Why Shares of Five Below Stock Plummeted This Week
Shares of Five Below (NASDAQ: FIVE) slipped a whopping 25% this week, according to data from S&P Global Market Intelligence. The discount knickknack retailer that caters to kids just had its chief executive officer (CEO) depart and now expects terrible same-store sales growth for 2024. Down 67% from highs, Five Below stock is now in its worst drawdown ever as a public company.
Here's why shares fell yet again this week.
This week, on July 16, Five Below put out a press release that caused its stock price to crater. The company announced that its current CEO Joel Anderson has stepped down as CEO. He has decided to become the CEO of PetCo. Kenneth Bull, the chief operating officer, would assume the role as interim CEO. Investors hate management uncertainty, so it is unsurprising to see the stock falling on this news.
Source Fool.com
