Five Below, Inc. (NASDAQ:FIVE) reported worse-than-expected first-quarter earnings and lowered its guidance on Wednesday.
Five Below reported quarterly earnings of 60 cents per share which missed the analyst consensus estimate of 63 cents per share. The company reported quarterly sales of $811.86 million which missed the analyst consensus estimate of $836.97 million, according to data from Benzinga Pro.
Five Below said comparable sales decreased by 2.3% versus the first quarter of fiscal 2023.
“While our first quarter sales were disappointing, disciplined cost management enabled us to deliver adjusted EPS within our earnings outlook. Needs-based items such as those in our Candy, Food and Beauty departments …