Five Below Q4 net sales increased by 24.4%
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GAAP diluted income per common share was $0.61.
The Company opened one new store and ended the quarter with 366 stores in 21 states. This represents an increase of 20% from the end of the fourth quarter of fiscal 2013.
U.S. generally accepted accounting principles, or GAAP, net income was $33.3 million compared to $24.8 million in the fourth quarter of fiscal 2013. Adjusted net income, which excludes the impact of the founders' transaction in the fourth quarter of fiscal 2013 (see GAAP to Non-GAAP reconciliation table), was $33.3 million compared to $25.8 million for the fourth quarter of fiscal 2013.
GAAP diluted income per common share was $0.61 compared to $0.45 in the fourth quarter of fiscal 2013. Adjusted diluted income per common share, which is adjusted net income on an adjusted diluted weighted average shares outstanding basis in the fourth quarter of fiscal 2013 (see GAAP to Non-GAAP reconciliation table), was $0.61 per share compared to $0.47 per share in the fourth quarter of fiscal 2013.
Joel Anderson, CEO stated: "We are pleased to have delivered a 24% increase in sales and a 30% increase in adjusted EPS for the fourth quarter. For the full year, we grew our store base by 20% and delivered a same store sales increase of 3.4%, resulting in a full year sales increase of 27% and an adjusted EPS increase of 31%.
We continue to see strong productivity out of our new stores as our brand, our merchandise offering and our price points continue to resonate with customers in both new and existing markets alike."
Mr. Anderson continued, "We look forward to an exciting year in 2015 for Five Below. We plan to open 70 new stores and generate a same store sales increase of approximately 3% while simultaneously making long-term investments in people, systems and infrastructure to support our future growth.
"Looking ahead to 2016, as we leverage these investments, we expect to deliver net income growth of 25% +." ■