Why Five Below Stock Jumped Today
Shares of discount retail chain Five Below (NASDAQ: FIVE) jumped on Thursday after the company announced financial results for the third quarter of 2024 and named a new CEO. As of 10 a.m. ET, Five Below stock was up 11% and hitting its highest price in almost six months.
Just three months ago, Five Below's management said that it would have $800 million in Q3 net sales, at best. But it just reported net sales of $844 million, which was up nearly 15% year over year. The difference-maker was its same-store sales. Management had expected a drop but it squeaked out a 0.6% gain instead.
Back in July, Five Below's sales were slumping and longtime CEO Joel Anderson abruptly resigned, which led to a sharp drop in Five Below's stock price. Today, investors are encouraged with Winnie Park being named as the new CEO. Park has been the CEO of apparel chain Forever 21 for the past nearly three years. But she also has experience with discount retail, having served on the board of directors for Dollar Tree since 2020.
Source Fool.com
