Why Five Below Stock Sank Today
Shares of discount retailer Five Below (NASDAQ: FIVE) sank on Thursday after the company announced quarterly financial results that missed analysts' expectations. Moreover, Wall Street wasn't a fan of management's forward guidance, adding to shareholders' pain. As of 1:15 p.m. EDT, the stock was down almost 12%.
Yesterday afternoon, Five Below provided financial results for the second quarter of 2021. In Q2, the company's net sales were up 55% year over year to $647 million. The growth rate looks superb, especially considering the company's sales were up 2% last year, so this wasn't an easy year-over-year comparison. However, analysts expected revenue of $648 million on average, so the market is disappointed with Five Below's results.
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Source Fool.com
