Five Below, Inc. (FIVE) Q1 2022 Earnings Call Transcript

For the period ending April 30, 2022

June 8, 2022 4:30 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day, and welcome to the Five Below First Quarter 2022 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Christiane Pelz, Vice President of Investor Relations. Please go ahead.

Christiane Pelz

Thank you, Gary. Good afternoon, everyone, and thanks for joining us today for Five Below's first quarter 2022 financial results conference call. On today's call are Joel Anderson, President and Chief Executive Officer; and Ken Bull, Chief Financial Officer and Treasurer. After management has made their formal remarks, we will open the call to questions.

I need to remind you that certain comments made during this call may constitute forward-looking statements and are made pursuant to and within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 as amended. Such forward-looking statements are subject to both known and unknown risks and uncertainties that could cause actual results to differ materially from such statements.

Those risks and uncertainties are described in the press release and our SEC filings. The forward-looking statements made today are as of the date of this call and we do not undertake any obligation to update our forward-looking statements. If you do not have a copy of today's release, you may obtain one by visiting the Investor Relations page of our website at fivebelow.com.

I will now turn the call over to Joel.

Joel Anderson

Thank you, Christiane and thanks everyone for joining us for our first quarter 2022 earnings call. When we last spoke at our Investor Day in March, we unveiled our vision for future growth, the Triple-Double, and characterized 2022 as a unique year within that framework. given the lapping of stimulus and ongoing macro issues including record inflation, the war in Ukraine, and continued lockdowns in China.

While 2022 is indeed proving out to be a unique year. The customer response to our new prototype has been overwhelmingly positive. We remain excited about our future and are focused on execution to convert our store fleet to the new prototype. Key initiatives related to this rollout include opening all new stores in the Beyond format, executing store conversions and adding new products and services to celebrate rituals and milestones to further enhance the store experience.