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About

Five Below, Inc. operates as a specialty value retailer in the United States.

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📈 Growth Pattern

⚡ Latest Quarter —

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⭐ Superinvestors Holding FIVE

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	286.3K	$65.4M	0.08%	Mar 2026
Jim Simons Renaissance Technologies LLC	1.7K	$388K	0.00%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2026

Confident Specific

Management used phrases such as 'very strong', 'exceeded our expectations', 'major milestone', and 'delighted with customer response'. They repeatedly cited specific figures (23.7% sales growth, 12.4% comp, 8.7% transaction growth) and outlined four clear strategies driving results.

Q3 2026

Confident Specific

Management repeatedly used phrases like 'exceeded our expectations', 'fantastic results', 'clear proof points', and 'we are confident in our ability', citing specific metrics such as 23% net sales growth, 14% comparable sales, and raised outlook.

Q4 2026

Confident Specific

The tone is overwhelmingly confident, with management repeatedly using terms like 'outstanding', 'transformational', 'record-breaking', and 'strongest holiday performance since becoming a public company'. They back this with specific numbers: 23% sales growth, 12.8% comp sales, 75 bps operating margin expansion, and 32% adjusted EPS growth. The confidence is grounded in detailed operational execution and strategic shifts.

Q1 2027 latest

Confident Specific

Management consistently highlighted strong results with specific metrics (33% sales growth, 23% comp, 158% EPS growth) and raised full-year guidance. Language like 'exceeded our expectations', 'great work', 'positive momentum' conveys assuredness.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is strengthened after this call. The company delivered exceptional Q1 results with sales growth of 33% and a 23% comp, well above expectations, and raised full-year guidance. The strategy of driving traffic through social media trends and curated assortments is clearly working, leading to broad-based growth. Key drivers include strong new store productivity and improved execution. However, management remains cautious on the back half due to macro headwinds and tougher comps, and they have not changed H2 comp assumptions. The ability to sustain double-digit comps and expand margins is now more credible, but investors should watch for any slowdown in consumer spending and the resolution of tariff uncertainties. Next quarter, focus on Q2 comp trajectory (guidance 7-9%) and any updates on tariff refunds or cost offsets.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

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🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Five Below Q1 2027 sales $1.3B (+33%), comp +23%, adj. EPS $2.22 (+158%)

Revenue & Profitability

For Q1 2027, net sales grew nearly 33% to $1.3 billion, with comparable sales up 23%. Adjusted gross profit increased 46% to $479 million (37.2% of sales, +340 bps). Adjusted operating income grew 160% to $155 million (12% margin, +600 bps). Adjusted net income was $123 million, and adjusted EPS was $2.22, up 158% year over year. The company ended the quarter with $1.1 billion in cash and equivalents.

Outlook

Management expects a more challenging macro environment in the second half of 2026, citing rising fuel costs, sticky inflation, a soft labor market, and a cautious consumer. Despite this, the company raised its full-year guidance, with full-year comp sales expected between 6% and 8% (nearly 20% on a two-year stack). The second quarter comp is guided at 7% to 9%. Management noted they are not seeing trade-down yet, but remain cautious given the headwinds.

Growth Drivers

Key growth drivers include the continued execution of a customer-centric merchandising strategy, which shifted from item-focused to assortment storytelling, simplifying pricing to whole dollar amounts, and integrating Five Beyond products into relevant worlds. Sales growth was broad-based across all income cohorts, store vintages, and districts, with outsized performance in games, toys, collectibles, and the squishy trend. The company also benefited from higher tax refunds in Q1, and from social media amplification of trends (e.g., National Pokémon Day). New store openings (49 net in Q1) and a high single-digit unit growth target support expansion.

Balance Sheet & CapEx

Capital expenditures are expected to be between $230 million and $250 million (excluding tenant allowances) for fiscal 2026, reflecting approximately 150 net new store openings and increased investments in technology and infrastructure. The company also continues to invest in AI-generated content for Connected TV and in expanding its digital marketing capabilities.

Margins

Adjusted gross margin expanded 340 bps to 37.2% in Q1, driven by higher merchandise margins, fixed cost leverage, and lower shrink accrual. Adjusted SG&A deleveraged 250 bps to 25.2% of sales, primarily due to fixed cost leverage offset by higher incentive costs and store labor for physical inventory. For Q2, adjusted operating margin is expected to be 7% (up 160 bps), with gross margin expansion partially offset by higher SG&A (from marketing investment and inventory count timing). Full-year adjusted operating margin is guided to 11.6% (up 170 bps), with SG&A rate expected flat to last year.

Key Risks

Management flagged a challenging macro environment for the second half, including rising fuel costs, sticky inflation, and a soft labor market that could pressure consumer spending. Tariff uncertainty (IEEPA refunds not assumed, and rates assumed to revert to early fiscal year levels) and cycling strong prior-year comps (15% comp in H2 last year) are additional risks. No trade-down behavior has been observed yet, but the company remains cautious. Supply chain costs (fuel) are being offset by better tariff flow-through and distribution efficiencies, but could re-emerge.

Generated by AI · Q1 2027 results · Not investment advice

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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q1 2027 Q1 2027 2026-06-03

Q1 delivered 33% sales growth and 158% EPS growth, driven by strong comps, new stores, and viral trends. Full-year guidance was raised, with continued investment in growth and a cautious outlook due to macro headwinds and tariff uncertainties.

Q4 2026 Q4 2026 2026-03-18

Delivered 23% sales growth and 32% EPS growth in 2025, driven by customer-centric strategies, strong execution, and broad-based comp gains. 2026 guidance calls for 10% sales growth, 20% EPS growth, and continued investment in stores, technology, and marketing.

Q3 2026 Q3 2026 2025-12-03

Delivered 23% net sales growth and 14% comp sales increase, with adjusted EPS up 62% year-over-year. Raised full-year outlook, expecting $4.62–$4.65 billion in sales and 15% EPS growth, driven by broad-based merchandising and marketing execution.

Q2 2026 Q2 2026 2025-08-27

Achieved first-ever billion-dollar sales quarter outside Q4, with sales up 24% and comps up 12.4%. Raised full-year guidance, but tariffs and higher SG&A remain headwinds. Broad-based product strength, pricing simplification, and operational improvements drove results.

Q1 2026 Q1 2026 2025-06-04

Q1 2025 results exceeded expectations with 19.5% sales growth and 7.1% comp increase, driven by strong product, value, and store experience. Tariff mitigation and vendor diversification are underway, with full-year guidance raised despite margin pressure from tariffs.

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