Time: 2024-07-17
Five Below Inc , a value retailer listed on Nasdaq under the ticker symbol NASDAQ : FIVE , experienced a significant event recently as its Chief Executive Officer , Thomas Vellios , stepped down from his role . Vellios will be replaced by Kenneth R. Bull , who has been named as the interim CEO of the company . This transition comes after Joel D Anderson , the former CEO , decided to resign from his position to pursue other interests . Anderson will also be stepping down from the board of directors at Five Below.
In addition to the CEO transition , Five Below also provided an update on its financial performance for the second quarter . The company reported that total sales for the 10 - week period ending July 13 saw a 9.5 % increase year - over - year . However , comparable sales declined by 5 % during the same period . As a result , Five Below now expects second - quarter sales to be in the range of 20 million to 26 million , with a projected decrease of 6 % to 7 % in comparable sales . The diluted income per common share is estimated to be between 53 cents to 56 cents.
Moreover , Five Below mentioned that it will provide further details on its outlook for the rest of the year when it releases its earnings report for the second quarter . The company is scheduled to announce its financial results towards the end of August . Following the news of the CEO transition and the updated guidance , Five Below 's shares fell by 9.34 % in after - hours trading , reaching 2.53.
Thomas Vellios , the co - founder , non - executive chairman , and former CEO of Five Below , expressed his confidence in the new interim CEO , Kenneth Bull , and the senior leadership team . Vellios highlighted Bull 's significant experience and deep knowledge of the business , emphasizing his role in shaping the company 's strategic growth plans . Vellios will assume the position of executive chairman on an interim basis to provide support to the executive leadership team during the transition period.
In conclusion , Five Below remains focused on driving sales , optimizing margins , and delivering exceptional value to customers . Despite the challenges posed by the CEO transition and the impact on comparable sales , the company is committed to its growth trajectory and industry - leading returns on new stores . The path ahead for Five Below is marked by continuous growth and a dedication to meeting customer expectations.
Business
