Five Below (FIVE) Q1 FY2024 earnings: revenue $812 million, up 11.8% on the year

Five Below, Inc. (FIVE) reported revenue of $812 million for Q1 FY2024, the quarter ended 4 May 2024, up 11.8% on the same quarter a year earlier. Net income was $31 million, down 16.0% on the year, and diluted earnings per share $0.57. The figures are the company's own, from the 10-Q it filed with the SEC on 6 June 2024.

Revenue$812 millionup 11.8%

Net income$31 milliondown 16.0%

Diluted EPS$0.57

QuarterQ1 FY2024ended 4 May 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	812	1,338	n/a	n/a
Cost of revenue	548	786	n/a	n/a
Gross profit	264	552	n/a	n/a
Gross margin	32.5%	41.2%	n/a
Selling, general and administrative	190	246	n/a	n/a
Operating income	36.1	268	n/a	n/a
Operating margin	4.5%	20.1%	n/a
Pre-tax income	41.1	273	n/a	n/a
Income tax	9.7	70.3	n/a	n/a
Effective tax rate	23.5%	25.8%	n/a
Net income	31.5	202	n/a	n/a
Net margin	3.9%	15.1%	n/a
Diluted EPS	$0.57	$3.65	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	26.4	408	n/a	n/a
Capital expenditure	87.9	103	n/a	n/a
Free cash flow	-61.4	305	n/a	n/a
Free cash flow margin	-7.6%	22.8%	n/a
Cash from investing	-73.1	-391	n/a	n/a
Cash from financing	-36.8	0.3	n/a	n/a
Depreciation and amortisation	37.2	37.1	n/a	n/a
Share-based compensation	5.1	4.5	n/a	n/a
Buybacks	30.2	0.0	n/a	n/a
Diluted shares, weighted	55m	n/a	n/a	n/a
Shares outstanding at period end	55m	55m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Shareholders' equity	1,585	1,585	n/a	n/a
Debt	n/a	0.0	n/a	n/a
Operating lease liabilities	1,546	1,498	n/a	n/a
Other liabilities	816	789	n/a	n/a
Total liabilities and equity	3,947	3,872	n/a	n/a
Fixed assets	1,191	1,134	n/a	n/a
Investments	273	288	n/a	n/a
Cash and equivalents	96.3	180	n/a	n/a
Inventory	630	585	n/a	n/a
Other assets	1,757	1,685	n/a	n/a
Total assets	3,947	3,872	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023 †	Q4 FY2023 †	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	736	1,338	812	830	844	1,391	971	1,027	1,038	1,728	1,286	1,261
Cost of revenue	514	786	548	558	586	832	647	684	687	1,031	807	649
Gross profit	223	552	264	272	258	559	324	342	351	697	479	612
Gross margin	30%	41%	32%	33%	31%	40%	33%	33%	34%	40%	37%	49%
SG&A	173	246	190	189	215	267	227	242	259	337	273	286
Operating income	16.1	268	36.1	41.5	-0.6	247	50.8	52.4	43.3	311	154	275
Operating margin	2%	20%	4%	5%	-0%	18%	5%	5%	4%	18%	12%	22%
Pre-tax income	19.6	273	41.1	44.6	2.2	251	56.5	57.9	49.1	317	162	291
Tax rate	25%	26%	24%	26%	23%	25%	27%	26%	26%	25%	24%	24%
Net income	14.6	202	31.5	33.0	1.7	187	41.1	42.8	36.5	238	123	221
Net margin	2%	15%	4%	4%	0%	13%	4%	4%	4%	14%	10%	18%
Diluted EPS	$0.26	$3.65	$0.57	$0.60	$0.03	$3.39	$0.75	$0.77	$0.66	$4.28	$2.21	$3.99
Operating cash flow	-77.4	408	26.4	71.3	-30.6	364	133	93.0	-80.1	441	227	215
Capital expenditure	115	103	87.9	104	80.4	52.1	36.2	44.7	53.0	40.8	37.2	73.2
Free cash flow	-193	305	-61.4	-32.4	-111	311	96.5	48.3	-133	400	190	142
Buybacks	80.5	0.0	30.2	10.1	0.0	-0.0	0.0	0.0	0.0	0.0	n/a	n/a
Shares outstanding	55m	55m	55m	55m	55m	55m	55m	55m	55m	55m	55m	55m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 4 May 2024, filed 6 June 2024, accession 0001177609-24-000016: the filing on EDGAR. All of Five Below, Inc.'s filings: EDGAR company page.

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