Five Below, known for its discount retail concept, achieved a 14.6 percent increase in sales to $843.7 million in the third quarter of its fiscal year 2024. Comparable sales rose by 0.6 percent, while the adjusted net income reached $23.3 million. Despite a decline in net income to $1.7 million compared to $14.6 million in the prior-year period, the company significantly exceeded analysts' expectations.

For the full year 2024, Five Below raises its forecast and now expects revenues between $3.84 and $3.87 billion and an adjusted earnings per share of $4.78 to $4.96. These figures are above the previous estimates, which were based on $3.8 billion in revenue and earnings of $4.61 per share.

Ken Bull, the acting CEO and COO of Five Below, emphasized that operational execution improved and a record number of 82 new stores were opened. The measures for developing new products and creating added value in key categories have borne initial fruit. Particularly pleasing is the encouraging start to the holiday season with strong results over the Black Friday weekend.

In addition to the positive business figures, the company announced the appointment of Winnie Park as the new CEO. Park, who has over 30 years of experience in retail, will take up her position on December 16, 2024. She will work closely with interim CEO Kenneth Bull, who will continue to serve as COO. Co-founder and Executive Chairman Thomas Vellios will also remain active in his strategic role.

The news caused excitement on the stock market: Five Below's stock rose by 12.56 percent to $118.16 on Thursday. Despite the strong rally, the stock has lost about 50 percent of its value since the beginning of the year.