Philadelphia -- Five Below saw net income surge to $4.1 million for the quarter ended August 3, up from $1.2 million in the year-ago period. Sales climbed 34.9% to $117.1 million from $86.8 million, and same-store sales increased 6.6%. The company had, by the quarter’s end, opened 32 of its previously announced 60 new stores on tap for 2013.
"We are extremely pleased with our top and bottom line performance in the second quarter which once again illustrates the strong fundamentals of our business,” said Thomas Vellios, president and CEO.
Vellios said that Five Below made its Texas debut during the second quarter with four new stores, and will open 11 in Dallas on Sept. 12. The company is on track to open 24 stores during the third quarter and reach its annual goal to open 60 in fiscal 2013.