Shares of Five Below, Inc. (FIVE) tanked nearly 20% on Wednesday morning after the company said its CEO Joel Anderson has resigned. The discount retailer also lowered its guidance for the second quarter, citing a decline in sales among lower-income consumers.
FIVE is currently trading at $82.01, down $20.06 or 19.65%, on the Nasdaq. The stock opened its trading at $86.32 after closing Tuesday at $102.07. The stock has traded between $82.73 and $216.18 in the past 52-week period.
Five Below announced the appointment of Kenneth Bull as interim President and Chief Executive Officer, effective immediately.
Joel Anderson has stepped down from his roles of President and CEO, and from the Board of Directors, to pursue other interests.
Looking forward to the second quarter, the company now expects sales of $820 million to $826 million and earnings of $0.53 to $0.56 per share.
Previously, the company expected sales of $830 million to $850 million and earnings of $0.57 to $0.69 per share.
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