Shares of Five Below Inc. (FIVE) fell eight percent in after-hours trade Wednesday, after detailing a weak outlook for the first quarter and fiscal year 2013. Nevertheless, the specialty retailer reported an increase in profit for the fourth quarter, driven mainly by a 38 percent surge in revenues.
The Philadelphia, Pennsylvania-based retailer expects first-quarter earnings to be in a range of breakeven to $0.01 per share, adjusted earnings of $0.02 to $0.03 per share and sales of $92 million to $94 million. Analysts polled by Thomson Reuters currently expect earnings of $0.05 per share for the quarter, on revenues of $94.21 million. Analysts' estimates typically exclude one-time items.
For the fiscal year 2013, Five Below anticipates earnings of $0.56 to $0.59 per share, adjusted earnings of $0.62 to $0.65 per share and sales of $516 million to $521 million. Analysts currently expect earnings of $0.70 per share on revenue of $533.04 million for 2013.
Discount retailer Five Below mainly targets teens and pre-teen shoppers, offering everything from headphones to fashion accessories to candy, but all priced at $5 or below.
Five Below, which made its debut on the Nasdaq last July, reported fourth-quarter profit of $18.7 million or $0.35 per share, up from $2.8 million or $0.17 per share last year.
Excluding special items, adjusted profit for the fourth quarter improved to $21.4 million or $0.39 per share from $16.1 million or $0.31 per share last year. Analysts expected earnings of $0.38 per share for the quarter.
Five Below sales for the quarter grew 38 percent to to $173.6 million from $125.8 million last year. Analysts anticipated revenues of $170.22 million for the quarter. Same-store sales, or sales from stores open at least a year, increased 4.4 percent for the quarter.
FIVE closed Wednesday's trading at $39.16, down $0.71 or 1.78%, on a volume of 0.7 million shares on the Nasdaq. The stock further slipped $2.79 or 7.12% in after-hours trade.
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