Five Below Files Q1 2024 10-Q

TL;DR

Five Below dropped its Q1 10-Q, check financials for the latest.

AI Summary

Five Below, Inc. filed its 10-Q for the period ending May 4, 2024. The company reported its financial results for the first quarter of fiscal year 2024. Key financial data and operational updates are detailed within this filing.

Why It Matters

This filing provides investors with the latest financial performance and operational details for Five Below, Inc., crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — 10-Q filings inherently carry medium risk due to the detailed financial information and potential for both positive and negative performance indicators.

Key Numbers

• 20240504 — Fiscal Period End Date (Indicates the end of the reporting quarter.)
• 20240606 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• FIVE BELOW, INC (company) — Filer of the 10-Q
• 20240504 (date) — End of the reporting period
• 20240606 (date) — Filing date
• 701 MARKET STREET SUITE 300 PHILADELPHIA PA 19106 (address) — Company's business and mailing address
• 215 546 7909 (phone_number) — Company's business phone number

FAQ

Key Financial Figures

• $0.01 — hares of the registrant's common stock, $0.01 par value, outstanding as of June 5, 20

Filing Documents

• five-20240504.htm (10-Q) — 709KB
• form10q_q12024fiveex311.htm (EX-31.1) — 11KB
• form10q_q12024fiveex312.htm (EX-31.2) — 11KB
• form10q_q12024fiveex321.htm (EX-32.1) — 4KB
• form10q_q12024fiveex322.htm (EX-32.2) — 4KB
• 0001177609-24-000016.txt ( ) — 4135KB
• five-20240504.xsd (EX-101.SCH) — 32KB
• five-20240504_cal.xml (EX-101.CAL) — 47KB
• five-20240504_def.xml (EX-101.DEF) — 90KB
• five-20240504_lab.xml (EX-101.LAB) — 419KB
• five-20240504_pre.xml (EX-101.PRE) — 272KB
• five-20240504_htm.xml (XML) — 506KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Page

Consolidated Financial Statements (unaudited)

Item 1. Consolidated Financial Statements (unaudited) 4 Unaudited Consolidated Balance Sheets as of May 4, 2024, February 3, 2024, and April 29, 2023 4 Unaudited Consolidated Statements of Operations for the Thirteen Weeks Ended May 4, 2024 and April 29, 2023 5 Unaudited Consolidated Statements of Shareholders' Equity for the Thirteen Weeks Ended May 4, 2024 and April 29, 2023 6 Unaudited Consolidated Statements of Cash Flows for the Thirteen Weeks Ended May 4, 2024 and April 29, 2023 7 Notes to Unaudited Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 16

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 24

Controls and Procedures

Item 4. Controls and Procedures 25

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 26

Risk Factors

Item 1A. Risk Factors 27

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 27

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 27

Other Information

Item 5. Other Information 27

Exhibits

Item 6. Exhibits 28 3

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS FIVE BELOW, INC. Consolidated Balance Sheets (Unaudited) (in thousands, except share and per share data) May 4, 2024 February 3, 2024 April 29, 2023 Assets Current assets: Cash and cash equivalents $ 96,308 $ 179,749 $ 335,286 Short-term investment securities 273,341 280,339 88,241 Inventories 629,981 584,627 534,389 Prepaid income taxes and tax receivable 4,834 4,834 8,898 Prepaid expenses and other current assets 146,004 153,993 116,689 Total current assets 1,150,468 1,203,542 1,083,503 Property and equipment, net of accumulated depreciation and amortization of $ 621,276 , $ 584,090 , and $ 483,213 , respectively. 1,190,865 1,134,312 944,375 Operating lease assets 1,587,435 1,509,416 1,336,588 Long-term investment securities — 7,791 — Other assets 18,536 16,976 16,043 $ 3,947,304 $ 3,872,037 $ 3,380,509 Liabilities and Shareholders' Equity Current liabilities: Line of credit $ — $ — $ — Accounts payable 221,789 256,275 234,492 Income taxes payable 51,551 41,772 27,751 Accrued salaries and wages 25,906 30,028 13,390 Other accrued expenses 150,335 146,887 135,463 Operating lease liabilities 292,048 240,964 207,458 Total current liabilities 741,629 715,926 618,554 Other long-term liabilities 8,234 6,826 4,626 Long-term operating lease liabilities 1,546,157 1,497,586 1,310,465 Deferred income taxes 66,623 66,743 59,563 Total liabilities 2,362,643 2,287,081 1,993,208 Commitments and contingencies (note 6) Shareholders' equity: Common stock, $ 0.01 par value. Authorized 120,000,000 shares; issued and outstanding 55,072,106 , 55,197,875 , and 55,665,239 shares, respectively. 550 551 556 Additional paid-in capital 150,948 182,709 248,677 Retained earnings 1,433,163 1,401,696 1,138,068 Total shareholders' equity 1,584,661 1,584,956 1,387,301 $ 3,947,304 $ 3,872,037 $ 3,380,509 See accompanying notes to consolidated financial statements. 4 FIVE BELOW, INC. Consolidated Statement

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) (1) Summary of Significant Accounting Policies (a) Description of Business Five Below, Inc. is a specialty value retailer offering merchandise targeted at the tween and teen demographic. The Company offers an edited assortment of products, with most priced at $ 5 and below. As used herein, "Five Below," the "Company," 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" refer to the Company's employees, and references to "Shipcenters" refer to the Company's distribution and logistics centers. The Company's edited assortment of products includes select brands and licensed merchandise. The Company believes its merchandise is readily available, and that there are a number of potential vendors that could be utilized, if necessary, under approximately the same terms the Company is currently receiving; thus, it is not dependent on a single vendor or a group of vendors. The Company is incorporated in the Commonwealth of Pennsylvania and, as of May 4, 2024, operated in 43 states, excluding Alaska, Hawaii, Idaho, Montana, Oregon, Washington, and Wyoming. As of May 4, 2024 and April 29, 2023, the Company operated 1,605 stores and 1,367 stores, respectively, each operating under the name "Five Below." The Company also sells its merchandise on the internet, through the Company's fivebelow.com e-commerce website, offering home delivery and the option to buy online and pick up in store. Additionally, the Company sells merchandise through on-demand third-party delivery services to enable its customers to shop online and receive convenient delivery. (b) Fiscal Year The Company operates on a 52/53-week fiscal year ending on the Saturday closest to January 31. References to "fiscal year 2024" or "fiscal 2024" refer to the period from February 4, 2024 to February 1, 2025, which is a 52-we

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