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Five Below Inc. (FIVE-2.47%) has submitted its 10-Q filing for the quarterly period ended November 2, 2024.
The filing includes financial statements for the quarter, showing an increase in net sales to $843.7 million from $736.4 million in the same quarter the previous year. This increase is primarily attributed to new store openings and a slight increase in comparable sales.
Cost of goods sold for the quarter was $585.7 million, representing 69.4% of sales, compared to 69.7% in the same quarter of the previous year. This slight decrease in cost ratio was due to lower distribution costs as a percentage of net sales.
The company reported a gross profit of $258.0 million for the quarter, compared to $222.8 million in the previous year. The gross margin increased to 30.6% from 30.3%, primarily due to a decrease in distribution costs and merchandise cost of goods sold as a percentage of net sales.
Selling, general, and administrative expenses increased to $215.4 million from $173.1 million, primarily due to expenses related to new store growth and corporate-related expenses.
Net income for the quarter was $1.7 million, down from $14.6 million in the previous year. The decrease in net income was primarily due to increased operating expenses and a decrease in pre-tax income.
Cash provided by operating activities was $67.1 million, while cash used in investing and financing activities was $30.7 million and $46.5 million, respectively.
Five Below had a working capital of $1,212.2 million as of November 2, 2024. The company plans to make capital expenditures of approximately $340 million in fiscal 2024, primarily for new store openings and infrastructure investments.
The filing also details various legal proceedings, including a putative class action filed against the company and a former senior officer, alleging violations of securities laws.
Five Below continues to focus on expanding its store count and enhancing its e-commerce capabilities to drive future growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Five Below Inc. quarterly 10-Q report dated December 5, 2024. To report an error, please email earnings@qz.com.