Five Below Files Q2 2024 10-Q

TL;DR

Five Below's Q2 2024 10-Q is in. Check financials.

AI Summary

Five Below, Inc. filed its 10-Q for the period ending August 3, 2024. The company reported its financial results for the second 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 are standard financial reports, but the specific details within can reveal risks or opportunities.

Key Players & Entities

• FIVE BELOW, INC (company) — Filer of the 10-Q
• 0001177609-24-000026 (other) — Accession Number for the filing
• 20240803 (date) — End of the reporting period
• 20240829 (date) — Filing date
• 701 MARKET STREET SUITE 300 PHILADELPHIA PA 19106 (address) — Company's business and mailing address

FAQ

Key Financial Figures

• $0.01 — hares of the registrant's common stock, $0.01 par value, outstanding as of August 28,

Filing Documents

• five-20240803.htm (10-Q) — 854KB
• form10q_q22024fiveex311.htm (EX-31.1) — 11KB
• form10q_q22024fiveex312.htm (EX-31.2) — 11KB
• form10q_q22024fiveex321.htm (EX-32.1) — 4KB
• form10q_q22024fiveex322.htm (EX-32.2) — 4KB
• 0001177609-24-000026.txt ( ) — 4498KB
• five-20240803.xsd (EX-101.SCH) — 32KB
• five-20240803_cal.xml (EX-101.CAL) — 48KB
• five-20240803_def.xml (EX-101.DEF) — 94KB
• five-20240803_lab.xml (EX-101.LAB) — 423KB
• five-20240803_pre.xml (EX-101.PRE) — 276KB
• five-20240803_htm.xml (XML) — 595KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Page

Consolidated Financial Statements (unaudited)

Item 1. Consolidated Financial Statements (unaudited) 4 Unaudited Consolidated Balance Sheets as of August 3, 2024, February 3, 2024, and July 29, 2023 4 Unaudited Consolidated Statements of Operations for the Thirteen and Twenty-Six Weeks Ended August 3, 2024 and July 29, 2023 5 Unaudited Consolidated Statements of Shareholders' Equity for the Thirteen and Twenty-Six Weeks Ended August 3, 2024 and July 29, 2023 6 Unaudited Consolidated Statements of Cash Flows for the Twenty-Six Weeks Ended August 3, 2024 and July 29, 2023 8 Notes to Unaudited Consolidated Financial Statements 9

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 18

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 27

Controls and Procedures

Item 4. Controls and Procedures 28

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 29

Risk Factors

Item 1A. Risk Factors 30

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 30

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 30

Other Information

Item 5. Other Information 30

Exhibits

Item 6. Exhibits 31 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) August 3, 2024 February 3, 2024 July 29, 2023 Assets Current assets: Cash and cash equivalents $ 209,039 $ 179,749 $ 334,544 Short-term investment securities 118,680 280,339 101,813 Inventories 639,881 584,627 543,621 Prepaid income taxes and tax receivable 14,140 4,834 10,524 Prepaid expenses and other current assets 136,899 153,993 121,424 Total current assets 1,118,639 1,203,542 1,111,926 Property and equipment, net of accumulated depreciation and amortization of $ 662,744 , $ 584,090 , and $ 514,097 , respectively. 1,246,880 1,134,312 1,013,686 Operating lease assets 1,627,483 1,509,416 1,407,474 Long-term investment securities — 7,791 — Other assets 20,142 16,976 16,322 $ 4,013,144 $ 3,872,037 $ 3,549,408 Liabilities and Shareholders' Equity Current liabilities: Line of credit $ — $ — $ — Accounts payable 255,965 256,275 249,093 Income taxes payable — 41,772 — Accrued salaries and wages 12,574 30,028 26,279 Other accrued expenses 164,226 146,887 162,919 Operating lease liabilities 252,440 240,964 211,177 Total current liabilities 685,205 715,926 649,468 Other long-term liabilities 8,662 6,826 4,925 Long-term operating lease liabilities 1,642,055 1,497,586 1,394,698 Deferred income taxes 69,481 66,743 60,171 Total liabilities 2,405,403 2,287,081 2,109,262 Commitments and contingencies (note 6) Shareholders' equity: Common stock, $ 0.01 par value. Authorized 120,000,000 shares; issued and outstanding 55,006,099 , 55,197,875 , and 55,686,858 shares, respectively. 549 551 556 Additional paid-in capital 141,029 182,709 254,687 Retained earnings 1,466,163 1,401,696 1,184,903 Total shareholders' equity 1,607,741 1,584,956 1,440,146 $ 4,013,144 $ 3,872,037 $ 3,549,408 See accompanying notes to consolidated financial statements. 4 FIVE BELOW, INC. Consolidated Statements

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 August 3, 2024, operated in 43 states, excluding Alaska, Hawaii, Idaho, Montana, Oregon, Washington, and Wyoming. As of August 3, 2024 and July 29, 2023, the Company operated 1,667 stores and 1,407 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

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