Five Below slumps in afterhours on Q2 guidance miss, CEO steps down

Investing.com -- Five Below slumped in afterhours trading Tuesday after discount retailer announced that its CEO Joel Anderson had stepped down and pre-announced guidance for Q2 that fell short of estimates.

Five Below Inc (NASDAQ: FIVE) fell 11% in recent aftermarket trading following the news.

The company named chief operation officer Kenneth Bull as interim CEO.

Five Below also said it now expects sales for the fiscal second quarter ending Aug. 3, to be in the range of $820 million to $826M and a 6% to 7% decrease in comparable sales. That would fall short of analyst expectations for revenue of $836.6M.

Earnings per diluted shares was expected to be in the range of $0.53 to $0.56, missing estimates of $0.63 a share.

The weaker guidance comes as the company saw comparable sales fall 5.0% in the 10-week period ended Jul. 13, compared with same period ended Jul. 15, 2023.

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