Five Below Files Q3 2024 10-Q

TL;DR

**FIVE BELOW (FIVE) Q3 10-Q FILED: Check financials for latest performance.**

AI Summary

Five Below, Inc. filed its 10-Q for the period ending November 2, 2024. The company reported its financial results for the third quarter of fiscal year 2024. Key financial data and operational details are presented in this filing.

Why It Matters

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

Risk Assessment

Risk Level: medium — As a retail company, Five Below is subject to market trends, consumer spending, and competitive pressures, which can impact its financial performance.

Key Players & Entities

• FIVE BELOW, INC (company) — Filer
• 2024-11-02 (date) — End of Reporting Period
• 701 MARKET STREET SUITE 300 PHILADELPHIA PA 19106 (location) — Business and Mail Address
• 215 546 7909 (phone_number) — Business Phone

FAQ

Key Financial Figures

• $0.01 — hares of the registrant's common stock, $0.01 par value, outstanding as of December 4

Filing Documents

• five-20241102.htm (10-Q) — 904KB
• form10q_q32024fiveex311.htm (EX-31.1) — 11KB
• form10q_q32024fiveex312.htm (EX-31.2) — 11KB
• form10q_q32024fiveex321.htm (EX-32.1) — 4KB
• form10q_q32024fiveex322.htm (EX-32.2) — 4KB
• 0001177609-24-000033.txt ( ) — 4617KB
• five-20241102.xsd (EX-101.SCH) — 33KB
• five-20241102_cal.xml (EX-101.CAL) — 48KB
• five-20241102_def.xml (EX-101.DEF) — 92KB
• five-20241102_lab.xml (EX-101.LAB) — 427KB
• five-20241102_pre.xml (EX-101.PRE) — 277KB
• five-20241102_htm.xml (XML) — 615KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Page

Consolidated Financial Statements (unaudited)

Item 1. Consolidated Financial Statements (unaudited) 4 Unaudited Consolidated Balance Sheets as of November 2 , 2024, February 3, 2024, and October 28 , 2023 4 Unaudited Consolidated Statements of Operations for the Thirteen and T hirty-Nine Weeks Ended November 2 , 2024 and October 28 , 2023 5 Unaudited Consolidated Statements of Shareholders' Equity for the Thirteen and T hirty-Nine Weeks Ended November 2 , 2024 and October 28 , 2023 6 Unaudited Consolidated Statements of Cash Flows for the T hirty-Nine Weeks Ended November 2 , 2024 and October 28 , 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) November 2, 2024 February 3, 2024 October 28, 2023 Assets Current assets: Cash and cash equivalents $ 169,702 $ 179,749 $ 162,928 Short-term investment securities 46,941 280,339 — Inventories 817,832 584,627 763,349 Prepaid income taxes and tax receivable 20,348 4,834 23,906 Prepaid expenses and other current assets 157,396 153,993 140,816 Total current assets 1,212,219 1,203,542 1,090,999 Property and equipment, net of accumulated depreciation and amortization of $ 705,959 , $ 584,090 , and $ 547,682 , respectively. 1,259,768 1,134,312 1,075,275 Operating lease assets 1,692,978 1,509,416 1,475,095 Long-term investment securities — 7,791 — Other assets 20,354 16,976 16,069 $ 4,185,319 $ 3,872,037 $ 3,657,438 Liabilities and Shareholders' Equity Current liabilities: Line of credit $ — $ — $ — Accounts payable 352,180 256,275 349,340 Income taxes payable — 41,772 — Accrued salaries and wages 28,758 30,028 19,357 Other accrued expenses 143,388 146,887 158,272 Operating lease liabilities 351,062 240,964 231,197 Total current liabilities 875,388 715,926 758,166 Other long-term liabilities 8,962 6,826 4,625 Long-term operating lease liabilities 1,616,964 1,497,586 1,455,358 Deferred income taxes 68,153 66,743 61,364 Total liabilities 2,569,467 2,287,081 2,279,513 Commitments and contingencies (note 6) Shareholders' equity: Common stock, $ 0.01 par value. Authorized 120,000,000 shares; issued and outstanding 55,010,438 , 55,197,875 , and 55,192,500 shares, respectively. 549 551 551 Additional paid-in capital 147,453 182,709 177,877 Retained earnings 1,467,850 1,401,696 1,199,497 Total shareholders' equity 1,615,852 1,584,956 1,377,925 $ 4,185,319 $ 3,872,037 $ 3,657,438 See accompanying notes to consolidated financial statements. 4 FIVE BELOW, INC. Consolidated Statements of

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 November 2, 2024, operated in 44 states, excluding Alaska, Hawaii, Idaho, Montana, Oregon, and Washington. As of November 2, 2024 and October 28, 2023, the Company operated 1,749 stores and 1,481 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

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