Philadelphia -- Five Below on Tuesday reported better-than-expected results for its fiscal fourth quarter, ended Feb.1. The tween/teen retailer also said it is on track to open 62 stores in 2014
The company posted net profits of $24.8 million, slightly higher than estimates of $24.6 million, up from $19.2 million in the year-ago period.
Sales jumped 22.1% to $212 million, beating analysts' expectations for $207.78 million in sales. Same-store sales increased by 0.3%.
"Despite the adverse weather impact during the most important shopping weeks of the year, we are pleased to have ended the fourth quarter with improving trends," said Five Below CEO Thomas Vellios.
The company ended the quarter with 304 stores in 19 states, an increase of 25% from the year ago period.
Vellios sounded a positive note about 2014.
“Our new stores continue to generate strong performance and returns on investment. We have 62 openings planned this year across new markets like Houston and the state of Tennessee, as well as existing markets that allow for densification opportunities. We are focused on building a solid infrastructure with our investments in people, technology and distribution. This will position our company to execute at the highest levels while solidifying our foundation for the substantial growth that lies ahead.”
For the full fiscal year, Five Below’s net sales increased by 27.8% to $535.4 million from $418.8 million in fiscal 2012, which consisted of 53 weeks. Same-store sales increased by 4.0% on a 52-week basis.