states. For more information, please visit www.fivebelow.com!