Five Below, Inc. FIVE continued to strengthen its long-term growth profile in fiscal 2025 through an aggressive yet disciplined store expansion strategy that significantly contributed to revenue growth. The company increased sales 23% to more than $4.7 billion while expanding its store base by 8.5%, highlighting the strong connection between new store productivity and overall business momentum.
In fiscal 2025, Five Below opened 150 net new stores and ended the year with 1,921 locations across 46 states, including entry into Oregon and Washington. In the fiscal fourth quarter alone, the company added 14 net new stores across eight states. Management highlighted that eight grand openings in the Pacific Northwest delivered record-breaking performances, reinforcing confidence in the company’s ability to successfully penetrate new markets.
Store growth worked alongside strong comparable sales momentum to fuel revenue acceleration. Comparable sales increased 12.8% in fiscal 2025, while fourth-quarter comparable sales surged 15.4%, supported by growth across all 170 districts, all store vintages and all income cohorts. Strong merchandising execution, improved in-stock levels and enhanced marketing efforts helped drive customer traffic and higher ticket sizes across the chain.
Five Below is also investing heavily to support expansion. Capital expenditure totaled approximately $175 million in fiscal 2025, funding new stores, technology upgrades and infrastructure improvements. Five Below plans to maintain aggressive expansion in fiscal 2026, with approximately 150 additional net new stores and the capital expenditure projected between $230 million and $250 million.
Management remains highly optimistic about the company’s long-term white-space opportunity. FIVE highlighted accelerating new store productivity, durable comparable sales growth and strong performance in newly entered markets as evidence that the expansion strategy can continue driving revenue growth for years ahead. The company expects fiscal 2026 sales to rise to $5.2-$5.3 billion, indicating 10% growth at the mid-point.