Five Below, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Five Below, Inc. has filed its annual 10-K report for the fiscal year ending February 3, 2024.</b>

AI Summary

FIVE BELOW, INC (FIVE) filed a Annual Report (10-K) with the SEC on March 21, 2024. Five Below, Inc. reported its fiscal year 2023 results, ending February 3, 2024. The company's fiscal year 2023 filing covers the period from January 29, 2023, to February 3, 2024. The previous fiscal year reported was for the period ending January 28, 2023. Five Below, Inc. is incorporated in Pennsylvania (PA). The company's principal business address is 701 Market Street, Suite 300, Philadelphia, PA 19106.

Why It Matters

For investors and stakeholders tracking FIVE BELOW, INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Five Below's financial performance, operational strategies, and risk factors for the fiscal year 2023. Investors and analysts can use this report to assess the company's financial health, growth prospects, and potential challenges in the retail sector.

Risk Assessment

Risk Level: medium — FIVE BELOW, INC shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual report. However, the retail sector faces inherent risks related to consumer spending and competition, which are detailed within the report.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Five Below's performance and outlook for the upcoming fiscal year.

Key Numbers

• 2024-02-03 — Fiscal Year End Date (CONFORMED PERIOD OF REPORT)
• 2024-03-21 — Filing Date (FILED AS OF DATE)
• 2023-01-29 — Start of Fiscal Year 2023 (Reporting period)
• 2023-01-28 — Fiscal Year End Date (Previous) (Previous reporting period)

Key Players & Entities

• FIVE BELOW, INC (company) — FILER
• 0001177609 (company) — ACCESSion NUMBER
• 20240203 (date) — CONFORMED PERIOD OF REPORT
• 20240321 (date) — FILED AS OF DATE
• PA (location) — STATE OF INCORPORATION
• 701 MARKET STREET (address) — BUSINESS ADDRESS
• PHILADELPHIA (location) — CITY
• 5331 (industry) — STANDARD INDUSTRIAL CLASSIFICATION

FAQ

Industry Context

Five Below operates in the retail sector, specifically focusing on the "five below" concept, offering a wide range of merchandise at fixed price points.

Regulatory Implications

The filing is a 10-K, which is a mandatory annual report required by the Securities and Exchange Commission (SEC) for publicly traded companies.

What Investors Should Do

1. Analyze the company's revenue and profitability trends from the 10-K.
2. Assess the competitive landscape and market risks outlined in the filing.
3. Evaluate the company's balance sheet and cash flow statements for financial health.

Key Dates

• 2024-02-03: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-21: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the annual 10-K for fiscal year 2023, following previous quarterly (10-Q) and annual (10-K) filings.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share FIVE The Nasdaq Sto
• $5 — nt of exciting products, most priced at $5 and below, including select brands and
• $2.8 billion — and 2023, our net sales increased from $2.8 billion to $3.6 billion, representing a compoun
• $3.6 b — et sales increased from $2.8 billion to $3.6 billion, representing a compounded annual
• $379.9 million — od, our operating income increased from $379.9 million to $385.6 million, representing a compo
• $385.6 m — income increased from $379.9 million to $385.6 million, representing a compounded annual

Filing Documents

• five-20240203.htm (10-K) — 1526KB
• form2023_fiveex211sublist.htm (EX-21.1) — 2KB
• form2023_fiveex231consent.htm (EX-23.1) — 2KB
• form10k2023_fiveex311cert.htm (EX-31.1) — 11KB
• form10k2023_fiveex312cert.htm (EX-31.2) — 11KB
• form10k2023_fiveex321cert.htm (EX-32.1) — 4KB
• form10k2023_fiveex322cert.htm (EX-32.2) — 4KB
• five-20240203_g1.jpg (GRAPHIC) — 80KB
• five-20240203_g2.jpg (GRAPHIC) — 66KB
• 0001177609-24-000008.txt (&nbsp;) — 7294KB
• five-20240203.xsd (EX-101.SCH) — 48KB
• five-20240203_cal.xml (EX-101.CAL) — 63KB
• five-20240203_def.xml (EX-101.DEF) — 165KB
• five-20240203_lab.xml (EX-101.LAB) — 493KB
• five-20240203_pre.xml (EX-101.PRE) — 368KB
• five-20240203_htm.xml (XML) — 1003KB

RISK FACTORS

ITEM 1A. RISK FACTORS 18

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS 32

PROPERTIES

ITEM 2. PROPERTIES 33

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS 34

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 34 PART II

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 35

SELECTED FINANCIAL DATA

ITEM 6. SELECTED FINANCIAL DATA 36

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 38

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 48

CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 49

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 71

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES 71

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION 74

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 75 PART III

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 75

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION 75

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 75

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 75

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 75 PART IV

EXHIBITS AND FINANCIAL STATEMENTS SCHEDULES

ITEM 15. EXHIBITS AND FINANCIAL STATEMENTS SCHEDULES 76

FORM 10-K SUMMARY

ITEM 16. FORM 10-K SUMMARY 80

SIGNATURES

SIGNATURES 81 PART I

BUSINESS

ITEM 1. BUSINESS General Five Below, Inc. was incorporated in Pennsylvania in January 2002. Our principal executive office is located at 701 Market Street, Suite 300, Philadelphia, PA 19106 and our telephone number is (215) 546-7909. Our corporate website address is www.fivebelow.com . The information contained on, or accessible through, our corporate website does not constitute part of this Annual Report. As used herein, "Five Below," the "Company," "we," "us," "our" or "our business" refers to Five Below, Inc. (collectively with its wholly owned subsidiaries), except as expressly indicated or unless the context otherwise requires. As used herein, references to "Crew" refers to our employees, and references to "Shipcenters" refers to our distribution and logistics centers. We purchase products in reaction to existing marketplace trends and, hence, refer to our products as "trend-right." We use the term "dynamic" merchandise to refer to the broad range and frequently changing nature of the products we display in our stores. We use the term "power" shopping center to refer to an unenclosed shopping center with 250,000 to 750,000 square feet of gross leasable area that contains three or more "big box" retailers (large retailers with floor space over 50,000 square feet) and various smaller retailers with a common parking area shared by the retailers. We use the term "lifestyle" shopping center to refer to a shopping center or commercial development that is often located in suburban areas and combines the traditional retail functions of a shopping mall with leisure amenities oriented towards upscale consumers. We use the term "community" shopping center to refer to a shopping area designed to serve a trade area of 40,000 to 150,000 people where the lead tenant is a variety discount, junior department store and/or supermarket. We use the term "trade area" to refer to the geographic area from which a given retailer generates a majority of its customers. Trade areas var

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