FIVE BELOW, INC (FIVE) SEC Filing 10-Q Quarterly report for the period ending Saturday, November 3, 2018

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NEWS RELEASE
Five Below, Inc. Announces Third Quarter Fiscal 2018 Financial Results
Q3 net sales increased 22% to $312.8 million
Q3 EPS increased 33% to $0.24
Raises full year fiscal 2018 guidance
PHILADELPHIA, PA – (December 5, 2018) – Five Below, Inc. (NASDAQ: FIVE) today announced financial results for the thirteen and thirty-nine weeks ended November 3, 2018.

For the thirteen weeks ended November 3, 2018:
Net sales increased by 21.6% to $312.8 million from $257.2 million in the third quarter of fiscal 2017; comparable sales increased by 4.8%.
The Company opened 53 new stores and ended the quarter with 745 stores in 33 states. This represents an increase in stores of 19.2% from the end of the third quarter of fiscal 2017.
Operating income increased by 5.0% to $15.5 million from $14.8 million in the third quarter of fiscal 2017.
Net income increased by 36.8% to $13.5 million compared to $9.9 million in the third quarter of fiscal 2017.
Diluted income per common share was $0.24 compared to $0.18 per share in the third quarter of fiscal 2017. Diluted income per common share included a $0.02 benefit in the third quarter of fiscal 2018 due to the accounting for employee share-based payments.

Joel Anderson, President and CEO, said, "We are very pleased to have delivered third quarter results that exceeded the high end of our guidance ranges against last year’s strong third quarter comparison. Continued robust performance from new stores, with a record 53 openings during the quarter, and above-plan comp results were driven by a positive customer response to our compelling assortment of trend-right products across our worlds. Given our performance, we are raising our guidance for the year.”

Mr. Anderson continued, “With the most important weeks of the fourth quarter ahead of us, we look forward to amazing our customers and delivering the magic of the holidays with freshness and newness at outstanding value, further reinforcing Five Below’s position as a favorite destination for holiday shopping and gift giving."

For the thirty-nine weeks ended November 3, 2018:
Net sales increased by 23.7% to $956.9 million from $773.4 million in the comparable period of fiscal 2017; comparable sales increased by 3.6%.
The Company opened 120 new stores compared to 103 new stores opened in the comparable period of fiscal 2017.
Operating income increased by 31.1% to $70.7 million from $53.9 million in the comparable period of fiscal 2017.
Net income increased by 72.2% to $60.4 million compared to $35.1 million in the comparable period of fiscal 2017.
Diluted income per common share was $1.07 compared to $0.63 per share in the comparable period of fiscal 2017. Diluted income per common share included a $0.08 benefit in the thirty-nine weeks ended November 3, 2018 due to the accounting for employee share-based payments.


53rd Week and Calendar Shift:
The fourth quarter and full year of fiscal 2017 included one additional week ("53rd week") versus the same periods in the prior year. Net sales and diluted earnings per share in the 53rd week were $15.7 million and $0.03, respectively.
Financial results for the thirteen and thirty-nine weeks ended November 3, 2018 include the thirteen and thirty-nine weeks ended November 3, 2018, as compared to the thirteen and thirty-nine weeks ended October 28, 2017.
Comparable sales are reported using the National Retail Federation's restated calendar comparing similar weeks, which are the thirteen and thirty-nine weeks ended November 3, 2018 as compared to the thirteen and thirty-nine weeks ended November 4, 2017.

Fourth Quarter and Fiscal 2018 Outlook:
For the fourth quarter of fiscal 2018, net sales are expected to be in the range of $593 million to $600 million based on opening approximately 5 net new stores and assuming a 3% to 4% increase in comparable sales. Net income is expected to be in the range of $86.5 million to $88.5 million, with a diluted income per common share range of $1.53 to $1.57 on approximately 56.4 million estimated diluted weighted average shares outstanding.

For the full year of fiscal 2018, net sales are expected to be in the range of $1.550 billion to $1.557 billion based on opening approximately 125 net new stores and assuming a 3.3% to 3.7% increase in comparable sales. Net income is expected to be in the range of $146.9 million to $148.9 million, with a diluted income per common share of $2.60 to $2.64 on approximately 56.4 million estimated diluted weighted average shares outstanding.

Conference Call Information:
A recording and transcript of management's remarks to discuss the third quarter fiscal 2018 financial results will be available on December 6, 2018 at 7:00 a.m. Eastern Time, with a separate live Q&A-only conference call with management at 8:00 a.m. Eastern Time on December 6, 2018. Investors and analysts interested in participating in the Q&A-only conference call are invited to dial 412-902-6753 approximately 10 minutes prior to the start of the call. A live audio webcast of the Q&A-only conference call will be available online at investor.fivebelow.com. The recording and transcript of management's remarks can be accessed either online at investor.fivebelow.com or by dialing 412-317-0088, access code 10126019. A combined recording of both management's remarks and the Q&A-only conference call will be available within two hours of the conclusion of the Q&A-only conference call at the same number. The replay will be available until December 20, 2018.

Forward-Looking Statements:
This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which reflect management's current views and estimates regarding the Company's industry, business strategy, goals and expectations concerning its market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources and other financial and operating information. Investors can identify these statements by the fact that they use words such as "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "future" and similar terms and phrases. The Company cannot assure investors that future developments affecting the Company will be those that it has anticipated. Actual results may differ materially from these expectations due to risks related to the Company's strategy and expansion plans, risks related to the inability to successfully implement our expansion into online retail, risks related to our ability to select, obtain, distribute and market merchandise profitably, risks related to our reliance on merchandise manufactured outside of the United States, risks related to any legal proceedings that we may become subject to, the availability of suitable new store locations and the dependence on the volume of traffic to our stores, risks related to the Company's continued retention of its executive officers, senior management and other key personnel, risks related to changes in consumer preferences and economic conditions, risks related to increased operating costs, including wage rates, risks related to extreme weather, risks related to leasing, owning or building distribution centers, risks related to our ability to successfully manage inventory balance and inventory shrinkage, quality or safety concerns about the Company's merchandise, increased competition from other retailers including online retailers, risks related to the seasonality of our business, risks related to cyber security, risks related to our ability to protect our brand name and other intellectual property, risks related to customers' payment methods, risks related to domestic and foreign trade restrictions including duties and tariffs affecting our domestic and foreign suppliers, including, among others, the direct and indirect impact of recent and potential tariffs imposed and proposed by the United States on foreign imports, risks associated with the restrictions imposted by our indebtedness on our current and future operations, the impact of changes in tax legislation and accounting standards and risks associated with leasing substantial amounts of space. For further details and a discussion of these risks and uncertainties, see the Company's periodic reports, including the annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, filed with or furnished to the Securities and Exchange Commission and available at www.sec.gov. If one or more of these risks or uncertainties materialize, or if any of the Company's assumptions prove incorrect, the Company's actual results may vary in material respects from those projected in these forward-looking statements. Any forward-looking statement made by the Company in this news release speaks only as of the date on which the Company makes it. Factors or events that could cause the Company's actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.

About Five Below:
Five Below is a leading high-growth value retailer offering trend-right, high-quality products loved by tweens, teens and beyond. We know life is way better when you’re free to “let go & have fun” in an amazing experience filled with unlimited possibilities. We make it easy to say YES! to the newest, coolest stuff because everything is just $5 and below across awesome Five Below worlds: Style, Room, Sports, Tech, Create, Party, Candy and Now. Founded in 2002 and headquartered in Philadelphia, Pennsylvania, Five Below today has approximately 750 stores in 33 states. For more information, please visit www.fivebelow.com and a store!

Investor Contact:
Five Below, Inc.
Christiane Pelz
Vice President, Investor Relations
215-207-2658
Christiane.Pelz@fivebelow.com



The following information was filed by FIVE BELOW, INC on Thursday, December 6, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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  • 18487870_169
    Other - Other
    An accounting policy is deemed to be critical if it requires an accounting estimate to be made based on assumptions about matters that are highly uncertain at the time the estimate is made, and if different estimates that reasonably could have been used, or changes in the accounting estimates that are reasonably likely to occur periodically, could materially impact our consolidated financial statements.
  • 18487870_15
    Other - Other
    A number of important factors could cause actual results to differ materially from those indicated by the forward-looking statements, including, but not limited to, those factors described in Part I, Item 1A "Risk Factors" in our Annual Report, as amended by the risk factors included in Part II, Item 1A "Risk Factors" in this Quarterly Report on Form 10-Q.
  • 18487870_138
    Financial - Shares / Equity
    Based on our growth plans, we believe that our cash position, which includes our cash equivalents and short-term investments, net cash provided by operating activities and availability under our Amended Revolving Credit Facility will be adequate to finance our planned capital expenditures, authorized share repurchases and working capital requirements over the next 12 months and for the foreseeable future thereafter.
  • 18487870_31
    Financial - Expense
    In fiscal 2018 and future years, we may invest a portion of any savings generated by the TCJA into expenses that could significantly increase and impact the comparability between periods of Cost of Goods Sold and Gross Profit, Selling, General and Administrative Expenses and Operating Income.
  • 18487870_141
    Financial - Cash Flow
    A summary of our cash flows from operating, investing and financing activities is presented in the following table (in millions): Net cash provided by operating activities $ 1.6 $ 17.0 Net cash used in investing activities (7.4 ) (41.1 ) Net cash (used in) provided by financing activities (3.6 ) 2.9 Net decrease during period in cash and cash equivalents $ (9.4 ) $ (21.2 ) Components may not add to total due to rounding.
  • 18487870_71
    Financial - Expense
    We expect that our SG&A; expenses will increase in future periods due to our continuing store growth.
  • 18487870_90
    Financial - Earnings
    Gross margin increased to 32.6% for the thirteen weeks ended November 3, 2018 from 32.5% in the thirteen weeks ended October 28, 2017, an increase of approximately 10 basis points.
  • 18487870_111
    Financial - Earnings
    Gross margin increased to 33.6% for the thirty-nine weeks ended November 3, 2018 from 33.1% in the thirty-nine weeks ended October 28, 2017, an increase of approximately 50 basis points.
  • 18487870_135
    Financial - Shares / Equity
    On March 20, 2018, our board of directors approved a share repurchase program authorizing the repurchase of up to $100 million of our common stock through March 31, 2021, on the open market, in privately negotiated transactions, or otherwise.
  • 18487870_96
    Financial - Income
    The decrease in income tax expense was primarily the result of the impact of tax reform as a result of the TCJA and due to discrete items, which include the recognition of net excess income tax benefits related to ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting."
  • 18487870_117
    Financial - Income
    The decrease in income tax expense was primarily the result of the impact of tax reform as a result of the TCJA and due to discrete items, which include the recognition of net excess income tax benefits related to ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting."
  • 18487870_147
    Other - Other
    Net cash used in financing activities for the thirty-nine weeks ended November 3, 2018 was $3.6 million, an increase of $6.5 million compared to the thirty-nine weeks ended October 28, 2017.
  • 18487870_60
    Financial - Expense
    Buying costs include compensation expense and other costs for our internal buying organization, including our merchandising and product development team and our planning and allocation group.
  • 18487870_72
    Financial - Shares / Equity
    In addition, any increase in future share-based grants or modifications will increase our share-based compensation expense included in SG&A; expenses.
  • 18487870_82
    Revenue - Product
    The increase in non-comparable sales was primarily driven by new stores that opened in fiscal 2018 and the number of stores that opened in fiscal 2017 but have not been open for 15 full months.
  • 18487870_103
    Revenue - Product
    The increase in non-comparable sales was primarily driven by new stores that opened in fiscal 2018 and the number of stores that opened in fiscal 2017 but have not been open for 15 full months.
  • 18487870_99
    Financial - Shares / Equity
    Our effective tax rate for the thirteen weeks ended November 3, 2018 was lower than the comparable period primarily due to the impact of tax reform as a result of the TCJA and discrete items, which include the impact of the adoption of ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting."
  • 18487870_120
    Financial - Shares / Equity
    Our effective tax rate for the thirty-nine weeks ended November 3, 2018 was lower than the comparable period primarily due to the impact of tax reform as a result of the TCJA and discrete items, which include the impact of the adoption of ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting."
  • 18487870_180
    Financial - Earnings
    On February 4, 2018, we adopted the pronouncement using the modified retrospective method by recognizing the cumulative effect of gift card breakage as an adjustment to retained earnings resulting in a $0.5 million increase to retained earnings.
  • 18487870_13
    Other - Other
    The forward-looking statements contained in this Quarterly Report on Form 10-Q reflect our views as of the date of this report about future events and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause events or our actual activities or results to differ significantly from those expressed in any forward-looking statement.
  • 18487870_94
    Financial - Expense
    The increase in selling, general and administrative expenses was primarily the result of increases of $14.0 million in store-related expenses to support new store growth and $3.7 million of corporate-related expenses.
  • 18487870_115
    Financial - Expense
    The increase in selling, general and administrative expenses was primarily the result of increases of $39.2 million in store-related expenses to support new store growth and $9.2 million of corporate-related expenses.
  • 18487870_64
    Financial - Expense
    The variable component of our cost of goods sold is higher in higher volume quarters because the variable component of our cost of goods sold generally increases as net sales increase.
  • 18487870_179
    Other - Other
    The effective date of this pronouncement is for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years.
  • 18487870_192
    Other - Other
    The effective date of this pronouncement is for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, and early adoption is permitted.
  • 18487870_81
    Revenue - Product
    The increase was the result of a non-comparable sales increase of $47.5 million and a comparable sales increase of $8.1 million.
  • 18487870_102
    Revenue - Product
    The increase was the result of a non-comparable sales increase of $151.7 million and a comparable sales increase of $31.8 million.
  • 18487870_186
    Other - Other
    We plan to adopt this pronouncement in the first quarter of fiscal 2019, coinciding with the pronouncement?s effective date.
  • 18487870_53
    Revenue - Product
    Accordingly, comparable sales is only one measure we use to assess the success of our growth strategy.
  • 18487870_52
    Revenue - Product
    As we continue to pursue our growth strategy, we expect that a significant percentage of our net sales will continue to come from new stores not included in comparable sales.
  • 18487870_80
    Revenue - Product
    Net sales increased to $312.8 million in the thirteen weeks ended November 3, 2018 from $257.2 million in the thirteen weeks ended October 28, 2017, an increase of $55.6 million, or 21.6%.
  • 18487870_101
    Revenue - Product
    Net sales increased to $956.9 million in the thirty-nine weeks ended November 3, 2018 from $773.4 million in the thirty-nine weeks ended October 28, 2017, an increase of $183.5 million, or 23.7%.
  • 18487870_85
    Other - Other
    This increase resulted from an increase of approximately 2.8% in the average dollar value of transactions and an increase of approximately 2.0% in the number of transactions.
  • 18487870_106
    Other - Other
    This increase resulted from an increase of approximately 3.3% in the average dollar value of transactions and an increase of approximately 0.3% in the number of transactions.
  • 18487870_184
    Other - Other
    The updated guidance is effective for interim and annual periods beginning after December 15, 2018, and early adoption is permitted.
  • 18487870_84
    Revenue - Product
    Comparable sales, based on the restated calendar, increased 4.8%.
  • 18487870_105
    Revenue - Product
    Comparable sales, based on the restated calendar, increased 3.6%.
  • 18487870_89
    Financial - Earnings
    Gross profit increased to $102.1 million in the thirteen weeks ended November 3, 2018 from $83.6 million in the thirteen weeks ended October 28, 2017, an increase of $18.5 million, or 22.1%.
  • 18487870_110
    Financial - Earnings
    Gross profit increased to $321.1 million in the thirty-nine weeks ended November 3, 2018 from $255.9 million in the thirty-nine weeks ended October 28, 2017, an increase of $65.2 million, or 25.5%.
  • 18487870_92
    Financial - Expense
    Selling, general and administrative expenses increased to $86.5 million in the thirteen weeks ended November 3, 2018 from $68.8 million in the thirteen weeks ended October 28, 2017, an increase of $17.7 million, or 25.8%.
  • 18487870_113
    Financial - Expense
    Selling, general and administrative expenses increased to $250.4 million in the thirty-nine weeks ended November 3, 2018 from $202.0 million in the thirty-nine weeks ended October 28, 2017, an increase of $48.4 million, or 23.9%.
  • 18487870_143
    Financial - Cash Flow
    The decrease was primarily due to changes in working capital partially offset by an increase in operating cash flows from store performance.
  • 18487870_86
    Financial - Expense
    Cost of goods sold increased to $210.7 million in the thirteen weeks ended November 3, 2018 from $173.5 million in the thirteen weeks ended October 28, 2017, an increase of $37.2 million, or 21.4%.
  • 18487870_107
    Financial - Expense
    Cost of goods sold increased to $635.8 million in the thirty-nine weeks ended November 3, 2018 from $517.5 million in the thirty-nine weeks ended October 28, 2017, an increase of $118.3 million, or 22.9%.
  • 18487870_98
    Other - Other
    Our effective tax rate for the thirteen weeks ended November 3, 2018 was 18.6% compared to 34.8% in the thirteen weeks ended October 28, 2017.
  • 18487870_119
    Other - Other
    Our effective tax rate for the thirty-nine weeks ended November 3, 2018 was 18.2% compared to 36.0% in the thirty-nine weeks ended October 28, 2017.
  • 18487870_95
    Financial - Income
    Income tax expense decreased to $3.1 million in the thirteen weeks ended November 3, 2018 from $5.3 million in the thirteen weeks ended October 28, 2017, a decrease of $2.2 million, or 41.3%.
  • 18487870_116
    Financial - Income
    Income tax expense decreased to $13.4 million in the thirty-nine weeks ended November 3, 2018 from $19.7 million in the thirty-nine weeks ended October 28, 2017, a decrease of $6.3 million, or 32.0%.
  • 18487870_66
    Revenue - Product
    Any inability to obtain acceptable levels of initial markups, a significant increase in our use of markdowns, and a significant increase in inventory shrinkage or inability to generate sufficient sales leverage on the store occupancy, distribution and buying components of cost of goods sold could have an adverse impact on our gross profit and results of operations.
  • 18487870_156
    Financial - Earnings
    The Amended Loan and Security Agreement reduces the interest rate payable on borrowings to be, at our option, a per annum rate equal to (a) a prime rate or (b) a LIBOR-based rate plus a margin of 1.00%.
  • 18487870_87
    Financial - Expense
    The increase in cost of goods sold was primarily the result of an increase in the merchandise cost of goods resulting from the increase in net sales.
  • 18487870_108
    Financial - Expense
    The increase in cost of goods sold was primarily the result of an increase in the merchandise cost of goods resulting from the increase in net sales.
  • 18487870_41
    Revenue - Geography
    For stores that are relocated or expanded, the following periods are excluded when calculating comparable sales: The period beginning when the closing store receives its last merchandise delivery from one of our distribution centers through: ? the last day of the fiscal year in which the store was relocated or expanded (for stores that increased significantly in size); or ? the last day of the fiscal month in which the store re-opens (for all other stores); and The period beginning on the first anniversary of the date the store received its last merchandise delivery from one of our distribution centers through the first anniversary of the date the store re-opened.
  • 18487870_50
    Revenue - Product
    Various factors affect comparable sales, including: consumer preferences, buying trends and overall economic trends; our ability to identify and respond effectively to customer preferences and trends; our ability to provide an assortment of high-quality, trend-right and everyday product offerings that generate new and repeat visits to our stores; the customer experience we provide in our stores and online; the level of traffic near our locations in the power, community and lifestyle centers in which we operate; competition; changes in our merchandise mix; pricing; our ability to source and distribute products efficiently; the timing of promotional events and holidays; the timing of introduction of new merchandise and customer acceptance of new merchandise; our opening of new stores in the vicinity of existing stores; the number of items purchased per store visit; and weather conditions.
  • 18487870_160
    Revenue - Product
    The Amended Loan and Security Agreement also removes the provisions that required us to make prepayments on outstanding Amended Revolving Credit Facility balances upon the receipt of certain proceeds, including those from the sale of certain assets.
  • 18487870_128
    Other - Other
    Our working capital requirements fluctuate during the year, rising in the third and fourth fiscal quarters as we take title to increasing quantities of inventory in anticipation of our peak, year-end holiday shopping season in the fourth fiscal quarter.
  • 18487870_129
    Other - Other
    Fluctuations in working capital are also driven by the timing of new store openings.
  • 18487870_88
    Financial - Expense
    Also contributing to the increase in cost of goods sold was an increase in store occupancy costs resulting from new store openings.
  • 18487870_109
    Financial - Expense
    Also contributing to the increase in cost of goods sold was an increase in store occupancy costs resulting from new store openings.
  • 18487870_127
    Financial - Expense
    Our primary working capital requirements are for the purchase of store inventory and payment of payroll, rent, other store operating costs and distribution costs.
  • 18487870_100
    Financial - Earnings
    As a result of the foregoing, net income increased to $13.5 million in the thirteen weeks ended November 3, 2018 from $9.9 million in the thirteen weeks ended October 28, 2017, an increase of $3.6 million or 36.8%.
  • 18487870_121
    Financial - Earnings
    As a result of the foregoing, net income increased to $60.4 million in the thirty-nine weeks ended November 3, 2018 from $35.1 million in the thirty-nine weeks ended October 28, 2017, an increase of $25.3 million or 72.2%.
  • 18487870_49
    Revenue - Product
    Measuring the change in fiscal year-over-year comparable sales allows us to evaluate how our store base is performing.

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  • Form Type: Quarterly
  • Number of times amended: 0
  • Accession Number: 0001177609-18-000025
  • Submitted to the SEC: Thursday, December 6, 2018 4:14:29 PM EST
  • Accepted by the SEC: Thursday, December 6, 2018
  • Period ending: November 2018
  • Industry: Retail Variety Stores