Five Below, Inc. (NASDAQ:FIVE) Q3 2023 Earnings Conference Call November 29, 2023 4:30 PM ET

Company Participants

Christiane Pelz - VP, IR

Joel Anderson - President and CEO

Kristy Chipman - CFO and Treasurer

Conference Call Participants

Michael Lasser - UBS

Seth Sigman - Barclays

Edward Kelly - Wells Fargo

Matthew Boss - JPMorgan

John Heinbockel - Guggenheim Securities

Simeon Gutman - Morgan Stanley

Paul Lejuez - Citi

Jeremy Hamblin - Craig-Hallum Capital Group

Krisztina Katai - Deutsche Bank

Michael Montani - Evercore ISI

Brad Thomas - KeyBanc Capital Markets

Chuck Grom - Gordon Haskett

Kate McShane - Goldman Sachs

Jason Haas - Bank of America

Anthony Chukumba - Loop Capital

Joe Feldman - Telsey Advisory Group

Operator

Good day and welcome to the Five Below Third Quarter 2023 Earnings Conference Call. All participants will be in a listen-only mode. [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

Thanks, Gary. Good afternoon, everyone, and thanks for joining us today for Five Below’s third quarter 2023 financial results conference call. On today's call are Joel Anderson, President and Chief Executive Officer; and Kristy Chipman, Chief Financial Officer and Treasurer. After management has made their formal remarks, we will open the call to questions. Please limit yourself to one question to enable us to accommodate everyone in the queue.

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 press 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 third quarter 2023 earnings call.

We are very pleased with Five Below's financial performance and operational execution in the third quarter. We exceeded our guidance on sales, comps and earnings and our comparable sales results were remarkably consistent with the first two quarters of the year. We opened a record 74 new stores while continuing to successfully convert stores to the new Five Beyond format, which also drove new customers to our stores.