Five Below Tanks In Pre-market; Q1 Profit Shy Of Estimates And Annual Outlook Cut Below Estimates

(RTTNews) - Shares of specialty discount stores chain Five Below, Inc. (FIVE) were down more than 19 percent in pre-market on Thursday to $107.07, after the company's first-quarter profit fell short of analysts' view. Five Below also cut its full-year outlook.

Net income for the first quarter declined to $31.5 million or $0.57 per share from $37.5 million or $0.67 per share in the same quarter a year ago.

Excluding one-time items, adjusted earnings of $0.60 per share missed the average estimate of analysts polled by Thomson-Reuters of $0.63 per share.

Net sales, however, increased 11.8 percent to $811.9 million from $726.2 million.

For the full year, the company now expects net sales in the range of $3.79 billion - $3.87 billion, down from the previous outlook of $3.97 billion - $4.07 billion. EPS outlook for the year has been cut to $5.00 - $5.40 from $5.71 - $6.22 earlier.

On average, 21 analysts polled by Thomson-Reuters expect the company to report earnings of $6 per share on revenue of $4.03 billion for the year.

Five Below shares had closed at $132.79, down 3.68 percent on Wednesday. The stock has traded in the range of $128.64 - $216.18 in the last 1 year.