Five Below reports Q3 EPS 29c, consensus 14c

Reports Q3 revenue $645.03M, consensus $612.96M. The company opened 40 new stores and ended the quarter with 1,292 stores in 42 states. This represents an increase in stores of 10.1% from the end of the third quarter of fiscal 2021. Joel Anderson, president and CEO of Five Below, said, "We delivered third quarter results that were better than our guidance in spite of the difficult macro environment and challenging year-over-year comparison. Our performance was driven by ticket and transaction metrics that improved throughout the quarter, disciplined expense management and continued focus on our long-term Triple Double vision. During the quarter, we expanded our footprint to two new states, North and South Dakota, where we achieved two record Fall Grand Opening results. We also completed our 2022 Five Beyond growth initiative with approximately 250 stores converted to the new store format."