Five Below's Comparable Sales Plummet 52%
Discount retailer Five Below (NASDAQ: FIVE) reported results for the first quarter of 2020 after the market closed on Tuesday, providing shareholders with a much anticipated update. The fiscal quarter ran from Feb. 1 through May 2. During much of this time, all 900 Five Below locations were closed.
Therefore, it was no surprise to see Five Below's sales decrease in Q1. Quarterly net sales fell 45% year over year, while comparable sales plummeted 52%. As a result, the company posted a net loss per share of $0.91, compared to net earnings per share of $0.46 in the first quarter of 2019.
Nevertheless, Five Below's stock was surging in early trading.
Source Fool.com
