Five Below, Inc.
Five Below Announces Executive Chairman Departure and Raises First Quarter Outlook
Summary
Five Below, Inc. announced that Thomas G. Vellios, Executive Chairman of the Board, will not stand for re-election at the 2025 Annual Meeting, marking the end of his employment as Executive Chairman. The company also raised its guidance for the first quarter of fiscal 2025, expecting net sales of approximately $967 million, a 6.7% increase in comparable sales, and diluted income per common share in the range of $0.69 to $0.71. The transition will see Mike Devine, a 12-year Board veteran, appointed as non-executive Chair of the Board following the Annual Meeting.
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About Five Below, Inc.
Five Below, Inc. is a specialty discount retailer that offers a diverse range of products primarily aimed at tweens, teens, and young adults, all at affordable prices ranging typically from $1 to $5. Its primary function is to provide a fun shopping experience with an ever-changing product assortment, which includes items such as toys, tech accessories, games, fitness goods, and home décor. The company plays a pivotal role in the retail sector, particularly focusing on value-driven merchandising and the expectation of fun bargains, impacting consumer spending habits, especially among younger demographics. Founded in 2002 and headquartered in Philadelphia, Pennsylvania, Five Below has expanded rapidly across the United States, strategically placing stores in high-traffic locations like strip malls and shopping centers. This positions Five Below as a significant player in the discount retail market, appealing to cost-conscious consumers with its unique and dynamic shopping environment.
Official SEC Documents
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